§ Sir A. SINCLAIRasked the Chancellor of the Exchequer if he will state the amount in sterling of the British debt to the United States of America on the 16th January, 1923, and the 16th January, 1924, respectively?
Mr. CHAMBERLAINOn the 16th January, 1923, our American debt amounted to $4,665,128,000 due to the United States Government and $245,640,000 due on market loans. On the 16th January, 1924, these amounts were $4,577,000,000 and $222,585,000 respectively, a total reduction of $111,183,000. These amounts can readily be translated into their sterling equivalents, but I would point out that a comparison between two sterling figures based on the chance rate of exchange on a particular day is misleading when applied to debts repayable over a long term of years.