§ Mr. A. T. DAVIESasked the Chancellor of the Exchequer whether the adverse exchange prevailing between sterling and dollars, resulting: in loss to Great Britain in the redemption of our debt to the United States, was contemplated by the Debt Funding Commission when the agreement was made; what approximately has been the amount of that loss to date since payments by Great Britain began or, alternatively, if no loss has accrued, what arrangements have been made to prevent such loss?
§ Mr. SNOWDENThe Debt Funding Commission were naturally well aware that our debt to the United States was a dollar debt. I am not sure what precisely the hon. Member means by using the word less, but, if he means the difference in sterling between our actual pay-1540W ments for 1923 and what they would have been if sterling had been at par throughout that year, the answer is £1,800,000.