§ Sir A. SINCLAIRasked the Chancellor of the Exchequer what was the total amount, in sterling, of the British debt to the United States of America on the 16th January, 1923; the total amount of the payments made since then by the British Treasury to the United States Treasury in respect of the interest and the redemption charges, respectively; and the total amount, in sterling, of the debt at the present date?
§ Mr. CHURCHILLThe British debt to the Government of the United States of America is a dollar debt, payable over a long term of years. Though the rise of sterling has very substantially decreased the sterling equivalent of our dollar debt, it would be misleading to give comparisons of the sterling equivalents at the chance rates of exchange prevailing on arbitrary dates. The figures which may properly be given for the purpose of comparison are as follow:—
On 16th January, 1923, our American debt amounted to $4,665,128,000 to the United States Government, and $245,640,000 in respect of Market Loans. On the 18th March, 1925, these amounts were $4,554,000,000 and $207,985,000 respectively. In the interval, the principal repayments to the United States Government of $111,128,000 cost the Exchequer £24,252,000, and $37,655,000 of Market Loans were converted into sterling National War Bonds. The interest payments were $277,421,000 (costing £60,817,000) to the United States Government and $31,600,000 (costing £7,100,000) in respect of Market Loans.