Captain CAZALETasked the Chancellor of the Exchequer if he can estimate what proportion of our debt to the United States of America would have been paid off by the payments which this country has already made if a settlement had been made on the same basis as the French settlement and the Italian settlement?
Mr. CHAMBERLAIN:Approximately 29 per cent. of our debt to the United States of America would have been paid off by the payments which this country has already made, if a settlement had been made on the same basis as either the French settlement or the Italian settlement. Under the terms of the existing settlement only 4 per cent. of the capital debt has been repaid.
Captain. CAZALETasked the Chancellor of the Exchequer what would be the amount which this country would have to pay on 15th December to the United States of America in respect of War Debt if a settlement of our debt had been made on the same basis as the French settlement or on the same basis as the Italian settlement'?
Mr. CHAMBERLAIN:If the British War Debt to the United States Government had from the outset been settled on the same basis as the French War Debt to the United States Government, the amount which His Majesty's Government 44W has already in fact paid would exceed the amount due on such a basis by $795.7 millions and no further payment would be due until 1940. Similarly if the British War Debt had been settled on the basis of the Italian settlement, no further payment would be due until 1955. If, however, past payments were ignored and future payments in respect of the actual capital debt now outstanding were made on the basis of the French settlement, the amount payable by His Majesty's Government on 15th December would be $22,000,000 instead of $95,500,000; and similarly if future payments were made on the basis of the Italian settlement, the amount payable on 15th December would be $2,750,000 instead of $95,500,000. In making this comparison it must be borne in mind that the British settlement provides for a payment in respect of capital on 15th December yearly, and the French and Italian settlements on 15th June yearly.
§ Viscount KNEBWORTHasked the Chancellor of the Exchequer the amounts received by this country from debtor nations and the amounts paid by this country to the United States of America on account of War Debts for each year since 1918 until the latest available date?
Mr. CHAMBERLAIN:The following is the statement of British receipts and payments on account of Reparation and War Debts asked for: 45W
(£ Millions). — Receipts. Payments to U.S.A. Government for War Debts. Deficit (-) or Surplus (+). War Debts. Reparation. (α) Total Receipts. 1919 … — 19.8 114..2 -94.4 1920 … — 15.3 1921 … — (pre Dawes). 1922 … — 4.5 1923 … — (Dawes). 1924 … — 1925 … 2.0 6.2 8.2 33.2 -25.0 1926 … 8.2 13.3 21.5 33.1 -11.6 1927 … 10.7 16.5 27.2 32.9 -5.7 1928 … 12.8 22.2 35.0 33.2 + 1.8 1929 … 15.0 20.1 35.1 33.0 + 2.1 1930 … 17.7 19.4 37.1 33.0 + 4.1 1931 (to 30th June) … 4.7 3.8 8.5 13.6 -5.1 71.1 121.3 192.4 326.2 -133.8 (a) Including Belgian War Debt, Hague Annuities and surplus proceeds of liquidated properties. Receipts in respect of the British Army of Occupation, Ceded State Properties and Cables are excluded. The figures include the annual service of the German Government International bi per cent. Loan, 1930, but exclude the proceeds of the Loan which were received as a capital sum.