§ Mr. J. Hyndasked the Secretary of State for the Colonies what is the present position of the loan made to British Honduras to help the Colony in the reconstruction of Belize after the hurricane of 1931.
Mr. Creech JonesThe total sum advanced under this loan was£242,191 18s. 10d. Repayments up to date, including principal and interest, have amounted to£246,948 9s. 7d. Principal still outstanding amounts to£100,418 3s. 7d. The charges on this loan, which was made at a time when interest rates were high, have involved a heavy drain on the Colony's finances.
British Honduras has for some years been receiving a grant-in-aid from His Majesty's Government and in order to help the Colony to balance its budget I have decided to ask that the necessary 111W funds may be voted to enable further repayments to His Majesty's Government to be remitted; on the understanding, however, that the Colonial Government will continue to collect amounts due in interest and repayment of capital from those who borrowed money from funds provided by the loan. Amounts so received would be devoted to a Hurricane Insurance Fund.