HC Deb 02 November 1954 vol 532 cc27-8W
52. Colonel Crosthwaite-Eyre

asked the Chancellor of the Exchequer the amount of dollar loans, arising during the war, which was repaid in the period 1945 to 1951; and what were the means employed for such repayment.

Mr. R. A. Butler

296 million U.S. dollars on the Reconstruction Finance Corporation loan, and 402 and 12 million Canadian dollars on the interest-free loans from Canada and Newfoundland, respectively. Repayments of the R.F.C. loan were made out of income from certain U.K. investments and proceeds of sales and redemptions of certain U.K.-owned securities in the United States, and repayments in the period of the Canadian interest-free loan from proceeds of sales and redemptions of U.K.-owned securities in Canada. Most of the Newfoundland interest-free loan was repaid from the gold and dollar reserves.

53. Colonel Crosthwaite-Eyre

asked the Chancellor of the Exchequer the total indebtedness incurred by this country through loans, in terms of gold and dollars, in the years 1945 to 1951; how far service and repayment of these loans has been met; and by what year this country may be expected to be free of the obligations contracted in those years.

Mr. R. A. Butler

I can do no more than summarise the position in a short answer.The figure is $6,193 million, including the acceptance of an obligation in respect of supplies received in 1945 and earlier years under lend-lease arrangements. $548 million has been repaid and $347 million paid in interest. The above figures are in terms of U.S. dollars, but cover also loans in gold and Canadian dollars. The last payments are due on 31st December, 2000 A.D.