§ Sir C. Osborneasked the Chancellor of the Exchequer (1) in view of the fact that the United States line of Credit of December, 1945 for £931 million has been repaid without default to the extent of £261 million, why £1,262 million is still owed; and to what extent the 1949 devaluation from 4.03 to 2.80, and the 1967 devaluation from 2.80 to 2.40, respectively, affect this amount;
(2) in view of the fact that the United States lend-lease credit of December 1945 for £161 million has been repaid without default by £58 million, why £197 million is still outstanding; and to what extent this figure is due to the 1949 devaluation
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£ million United States Line of Credit December, 1945 United States Lend-Lease Credit December, 1945 United States Economic Co-operation Administration Credit October, 1948 Canadian Credits* March, 1946 Amount in sterling terms Increase on devaluation Amount in sterling terms Increase on devaluation Amount in sterling terms Increase on devaluation Amount in sterling terms Increase on devaluation To September 1949 Drawn 931 161 86 269 Repaid — -10 — — Outstanding (£1 equals U.S. $ 4.03) 931 151 86 272† Outstanding (£1 equals U.S. $ 2.80) 1,339 408 217 66 120 34 356 84 From September, 1949 to November, 1967 Drawn — — — 28 Repaid -236 -44 -21 -70 Outstanding (£1 equals U.S. $ 2.80) 1,103 173 99 323† Outstanding (£1 equals U.S. $ 2.40) 1,287 184 201 28 115 16 376 53 Since November, 1967 Repaid -25 -4 -4 -7 Outstanding on 6th December, 1968 1,262 592 197 94 111 50 369 149† * A total of Canadian $ 1,185 million was drawn out of the total credit of Canadian $ 1,250 million. † The value of the Canadian $ fluctuated between the times of drawing and of the two revaluations. from 4.03 to 2.80 and the 1967 devaluation from 2.80 to 2.40, respectively;
(3) in view of the fact that the United States Economic Co-operation Administration Credit of October, 1948 for £86 million has been repaid without default by £23 million, why £113 million is still owed; and how far this figure is due to the 1949 devaluation from 403 to 2.80 and the 1967 devaluation from 2.80 to 2.40, respectively;
(4) in view of the fact that the Canadian credit of March, 1946 for £297 million has been repaid without default by £77 million, why £369 million is still owed; and to what extent the present level of debt is due to the devaluation of 1949 from 4.03 to 2.80 and the 1967 devaluation from 2.80 to 2.40, respectively.
§ Mr. Roy JenkinsFollowing is the information:—
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§ Mr. Arthur Lewisasked the Chancellor of the Exchequer when he expects to announce the Government's plans regarding the payment of interest on the United States and Canadian post-war loans; whether the £81 million to be paid on the combined £1,450 million is due to be paid by the end of the month; how this will affect the United Kingdom's foreign exchange reserves; and whether he will make a statement.
§ Mr. TaverneI have as yet nothing to add to my right hon. Friend's reply to the hon. Member for South Angus (Mr. Bruce-Gardyne) on 4th December.