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asked the Chancellor of the Exchequer what was the amount of the total debt of Germany, imperial, state, and local, in 1914, and what was the then sterling equivalent; and what is the present debt of Germany and its present sterling equivalent converted, respectively, at the present rate of exchange and at the rate of exchange which represents the ratio between the level of wholesal prices in both countries?
The latest available figure is for the 31st December, 1921, at which date the debt (Imperial only) was 318,982 millions of marks. The sterling equivalent at the exchange of the day (770 marks to £1) was £414 millions. At the present exchange of 1,320 it would be 241½ millions. On the basis of relative wholesale prices in Germany (3,487) and the United Kingdom (171.3) in December, 1921, the sterling equivalent of the German debt was £767 millions. On the basis of the most recent index numbers available, those for March, 1922 (5433 and 163.3) this figure would be 469 millions.