Loans in Foreign Currency (Interest).

Oral Answers to Questions — National Finance. – in the House of Commons on 5th October 1931.

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Photo of Colonel Josiah Wedgwood Colonel Josiah Wedgwood , Newcastle-under-Lyme

53.

asked the Chancellor of the Exchequer the total amount of annual interest that has to be paid by His Majesty's Government on loans made in foreign currency; whether interest on the £50,000,000 credit has to be paid in foreign currency; and whether interest on the £80,000,000 credit is included in the total shown in answer to the first part of this question?

Photo of Mr Philip Snowden Mr Philip Snowden , Colne Valley

The amount of interest payable on loans made in foreign currency varies from year to year. It amounted to nearly £29,000,000 last year, but is reduced to about £15,000,000 this year and next year as a result of President Hoover's plan. The reply to the second part of the question is in the affirmative, and to the last part in the negative.

Photo of Colonel Josiah Wedgwood Colonel Josiah Wedgwood , Newcastle-under-Lyme

Is that figure of £15,000,000 based on a gold currency, and does that include the debt to America, or does it exclude the ordinary War Debt?

Photo of Mr Philip Snowden Mr Philip Snowden , Colne Valley

It includes the debt to America.