Mr Philip Snowden: 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.
Mr Philip Snowden: It includes the debt to America.
Mr Philip Snowden: There has been no change in the position in regard to the Ottoman 'Guaranteed Loan of 1855, other than that referred to in the reply given to the right hon. and gallant Member on 1st May, 1929; the interest on the loan is payable in sterling.
Mr Philip Snowden: I am always willing to take advantage of every opportunity if there is a prospect of relief to the British Exchequer.
Mr Philip Snowden: In the calendar year 1930 the payments made by the Government in foreign currency, excluding the War Debt to the United States Government, amounted to about £16,000,000 and the Government's receipts in foreign currency, excluding reparations and inter-governmental War Debts, to about £24,500,000; the surplus of foreign receipts over foreign payments (excluding War Debts, etc.) thus amounted...
Mr Philip Snowden: I made this statement in the course of the discussion in Committee a day or two ago, but I will repeat it now. With regard to the first part of the question, Entertainments Duty will be charged at the rates at present in force on any payments for admission to entertainments made before 9th November next irrespective of whether the entertainments take place before that date or not; the answer...
Mr Philip Snowden: The answer to the first part of the question is in the affirmative. The views of the committee in regard to the second part are sufficiently indicated by the fact that, like the Geddes Committee, they did not submit any minutes of evidence along with their report. The answer to the last part of the question is in the negative.
Mr Philip Snowden: The figure in question was arrived at on the lines laid down on page 78 of their report by the Colwyn Committee on National Debt and Taxation except that no account was taken of Legacy and Succession Duties. The statistics compiled in relation to the Surtax refer to total income and do not distinguish earned from investment income.
Mr Philip Snowden: It is hoped to publish this evidence on Friday. There are two volumes, and I understand that the price for the two will be about £3 5s.
Mr Philip Snowden: It would not be worth the expenditure.
Mr Philip Snowden: It was introduced to balance revenue and expenditure.
Mr Philip Snowden: Nearly one-third.
Mr Philip Snowden: I can assure the hon. Gentleman that he has my most profound indulgence and sympathy. I cannot pass without observation the fact that he has spoken from the Opposition Front Bench during the discussion of this important Measure without the support of a single one of the leaders of his party—[Interruption.]—and without more than two other occupants of the Front Bench. The absence of the...
Mr Philip Snowden: The right hon. Member for Central Edinburgh looked in for a minute. [Interruption.]
Mr Philip Snowden: I happen at the moment to be discharging that position, so far as this Bill is concerned. The right hon. Member for Central. Edinburgh (Mr. W. Graham) has been absent from the House for the last three hours. He is supposed to be the great financial authority among those who sit on that side of the House. I am not aware that he has taken part in the discussion upon the Committee stage of the...
Mr Philip Snowden: Yes, I tried to teach you, but I was terribly disappointed that my teaching was neither understood nor appreciated.
Mr Philip Snowden: That Committee was set up. The hon. Member repeated today what had been said by other speakers in the course of the Debate. He said that I ought to have done something in the Budget of last April.
Mr Philip Snowden: Why did not you make that criticism then? The answer to that is quite clear, and I think it will penetrate the brains of hon. Members opposite. I said then, and I repeated later, that the economies which were necessary could never be carried through this House merely on the support of a minority Government. If hon. Members will do me the fairness of reading my speeches, they will see that...
Mr Philip Snowden: That is something at least that I taught my colleagues in the Labour Party. May I say something on the concluding observations of the hon. Member who has just sat down, who quoted figures of Income Tax and Super-tax. I am not questioning his figures, and they are not out-of-date as applied to the time to which they refer, but they do not apply to-day, because there has been such an enormous...
Mr Philip Snowden: The saving involved in the reduction of the salaries of His Majesty's Judges is approximately £50,000 in a full year.