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External Loans

Volume 389: debated on Thursday 6 May 1943

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asked the Chancellor of the Exchequer the amount in borrowing, up to 31st December, 1942, or near date, from each of the countries who are making common cause with us and whom we are defending, together with interest rates attached to such borrowing?

I will, with the hon. Member's permission, circulate in the OFFICIAL REPORT a list of the external loans contracted by His Majesty's Government in the course of the war as at 31st December, 1942. This figure must be distinguished from the much greater figure of the external liabilities of the country at large, which mostly takes the form of deposits of sterling or sterling securities held by overseas countries.

Can the Chancellor give the House some indication what these rates are? Would it be correct to say there are no interest rates above 3 per cent.?

Following is the list:

The following table shows amounts borrowed by His Majesty's Government and outstanding at 31st December, 1942:


Rate of Interest.


Per cent.

Canadian GovernmentFree157,303
U.S.A.: Reconstruction390,819
Finance Corporation.
Belgian GovernmentFree25,200
Indian Government30,054
East African Governments2½ & Free5,650
Ceylon Government3, 2½, & Free4,324
Federated Malay States Government.Free2,038
Trinidad Government3, 2 & Free2,016
Newfoundland Government.Free1,528
Miscellaneous Loans from Colonies, etc. (under £1 million).4,759