25 NOVEMBER 1932, Page 34


And first, as regards the Debts themselves. Altogether, the debt of Great Britain and her Allies to the United States is about 11,500 million dollars, of which about 4,600 million dollars represents Britain's debt and about 4,000 million dollars the debt of France. But the total annuities payable to the United States aggregate no less than 22,000 million dollars, of which Great Britain's share is over 11,000 millions and that of France a little under 7,000 millions, the next heaviest payment being that of Italy. It will be noted that all the debtors have covenanted to pay America in dollars, and this means that owing to the heavy fall in sterling the burden on Great Britain has increased enormously so that, whereas previous to our departure from the Gold Standard is required about £33,000,000 to meet the annual service on the debt to the United States, the amount to-day at the present rate of exchange would be nearer to £60,000,000.