§ 38. Mr. Rippon
asked the Chancellor of the Exchequer whether it is the Government's intention to pay this year's instalments of capital and interest on the United States and Canadian loans when they fall due on 31st December.
§ 41. Mr. Cronin
asked the Chancellor of the Exchequer if, having regard to the circumstance that the December gold and dollar reserve figures will be diminished by about 190 million dollars, which represents the interest and capital payments due on the United States, Canadian and other loans, he intends to ask for deferment of these payments or make further borrowings.
§ Mr. Rippon
While acknowledging that there is no question of default in 1417 this case, will my right hon. Friend, in considering this matter, bear in mind that we are entitled to claim only seven such deferments in this century, and that if the deferment is claimed we shall have to pay interest on the interest? Is my right hon. Friend aware, furthermore, that the Government gave an assurance at the time that the new Agreements were entered into that it was not proposed to claim the major part of these deferments in the early years after the new Agreements? Can my right hon. Friend say further—
§ Mr. Speaker
Order. I think the hon. Member has given quite a mouthful already to the Economic Secretary.