§ Sir W. BRASS
asked the Financial Secretary to the Treasury whether he can state the total indebtedness to this country which was cancelled as a result of the policy underlying the Balfour Note, with the amounts foregone to each country separately?
§ Major ELLIOT
The net amount of the Allied War debts due to Great Britain at the dates of funding was about £1,250 millions (excluding the War debt 549W of Belgium for which liability was assumed by Germany under the Treaty of Versailles, and the War debt of Russia in regard to which no settlement has been reached). The present value as at the dates of funding of the annuities payable under the various Funding Agreements, calculated on a 5 per cent. basis, amounted to about £333½ millions. On this basis, the settlements made represent a remission of about 65 per cent. of the debts other than the Italian War Debt; in that case the remission was equivalent to about 86 per cent. of the debt.