HC Deb 23 September 1948 vol 456 cc1087-8

The following Question stood upon the Order Paper in the name of Mr. KEELING:

58. To ask the Chancellor of the Exchequer whether he is aware that although the Italian Government agreed many weeks ago to repay forthwith with accrued interest the 7 per cent. credit consortium loan and the Royal Sardinian Railway 3 per cent. bonds, and also to pay arrears of interest under its guarantee of the Austrian guaranteed conversion loan 1934–59, none of these payments has been made; and whether he proposes to take any action to protect British interests.

Mr. Speaker

Mr. Keeling.

Mr. Keeling

In view of the offensive imputation made by the present Chancellor's predecessor, when I raised a similar matter, may I say I have no interest in these loans, except on behalf of my constituents and the public?

Mr. Jay

Conversations are at present taking place with a special delegate of the Italian Treasury, and it is hoped to make an announcement very shortly

Mr. Keeling

Is the Economic Secretary aware that the dilatoriness of the Italian Government in the case of the consortium loan and the railway bonds is all the more unfair to holders because, under the agreement, these loans have ceased to carry interest?

Mr. Jay

We cannot, of course, take responsibility for the Italian Government.

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