HC Deb 12 February 1877 vol 232 cc174-5
COLONEL MURE

asked Mr. Chancellor of the Exchequer, Whether Her Majesty's Government have had to provide for the payment of the coupon of the 1855 Turkish Loan this month, and whether it is not a fact that there are funds in the Bank of England for that purpose, part of the annual Tribute of Egypt, which the Bank cannot release until the coupons of the 1854 Turkish Loan are paid in full; and, whether, in accordance with his statement to this House on July 21st 1876, "That Her Majesty's Government were not insensible to the gravity of the responsibility that rested upon them" with respect to the 1854 Loan, Her Majesty's Government have taken any steps in the matter; and, if so, what state the negotiations are in at present?

THE CHANCELLOR OF THE EXCHEQUER

Her Majesty's Government have not paid the coupon due this month on the Turkish Guaranteed Loan of 1855, the Turkish Government having provided the full amount required. With regard to the loan of 1854, Her Majesty's Government have taken steps to fulfil the pledge which they gave to the House of Commons. On agreement between the Treasury and the Foreign Office, Lord Derby instructed Lord Lyons to ascertain whether the French Government would join in a representation to the Porte on behalf of the bondholders of 1854, adding a suggestion that the two Governments might, in the interests of all concerned, proffer their good offices to facilitate the conclusion of an agreement. The Due Decazes replied expressing the readiness of the French Government to instruct the French Ambassador at Constantinople to come to an understanding with his English Colleague and to secure their joint action in regard to the Loans of 1854 and 1855. Accordingly, instructions have been sent to Her Majesty's Chargé d'Affaires at Constantinople to give effect, on behalf of England, to the joint resolution of the two Governments.