§ MR. MONTAGUI beg to ask the Chancellor of the Exchequer whether, in case of the Conversion of Turkish or Egyptian Loans, he will take steps to convert or pay off the Turkish four per cent, loan, guaranteed jointly by England and France, of which bonds to the extent of nearly two millions sterling have been drawn for repayment, but on which this country and France still pay this high rate of interest?
§ * MR. GOSCHENAny announcement made with regard to a proposed operation in connection with conversion, if made before the time is ripe for an actual decision, seems to me to be better avoided in view of the speculation which is likely to take place according to the terms of that statement. I will only point out to the hon. Member that such an operation can only be carried out jointly with France. The consent of France to any scheme of conversion would be indispensable.