§ MR. WOOTTON ISAACSON (Tower Hamlets, Stepney)I beg to ask the Under Secretary of State for Foreign Affairs whether Sir E. Palmer, the financial adviser of the Egyptian Government, had full power to convert the 5 per cent. Domains Loan for £8,500,000 into a 4¼ per cent. loan; how many financial houses were asked to tender for the same; and whether he is aware that the 3 per cent. Egyptian Loan for £9,424,500 is quoted at 102?
§ THE UNDER SECRETARY OF STATE FOR FOREIGN AFFAIRS (Sir E. GREY,) Northumberland, BerwickI am informed that Sir E. Palmer has full powers to arrange for the conversion of the Domains Loan, the amount of which outstanding is £4,800,000, into a 4¼ per cent. loan on contain conditions. It is understood that tenders have not been called for, but that he is authorized, if he cannot obtain the requisite conditions from one financial house, to apply to another. The high price of the 3 per cent. loan is no doubt due to the fact that it is guaranteed by the six Great Powers.
§ MR. WOOTTON ISAACSONIs Sir E. Palmer to be allowed to conclude the loan without submitting the offer to the Government?
§ SIR E. GREYI should say it was a question for the Egyptian Government, but if the hon. Member will put his question on the Paper I will give a definite reply.