§ MR. HEDDERWICK () Wick Burghs
I beg to ask the Under Secretary of State; for Foreign Affairs whether the new Russian loan to Persia supplants the British loan; whether Her Majesty's Government had the option from the Bank of Persia of guaranteeing the new loan before it was taken up by Russia; and whether Her Majesty's Government declined to guarantee it.
§ *MR. BRODRICK
It is understood that a portion of the new Persian loan is to be applied to paying off any existing foreign loans, and presumably it is intended that what is called the Regie Loan, issued by the Imperial Bank of Persia, should be so paid off. No proposals have been made to Her Majesty's Government for a loan to Persia which they felt themselves able to accept, and the arrangement for the present loan was concluded without any offer being made to them.