§ 8. Sir CLIFFORD CORYasked the Chancellor of the Exchequer whether the licences of the Home Secretary, dated the 19th September, 1914, give Sir William Plender power to make any assets, including cash balances, of the customers of German and Austrian banks available for paying debts due to British creditors of such customers as far as may be practicable; and, if not, whether Mr. Chancellor of the Exchequer will extend the powers of such licences so as to enable Sir William Plender to make such arrangements?
§ The FINANCIAL SECRETARY to the TREASURY (Mr. Montagu)The result of the operations of the banks under the licences is to realise assets which become available for meeting their liabilities to their depositors who are thus placed in a position to meet their liabilities to their creditors. It would not be desirable or practicable to empower the official supervisor to interfere between depositors and their creditors except to the extent of preventing payments to, or to the order of, depositors which may appear to be contrary to national interests. The supervisor has full powers to prohibit such payments under the existing licences.
§ Sir C. CORYBy the supervisor or controller releasing the assets of customers of German banks, is he not doing English creditors of those German banks out of getting payment?
§ Mr. MONTAGUIt only allows them to meet their liabilities to their customers when such liabilities do not appear to be contrary to the interests of English creditors.
§ Sir C. CORYIs it not a fact that the subjects of neutral Powers are claiming the right of having these assets transferred to them, and, therefore, are doing English creditors out of payment?
§ Mr. MONTAGUI would ask my hon. Friend to give notice of that question.