§ 27. Sir J. LONSDALEasked the Home Secretary if he is aware that in Germany it is a common custom for shares in trading companies to be held in the name of a bank and not in the name of individual owners, that English companies have been required to make transfers of blocks of shares held by German banks, and that they have been informed by the custodian of enemy property that, in accordance with the licence granted by the Home Secretary, the holding of the Deutsche Bank (London Agency) and the Dresdner Bank (London Agency) may be treated as English shareholders; and, if these transfers are made, what guarantee is there that the money realised is not transmitted to Germany?
§ Sir J. SIMONThe hon. Baronet's question is evidently founded upon a paragraph in a newspaper which has since been corrected by Sir William Plender, the Controller appointed by the Treasury to the banks referred to. Ever since the outbreak of War no transactions have been allowed to be carried out by the London Agencies of the Deutsche Bank and the Dresdner Bank, except under Government supervision for the sole purpose of realising their assets with a view to discharging their liabilities to British, Allied, and neutral creditors in respect of transactions entered into before the War. No new business is permitted, and there is no foundation for the suggestion that money realised on securities held in the name of the London branches of the Deutsche Bank and the Dresdner Bank has been, or can be, transmitted to Germany. All cash received by these banks from sales of securities or otherwise is under Sir William Plender's control; no payments can be made without his sanction, and any undistributed surplus is deposited with the Bank of England.