§ 47. Mr. BUTCHERasked the Chancellor of the Exchequer whether his attention has been called to the Convention between Great Britain and Germany, signed on 27th March, 1874, under which the German banks in London claim to carry on business in this country; whether that Convention has been abrogated by the outbreak of war, and, if not, whether the Government will give the requisite year's notice to revoke that Convention; and whether it will be possible after the abrogation or revocation of the Convention for German banks to carry on business in this country after the War?
§ Mr. BONAR LAWThe Anglo-German declaration of 27th March, 1874, relating to joint stock companies and the additional declaration on the same subject of 25th March, 1913, are regarded by His Majesty's Government as having been terminated by the War.
§ Mr. BUTCHERAm I right in concluding that owing to the abrogation of these Conventions it will be impossible for the German banks to establish themselves in this country in future without some new Convention being made?
§ Mr. BONAR LAWNo; that is not the case. It is not possible to keep out any foreign bank except by special legislation.
§ Mr. BONAR LAWSo far as now is concerned, my hon. Friend knows that every step has been taken. As to the future that must depend upon what is decided by the country.
Mr. FABERWhy does the right hon. Gentleman say "as the hon. Gentleman knows"? The hon. Gentleman knows nothing of the sort.
§ Mr. BONAR LAWIf my hon. Friend does not know it is not for want of my having told him.
§ Mr. BILLINGAre we to understand that directly peace is signed these banks are to continue as before?
§ Mr. BONAR LAWAs the law stands, any bank can be started unless legislation is passed preventing it.
§ Mr. BILLINGWhat are the Government's views in this matter, and do they propose to introduce legislation at an early date to prevent German banks being opened immediately peace comes?
§ Mr. BONAR LAWI can only say that that is a problem which any Government must consider when the time arises, but I do not think that it is a matter for discussion at this moment when there are other matters of more immediate importance which claim our attention.
§ Colonel ARCHER-SHEEIs the right hon. Gentleman aware that the Dresdner Bank is still being carried on with open doors, with about forty clerks in its employment?
§ Mr. BONAR LAWI know that it is being carried on under the strictest control of the British Government.