§ 98. Colonel MORDEN
asked the Chancellor of the Exchequer whether the United States Government have ever been asked to accept an equivalent amount of the securities we hold of our other Allies in settlement of our debt to America; if so, what was the date on which the question was brought forward and the nature of the reply given by the United States Government; and, if not, whether, in the event of the United States Government having agreed to make this settlement, the adverse rate of exchange would have been materially rectified, our credit greatly improved, and the cost of living consequently lowered?
§ Colonel MORDEN
Is the right hon. Gentleman aware that a leading bank in New York last spring was prepared for such a proposal from the British Government and to support that proposal?
No, Sir; I am unable to confirm the hon. Gentleman's statement, but I could not make proposals to the American Government on the initiative of an American bank.
§ Mr. MACQUISTEN
Why did you not make it on your own initiative?