HC Deb 23 February 1920 vol 125 c1277

asked the President of the Board of Trade whether, having regard to the provisions of the Peace Treaty with Austria, which oblige Austrian debtors to settle their debts with British nationals at the pre-war rate of exchange in sterling, plus 5 per cent. interest per annum, this also implies an obligation on the part of the Austrian Government to see that their nationals make provision for the full settlement, now or later, of their pre-war indebtedness to British nationals, or whether His Majesty's Government are in a position to require that the Austrian Government shall accept responsibility for the settlement of any deficit occurring to British creditors?


As my hon. Friend will be aware, it is not proposed to adopt the Clearing Office scheme in the case of Austria and the provisions of that scheme for the guarantee by each Government of the debts of its nationals and for payment of interest on debts at five per cent. will accordingly not be applicable. Austrian property in this country will be chargeable with any deficit to British creditors. I hope to be in a position to make an announcement on this whole subject at an early date.

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