§ 51. Major NALL
asked the Lord Privy Seal whether Germany has handed certain bonds to the Reparation Commission; what is the amount of these bonds in sterling; what proportion of the total indebtedness of Germany do they represent; and how does the Reparation Commission propose to deal with these bonds?
§ The CHANCELLOR of the EXCHEQUER (Mr. Chamberlain)
Germany has delivered to the Reparation Commission Bonds to the amount of 20 milliard gold marks and 40 milliard gold marks, respectively, as required in paragraph 12 of Annex 2 to Part 8 of the Peace Treaty. She has also delivered the covering undertaking for the issue of the further 40 milliard marks, gold, Bonds provided for in that paragraph. The value in sterling of the Bonds delivered at the gold par is approximately £3,000,000,000. At the present rate of exchange the value would, of course, be much higher. The total indebtedness of Germany has not yet been fixed, and it is impossible, therefore, to state the proportion of such indebtedness represented by these Bonds. So far as I am aware, the Reparation Commission proposes to hold these Bonds, which, under the Treaty, are given by Germany as security for and acknowledgment of her debt.