§ 63. Mr. FRANKLINasked the Prime Minister whether his attention has been called to the position of the bondholders of the Imperial Ottoman Government Four per Cent., 1891 (Egyptian Tribute), and Imperial Ottoman Government Three and a-Half per Cent. Conversion Loan, 1894 (Egyptian Tribute), secured on the tribute payable by Egypt to Turkey; and what steps he proposes to take to ensure that the bondholders shall be fully secured, in view of the proposed release of Turkey from all undertakings and obligations under Article No. 18 of the Treaty of Lausanne?
Mr. GRAHAMArticle 18 of the Treaty of Lausanne in no way modifies the existing arrangements whereby the service of the loans referred to in the Question is met out of payments made by the Government of Egypt. There is, therefore, no material change in the position of the bondholders, and the question of taking any steps of the kind suggested does not arise.
§ Mr. A. SOMERVILLEIs it not, the ease that an alteration has in fact been made because it is proposed to make the payments of the services of the debts in the currency of the country which pays?
Mr. GRAHAMI think I should require notice of that, but in the main question there is no difference, because, as the hon. Member knows, the payments under these loans, namely, interest and sinking fund charges, have of course been made by Egypt.