50. Lieut.-Colonel Sir FREDERICK HALLasked the Prime Minister whether he is aware that the Soviet Government have repudiated all paper money issued by them in 1923, and that a proportion of this currency is held by British subjects; and will steps be taken to protect their interests and to ensure payment of such notes?
§ Mr. PONSONBYIt is understood that the Soviet Government is carrying through a series of financial reforms, which include the redemption of the previous issues of Soviet paper money in rouble denominations at a rate to be fixed by decree. In reply to the latter part of the question, His Majesty's Government, while naturally taking all steps to protect British interests, have no power to ensure that Soviet currency any more than any other foreign currency is redeemed at its face value.
§ Lieut.-Colonel JAMESIs it not a fact that previous reforms of a similar character have resulted in utter disaster?
§ Sir VICTOR WARRENDERIs this one of the questions which have been discussed at the present Conference?
§ Mr. PONSONBYNo.