HC Deb 27 May 1924 vol 174 cc186-7
1. Mr. A. M. SAMUEL

asked the President of the Board of Trade whether he has yet received a satisfactory reply to his representations to the Hungarian Government with respect to British claims affected by the recent decision of the Mixed Arbitral Tribunal; and whether any credits have been received by the British Clearing House from Hungary?

The PRESIDENT of the BOARD of TRADE (Mr. Webb)

Admissions, amounting in value to over £1,000,000, were received last week from the Hungarian Clearing Office in respect of the Hungarian pre-War bonded debt. The greater part of these admissions related to the unsecured debt. The Hungarian Clearing Office has notified its inability to accept the recent judgment of the Anglo-Hungarian Mixed Arbitral Tribunal as generally applicable to claims in respect of the secured debt, owing to a decision of the Reparation Commission apportioning the obligation between Hungary and the Successor states. The matter is being discussed between the British and Hungarian Clearing Offices, and it is hoped that a favourable result will be arrived at.

Mr. SAMUEL

Was the Mixed Arbitral Tribunal set up by the Treaty of Trianon, to which the Hungarian Government were a party?

Mr. WEBB

I understand that is so.

Mr. SAMUEL

If the Hungarian Government do not abide by the decision of a Court to which they were a party, should not the British Government, when a reconstruction loan is applied for here by the Hungarian Government, take steps to see that our investors are not so foolish as to subscribe?

Mr. WEBB

I am sorry if I have given any false impression. There is no question of the Hungarian Government refusing to abide by the decision of the Court. It is merely that the decision of the Court in the case in question, like all other decisions in terms, applies only to this particular case. What has hap- pened is that the Hungarian Government have intimated that they are not at present prepared to accept that decision as governing other cases which might be held to be of a like nature. Obviously it is purely a matter for further consideration. We cannot claim that the judgment in this particular case should necessarily govern—[HoN. MEMBERS: "Agreed!"]—a number of other cases.

11. Captain BRASS

asked the President of the Board of Trade the approximate sterling value of the outstanding British claims before the Anglo-German Mixed Arbitral Tribunal?

Mr. WEBB

The approximate nominal amount of the British claims outstanding before the Anglo-German Mixed Arbitral Tribunal is as follows: