HC Deb 25 March 1925 vol 182 cc435-6
70. Sir F. WISE

asked the Chancellor of the Exchequer if he has any information to the effect that the German railways have been given a credit in New York?

Mr. A. M. SAMUEL

I have been asked to answer this question. Full statements have appeared in the German Press to the effect that an agreement has been concluded between the Deutsche Reichsbahn-Gesellschaft and a consortium of British and American bankers for a revolving credit of 15,000,000 dollars at 7 per cent., the credit to be available up to the 31st January, 1926.

Sir F. WISE

Can the hon. Gentleman state what is the position of the railway bondholders whose bonds were issued under the Dawes Report? Are they a first charge?

Mr. SAMUEL

I do not think the two questions are cognate. So far as I understand it, the rolling-credit loan to be issued by the consortium of banks is for equipment and other similar things. I do not think the new loan touches any details of the Dawes plan, but I shall be glad to go into the matter for my hon. Friend.

Sir F. WISE

I do not mind so long as there is a first charge.