§ 2. Colonel WEDGWOODasked the President of the Board of Trade how far the actual payments of cash to the Athens Power and Transport Company have proceeded; and whether, in view of the hostility felt in Greece to the concession made to this company by General Pangalos, he can restrict, by agreement or otherwise, the amount of capital hitherto guaranteed by the British Government or direct the application of the guaranteed loan into safer channels?
§ The FINANCIAL SECRETARY to the TREASURY (Mr. Ronald McNeill)I am not quite sure what the right hon. Gentleman means by the first part of the question. A guarantee has been given under the Trade Facilities Acts to loans to a total of £2,000,000 to be raised by the Societe Generale Hellenique; but the Treasury have no responsibility for the ordinary administration of the company, and are not responsible for making any cash advances. The answer to the second part of the question is in the negative. The validity of the concession has been recognised by the present Greek Government, with the authority of the Assembly.
§ Colonel WEDGWOODIs the right hon. Gentleman aware that, unless he looks into this matter afresh, the British taxpayer is likely to lose a great deal of money as well as suffer in national popularity in Athens?
§ Mr. McNEILLI think the whole of the circumstances were taken into account by the Advisory Committee. As the right hon. Gentleman knows, the Advisory Committee under the Trade Facilities Act takes the responsibility of advising the Treasury whether advances should be made.
§ Colonel WEDGWOODBut surely the right hon. Gentleman is aware that this guarantee was given when General Pangalos was dictator. Now that he has gone, circumstances are very different, and the Greek Government, apparently, would like to have this Agreement modified?
§ Mr. McNEILLAs I have already pointed out to the right hon. Gentleman and the House, this concession has been recognised by the present Greek Government, and ratified by the Assembly.