§ 49. Sir FRANK SANDERSONasked the Chancellor of the Exchequer whether the proceeds of the French 4 per cent. and 5 per cent. Loans, National Defence, London Issue, were used in the repayment of advances previously made by the British Government; and whether, in view of the fact that the French franc is now stabilised, he will consider approaching the French Government with a view to the interest thereon being paid in sterling to the original subscribers at the same rate of exchange as that which was fixed by the French Government at the time the subscriptions to the loans were made, seeing that it was stated at the time of issue that the Bank of England, with the approval of His Majesty's Government, was authorised by the French Government to receive applications and that subscribers were advised that subscriptions to a loan under such auspices were equivalent to subscriptions to the British war loans and that they were asked to subscribe in order to help our Allies?
§ Mr. CHURCHILLI would refer my hon. Friend to the answer which I gave to a similar question of his on the 31st July last.
§ Colonel WOODCOCKIs the right hon. Gentleman aware that there are thousands of patriotic citizens in this country who subscribed to this loan with the idea of helping the Allies, and will the Chancellor of the Exchequer make 692 representations to the French Government pointing out the hardship which arises?
§ Mr. CHURCHILLI cannot add anything to what I have said.
§ Captain GUNSTONIs it not a fact that no foreign issue could be made at that time without the sanction of the Treasury? Is it not also a fact that these particular loans were sponsored and recommended by the British Government, and does not the right hon. Gentleman think that the British investors had a perfect right to assume that the British Government had satisfied themselves that the security was sound?
§ Mr. CHURCHILLI have already dealt with these matters in the reply to which I have referred, and I cannot add to it.