§ 46. Captain GARRO-JONESasked the Chancellor of the Exchequer whether the Treasury still holds sterling bonds for the full amount of the French Debt to Great Britain; and whether, in the absence of ratification by the French Government of the reduced terms, these bonds are still regarded as a security for the whole Debt?
§ The CHANCELLOR of the EXCHEQUER (Mr. Churchill)Yes, Sir. The total amount of French Treasury Bills held is £720,960,300. They are 12-months Bills, and fall due in varying instalments on the 1st day of each month.
§ Captain GARRO-JONESAre they still regarded as security for the whole Debt?
§ Mr. CHURCHILLYes, Sir.
§ Captain GARRO-JONESDoes not that envisage a possible departure from the principles of the Balfour Note, which should not be regarded as an unchangeable and sacred policy?
§ Mr. CHURCHILLNo, Sir. In the absence of ratification it constitutes our security.