§ 52. Mr. MANDERasked the Chancellor of the Exchequer whether his attention has been called to cases recently submitted to the Permanent Court of Inter national Justice by France against Brazil and Jugoslavia, as a result of which it was decided that French holders of pre- 244 War foreign bonds must be paid their interest in gold and not in paper francs; and whether he will consider the advisability of bringing a similar test case with regard to the position of British holders of French loans?
§ The CHANCELLOR of the EXCHEQUER (Mr. Philip Snowden)I am aware of the cases referred to in the first part of the question, and I noted with interest the judgments given in July last, although the claims of the French bondholders in these cases are not in all respects identical with the claims of British holders of French loans. I will, as I previously said, take any appropriate opportunity which presents itself of placing the claims of British holders of French loans, with which I have the greatest sympathy, before the French Government for consideration. If agreement on the matter cannot, be reached, I shall certainly consider whether it will be desirable to propose that the matter should be settled by arbitration.
§ Mr. MANDERMay I ask the right hon. Gentleman if he is willing to consider referring this matter, not to arbitration, but to the Permanent Court, as suggested in the question?
§ Mr. SNOWDENNo, I think there are reasons against that course. When the hon. Member sees my answer in print, he will see that I say that the claims in the two cases are not identical.