HC Deb 18 March 1930 vol 236 cc1911-2
51. Mr. MANDER

asked the Chancellor of the Exchequer to what extent the International Bank is representative of countries generally throughout the world, and how far it is subject to the control of representative, national or international bodies?

Mr. P. SNOWDEN

The board of the Bank for International Settlements will contain not more than 16 members of Belgian, British, French, German, Italian, Japanese and American nationality, and also not more than nine members of other nationalities, selected from countries interested in reparations, or whose currencies are on a gold or gold exchange standard. The International Bank is non-political, and its policy is not subject to the control of any representative national or international body, though its operations in any country will in general require the consent of the central bank of that country.

Mr. MANDER

Will the reports of the bank be brought in any manner to the attention of the Council or Assembly of the League of Nations?

Mr. SNOWDEN

I think it is unlikely that they will be brought to the attention of the Council of the League of Nations. That is a new point to me. I suppose that the bank will issue its reports, and that they will probably be made public.

Mr. BOOTHBY

Will any opportunity be given to this House to discuss the whole policy of this International Bank?

Mr. HAMMERSLEY

Is it the case that the American Federal Reserve Bank is not officially connected with the National Bank?

Mr. SNOWDEN

I believe that that is so.