§ 54. Mr. ALBERYasked the Chancellor of the Exchequer if he has now seen the French Government's reply concerning the repayment of French national defence loan bonds held by British investors; and if he can make some statement on the subject?
§ Mr. P. SNOWDENI would refer the hon. Member to the answer given on the 5th November to the hon. Member for the Isle of Wight (Captain P. Macdonald), to which I have at present nothing to add.
§ Mr. ALBERYAre we to understand that the right hon. Gentleman has still not seen the reply of the French Government?
§ Mr. SNOWDENOf course, I have seen the reply. The question to which I have referred the hon. Member asked if I had received a reply, and, if so, whether I could state its nature. I had not at that time seen the reply, but I have since seen it, and, as hon. Members are aware, it is not favourable. I am at the moment considering what further action should be taken.
§ Mr. ALBERYIs it not a fact that when these loans were issued the franc was legally based on gold, and that in France that law was only repealed in 1922[...]
§ Mr. SNOWDENThe hon. Member is going into the particulars of the whole question. That does not arise out of the question on the Order Paper. I may, however, say that, substantially, the position is as the hon. Member has stated it, and that is the basis of the representation that we have made.