§ 21 and 22. Mr. LEES-JONESasked the Secretary to the Overseas Trade Department (1) if he is aware that traders in this country are unable to obtain payment of their accounts contracted prior to 1st February, 1932, with traders in Hungary without first delivering fresh goods to the value of the account being paid; and what steps he proposes to take to overcome this obstruction to the ex port trade of this country:
(2) if the Government were parties to, or informed of, the Anglo-Hungarian stand-still agreement?
§ Mr. COLVILLEHis Majesty's Government were not parties to the Anglo-Hungarian standstill agreement but have been informed of its contents by the British banking creditors. The agreement pro vides for a moratorium in respect of debts to British banking creditors till 1st August, 1932. It also stipulates that payments in foreign currencies to other existing creditors should be similarly suspended, subject to certain agreed exceptions, but it has been agreed that merchandise credits may be repaid, provided that they are replaced by credits of equal amount. The hardships caused to the various classes of Hungary's creditors arise from the financial position of that country, and, in these circumstances, effective action is difficult. As, however, I informed my hon. Friend the Member for Platting (Mr. Chorlton) on 28th April, the matter is being carefully considered to see if there is any action that can be taken to ease the position.