§ 3. Sir ARTHUR MICHAEL SAMUELasked the Secretary of State for Foreign Affairs whether he will ascertain and state the details of the commercial agreement which is being or has been arranged by the Chilean Government with France which will facilitate the release of a portion of French frozen credits?
§ Sir J. SIMONI understand that an agreement between France and Chile for the setting up of what is called a "compensation office" between the two countries was signed last week. While I have not yet received full details, I understand that the practical value of this arrangement depends upon the surplus which normally accrues from Chile from French imports of Chilean nitrate and copper; and that the sums to be devoted to the liquidation of French frozen balances will therefore be derived entirely from French purchases of these two commodities, particularly the former.
§ Sir A. M. SAMUELMay I ask the right hon. Gentleman why our Foreign Office did not take initiative similarly in relation to commodities which interest us?
§ Sir J. SIMONI am sure that the hon. Gentleman, with his former experience, will know that it would not be a matter entirely for the Foreign Office. The Treasury, of course, and the financial interests of the country are involved. If I am asked whether a similar treaty has been negotiated, I must have notice of the question.
§ Sir A. M. SAMUELIs the right hon. Gentleman not aware that under the Foreign Office there are commercial commissioners abroad, and does he not think that such an official or the Foreign Office should have taken the initiative?