HC Deb 13 February 1934 vol 285 cc1754-5

asked the Chancellor of the Exchequer whether he is aware that a committee of foreign creditors is considering the financial conditions of Rumania; and whether, in order that the Treasury may be informed as to the advisability of allowing loans to be floated again in London by uncreditworthy foreign borrowers, he will arrange to be represented on this committee so as to ascertain whether Great Britain has benefited on balance after the losses of British investors by the default of Rumanian loans, offered for subscription in London, have been taken into account and set off against the results of the export trade arising from the defaulted obligations of Rumania?

The CHANCELLOR of the EXCHEQUER (Mr. Chamberlain)

I understand that the Rumanian Government have invited a committee of three financial experts to examine the economic and financial situation of Rumania, and that their report is intended to supply the authoritative information required for the conclusion of an agreement in regard to the Rumanian foreign debt. The negotiation of such an agreement is a matter for the Rumanian Government and the representatives of the bondholders concerned, and I do not think that it would be desirable that a representative of His Majesty's Government should be added to this committee.

40. Mr. REMER

asked the Chancellor of the Exchequer if he is aware that during the past season the State of Rio de Janeiro shipped 725,000 boxes of oranges to three United Kingdom ports and that increased shipments will be made next year; and if he will make arrangements with the Brazilian authorities to ensure that the United Kingdom Customs authorities shall in future collect on the orange shipments to the United Kingdom enough per case to provide service on the defaulted loans made in London to the State of Rio de Janeiro?


I am informed that the shipment of oranges from the State of Rio de Janeiro during the period July to November, 1933, was approximately as stated in the question. I am not in a position to state what shipments will be made next year. My hon. Friend will have observed that the plan for the settlement of Brazilian loans during the period from 1934 to 1938, which was embodied in the decree published on the 8th February, includes loans issued by the State of Rio de Janeiro. I do not consider that it would be practicable to make arrangements on the lines suggested in the second part of the question.