HC Deb 12 July 1934 vol 292 c519
27. Mr. DRUMMOND-WOLFF

asked the Chancellor of the Exchequer whether he has considered the position of foreign investors resident abroad under the German debt agreement signed on 4th July, 1934, which discriminates between bonds of the German International 5½ per cent. Loan, 1930 (the Young Loan), held by British nationals or foreigners domiciled in Great Britain on the one hand and bonds held by foreign nationals resident abroad on the other, in spite of the fact that these bonds have been publicly issued in London and officially quoted on the London Stock Exchange and nowhere else; and, in view of the adverse effect of such discrimination, what action he proposes to take to maintain the volume of investments from abroad on the London Stock Exchange and the revenue accruing therefrom to His Majesty's Government?

Mr. CHAMBERLAIN

The position of bonds of the sterling issues of the Dawes and Young Loans, which were on 15th June, 1934, owned by foreigners resident abroad, was very fully considered during the course of the negotiations. I regret that the German Government were not willing to extend to these bonds the same treatment as that given to bonds owned by British holders, but I do not consider that any further action can usefully be taken by His Majesty's Government.