§ 25. Captain CUNNINGHAM - REIDasked the Chancellor of the Exchequer the amount of United Kingdom 5½ per cent. dollar bonds issued in New York and at present outstanding, the holders of which did not convert into British Government securities according to the terms set forth by him in July, 1933; and whether, as the law of the United States 1068 governing the payment of principal and interest of these bonds does not impose any hindrance, legal or otherwise, on His Majesty's Government fulfilling their obligations towards British bondholders of these dollar bonds in legal tender of the United States of America to the measure of the gold value, he will state upon what grounds His Majesty's Government decline to recognise their obligations in respect thereto?
§ Mr. HORE-BELISHAThe amount in question is 20,067,400 dollars, as shown on page 5 of the Financial Statement (House of Commons Paper No. 67). As regards the last part of the question, I would refer my hon. and gallant Friend to the statement which my right hon. Friend made on 21st July last in moving the Resolution approving the proposals of His Majesty's Government for dealing with these bonds.