HC Deb 23 March 1936 vol 310 cc884-5
61. Mr. E. SMITH

asked the Chancellor of the Exchequer, what credits or loans have been given or made to the German Government or to German banks by His Majesty's Government, the Bank of England, or other English banks or banking houses in the last three years; and whether any such further credits are in negotiation or contemplation?

The FINANCIAL SECRETARY to the TREASURY (Mr. W. S. Morrison)

In December, 1934, the Bank of England granted a credit of £750,000 to the Reichsbank in order to expedite the liquidation of outstanding trade debts to United Kingdom creditors. As my right hon. Friend the Chancellor of the Exchequer informed the House at the time in reply to a question by the hon. Member for East Aberdeen (Mr. Boothby) on 11th December, 1934, this credit was given with his full approval. It has since been repaid. No other credit or loan has been given or made to the German Government or to German banks by His Majesty's Government or the Bank of England in the last three years and no such credit or loan is in negotiation or contemplation. My right hon. Friend is not aware that other English banks or banking houses have in the last three years given or made or now have under contemplation, any such credits or loans apart from short-teem credits for commercial transactions.

Mr. DALTON

Will the hon. and learned Gentleman represent to his right hon. Friend the Chancellor of the Exchequer that His Majesty's Government would greatly ease many fears prevailing in this country at present if they would state that they would emphatically disapprove, and if necessary take steps to stop, any loans or credits to Germany at this time?

Mr. MORRISON

No doubt anything the hon. Member says will come to the notice of my right hon. Friend.

64. Mr. GALLACHER

asked the Chancellor of the Exchequer whether the Treasury has given its approval to the issue of any loans or credits to the German Government since January, 1931; what such loans amounted to; the date and amount of each loan or credit; and how much of each has been repaid to date?

Mr. MORRISON

The answer to the first part of the question is in the negative. The remainder does not therefore arise.