§ 49. Rear-Admiral Sir Murray Sueter
asked the Chancellor of the Exchequer whether he will request Lord Kennet's Committee on Overseas Loans to make an examination of the Brazilian exchange 782 difficulty and then to report to His Majesty's Government upon the justification for the continued default by the Brazilian Government on its public loan obligations to British subjects?
§ The Chancellor of the Exchequer (Mr. Chamberlain)
As I stated in my reply to my hon. Friend the Member for North Newcastle-on-Tyne (Sir N. Grattan-Doyle) on Tuesday last, it is understood to be the intention of the Brazilian Government to negotiate with the Council of Foreign Bondholders and to reach an agreed arrangement concerning the future service of the External Debt of Brazil, to take effect on the expiration of the present plan. This is the normal and proper course, and I think it is preferable to the suggestion made by my hon. and gallant Friend.