ANGLO-SPANISH CLEARING OFFICE.

HC Deb 20 February 1939 vol 344 cc19-20

57. Mr. H. G. Williams

asked the President of the Board of Trade how much money belonging to British traders is held in the reserve fund under the Anglo-Spanish clearing scheme; and when it is proposed to pay these traders the sums due to them but which have been held in the reserve fund for the last two years?

Mr. Cross

Of the sterling amounts paid into the Anglo-Spanish Clearing Office in London in respect of debts due to Spanish creditors, the undistributed portion now standing in the reserve fund of that office is about £1,870,000. A decision regarding the distribution of this fund will be taken as soon as circumstances permit.

Mr. Williams

Can my hon. Friend give me any idea when the circumstances will permit, because some of my constituents want their share of the £1,800,000?

Mr. Cross

I suggest that the termination of the civil war in Spain is an appropriate time.

Mr. Williams

Apart from the termination of the Spanish war, is there any reason why the £1,800,000 lying in the Bank of England should not be given to the British people who own it?

Mr. Cross

That money is owing to Spain.