§ 54. Mr. G. Straussasked the Chancellor of the Exchequer whether, in view of the fact that one of the directors of the Bank for International Settlements is a member of the German Government, he will consider the introduction of legislation by which the Bank of England's representative on the board must be either a Government nominee or some other person whose duty it would be to report to His Majesty's Government on all matters affecting British interests?
§ Sir J. SimonNo, Sir. I do not think that this would be a proper course to adopt.
§ Mr. StraussMay I then ask the Chancellor of the Exchequer whether he will invite the Governor of the Bank of England in his own interest, in the public interest, to deny or admit the allegations made in usually well-informed circles that he supported the transfer of Czech money to Germany on the executive of the B.I.S., and that he opposed the views of the French directors who strenuously opposed this transfer?
§ Sir J. SimonIt appears to me to be quite a different question. As to the suggestion now made, I have not myself seen it and I do not think that I am entitled to interfere with the action of the directors of this Swiss Bank.
§ Mr. StraussIs it not very important to know whether the representative coming from this country did or did not support the transfer of this money to Germany and does not the action of this Government in relation to the B.I.S. and its future representatives on the B.I.S. largely depend upon what happened on this occasion?
§ Sir J. SimonThe right hon. Gentleman is evidently in some confusion of thought. He spoke of the action of this country in future in regard to its representatives on the B.I.S.; this country has no representatives on the B.I.S.
§ Mr. BennWould the Chancellor of the Exchequer undertake to find out what action Mr. Montagu Norman took?
§ Mr. Speakerrose—
§ Mr. ThurtleOn a point of Order. May I submit that the Chancellor of the Exchequer was about to rise to answer when you rose?
§ Mr. SpeakerThe right hon. Gentleman sat down again.
§ Mr. BennMay I ask your guidance? Was the question which I put to the Chancellor of the Exchequer an orderly question?
§ Mr. SpeakerIt was perfectly orderly, but I understood that the Chancellor of the Exchequer had no responsibility in the matter.
§ 61. Mr. A. Hendersonasked the Chancellor of the Exchequer the composition of the board of the Bank for International Settlements, as provided by the protocol establishing the Bank?
§ Sir J. SimonI would refer the hon. and learned Member to Article 28 of the Statutes of the Bank for International Settlements, as set forth in the International Convention of 10th January, 1930 (Command Paper 3484, page 120).
§ Lieut.-Commander FletcherWould it not be in the public interest if Mr. Montagu Norman were to keep his right hand informed of what his left hand is doing?
§ Mr. Noel-BakerAre there not grave objections to private bankers having the power to make major decisions on matters 1104 of public policy; and will the right hon. Gentleman consider whether some amendment ought not to be made to the statutes of the Bank?
§ Sir J. SimonI quite agree that that is an important question, but I do not think it is one with which I can deal in a supplementary answer.
§ Mr. ManderIs it not laid down in the statutes of the Bank that none of the directors can be political personages; and is not the German member therefore disqualified from being a director of the Bank?
§ Sir J. SimonI do not think that the hon. Gentleman has got the terms of the Article correctly.
§ 63. Mr. Boothbyasked the Chancellor of the Exchequer whether the question of continued British participation in the Bank for International Settlements is under the consideration of His Majesty's Government?
§ Sir J. SimonI would refer my hon. Friend to the reply given to Question No. 89 of the right hon. Member for East Edinburgh (Mr. Pethick-Lawrence) on 8th June.
§ Mr. BoothbyIn considering this matter, will my right hon. Friend bear in mind that a lot of people think that, under existing conditions, this bank might be put into cold storage?