HC Deb 16 April 1940 vol 359 cc791-2
51. Mr. Arthur Henderson

asked the Chancellor of the Exchequer whether the Bank for International Settlements is still operating; and whether Germany remains a member of the board of control?

Sir J. Simon

The Bank for International Settlements is still operating, but on a reduced scale. Germany is still, I believe, represented upon the board of the bank, but no meetings of the board have been held since the outbreak of war.

Mr. Wilmot

Then who is directing the policy of this institution?

Sir J. Simon

I do not know.

Sir Percy Harris

If it is understood that the bank is operating, ought we not to know who is operating it?

Sir J. Simon

I can really answer only on matters about which I have precise knowledge. I have stated that, to my knowledge—and I have made inquiries—there have been no meetings of the board since the outbreak of war.

Mr. J. Wilmot

Is it not very serious that, in view of the international financial position of this country, we should have no share in the management of this institution, which is really what the answer of the Chancellor of the Exchequer amounts to?

Sir J. Simon

The previous objections which have been raised by some hon. Members have been because they thought that there were British individuals who might be attending the meetings of the bank. I think that, on the whole, the House will agree that it is right that we should not, in the course of the war, take any part in the board meetings of the bank.

Sir P. Harris

Are not the Germans taking any share in the management of this bank?

Sir J. Simon

I have not yet appreciated exactly how the hon. Baronet would propose to deal with the situation.