§ 61. Mr. Parker
asked the Chancellor of the Exchequer whether he is aware that, in the Report of the Bank for International Settlements, dated 27th May, 1940, the names of Mr. Montagu Norman, Governor of the Bank of England, and Dr. Funk, German Economic Minister, are included together amongst the list of directors; and as it is not desirable that at the present time Mr. Norman should be listed in a public document as a colleague of a German cabinet minister, he will take the necessary steps to terminate this country's connection with the Bank for International Settlements?
§ 58. Mr. Craven-Ellis
asked the Chancellor of the Exchequer whether he is satisfied that the enemy gain no advantage from the association of the Bank of England with the Bank for International Settlements; and whether, in view of the public concern about the Bank of England's association with this bank, which is now controlled by representatives of enemy countries, he will take steps to ensure that all connection with the Bank for International Settlements is revised?
§ Sir K. Wood
I am satisfied that the enemy gain no advantage from the association of the Bank of England with the Bank for International Settlements, the administration of which is now controlled by its President, Mr. Thomas H. McKittrick, a United States citizen. The report referred to by my hon. Friend the Member for Romford (Mr. Parker) is in the first person and is signed by the President of the Bank. I need hardly say that it contains nothing objectionable to this country. No meetings of the Board of Directors have been held since the outbreak of war. If any such meetings were proposed, I should be made aware of the date and circumstances and no British directors would attend without agreement with me. I do not on balance see any sufficient advantage to this country in formally terminating connection with the bank; I think this step would be more likely to help the enemy than ourselves.
§ Mr. Shinwell
Is it desirable to retain this informal association between Mr. Montagu Norman and Dr. Funk, and, if the arrangement which was previously operative is now inoperative, could not this association be brought to an end?
§ Sir K. Wood
No, Sir, I do not think so, because as I have said, I think there are advantages to this country in retaining the connection. We have a little money there.
§ Mr. Stokes
Are we to understand from the right hon. Gentleman that Mr. McKittrick has no connection at all with the German bank directors?
§ Sir K. Wood
No, I did not say anything of the sort. I said that the report which was referred to was a report made by the President.
§ Mr. Gallacher
Does the right hon. Gentleman remember the words of the Prime Minister, that the gold sent through this bank by Montagu Norman to Germany, would come back to this country in the form of bombs; and in view of the correctness of that prophecy is it not about time to put an end to this bank?