HC Deb 13 October 1942 vol 383 cc1493-4
50. Mr. Stokes

asked the Chancellor of the Exchequer the amount of deposits held by the Treasury with the Bank for International Settlements, either directly or through the Bank of England; how much of it is invested in Germany; and whether, since the outbreak of war, any principal or interest payment has been received from Germany on those deposits by the Bank for International Settlements on behalf of His Majesty's Government?

Sir K. Wood

The Hague Conference of 1930 provided for the ten creditor Governments concerned to make long-term deposits with the Bank for International Settlements. The British share in these deposits amounts to 26,500,000 Reichsmarks. These deposits, under the terms of the Hague agreements, bear no interest. The investments of the Bank in Germany are part of its general assets, and bear no direct relation to these deposits, and I understand that interest is being duly paid on these investments to the Bank.

52. Mr. Stokes

asked the Chancellor of the Exchequer the number of shares held by each Axis state and by countries under Axis control in the Bank for International Settlements?

Sir K. Wood

As I informed my hon. Friend the Member for Stoke (Mr. Ellis Smith) on 6th October, this information is not available, but I will circulate in the OFFICLU. REPOKT the numbers of shares originally subscribed in each country in which they were issued, in respect of which the Central Banks concerned or other financial institutions are entitled to exercise votes at General Meetings of the B.I.S.

Mr. Stokes

As the answer is not clear, will the Chancellor also indicate who has the voting power—how it is distributed among the shareholders?

Sir K. Wood

Perhaps the hon. Member will look at my reply.

Following are the figures referred to:

United Kingdom 19,772
Belgium 19,772
France 19,772
Italy 19,772
Germany 23,772
Japan 19,770
United States of America 19,770
Netherlands 4,000
Switzerland 4,000
Sweden 4,000
Danzig 4,000
Finland 4,000
Greece 4,000
Bulgaria 4,000
Denmark 4,000
Roumania 4,000
Poland 4,000
Hungary 4,000
Czechoslovakia 4,000
Norway 4,000
Yugoslavia 4,000
Latvia 500
Lithuania 500
Albania 500
Estonia 100