§ 60. Colonel Crosthwaite-Eyreasked the Chancellor of the Exchequer what provisions are contained in the recent Anglo-Egyptian Financial Agreement with regard to the obligation of this country, under Article VII (4) of the Anglo-Egyptian Financial Agreement 1949, under which His Majesty's Government had to make releases from sterling balances to meet payments upon past due coupons or redeemed bonds of the Egyptian Public Debt, where such coupons or bonds are held by nationals of countries recently at war with His Majesty's Government.
§ Mr. GaitskellAs I informed the House on 16th March, the formal agreement has not yet been concluded and a number of points, including the provision mentioned in the Question, are still under discussion. I would point out, however, that the main purpose of the provision was to enable the Government of Egypt to meet obligations to residents of former enemy-occupied countries and that in fact it has so far not been necessary to apply its provisions in respect of any resident in an ex-enemy country.
§ 61. Colonel Crosthwaite-Eyreasked the Chancellor of the Exchequer what provisions are contained in the recent 2303 Anglo-Egyptian Financial Agreement to ensure that moneys released from sterling balances, particularly moneys convertible into dollars, are used only to buy essentials necessary to maintain and improve the standard of living of the Egyptian working man.
§ Mr. GaitskellNone, Sir.