HC Deb 24 February 1959 vol 600 cc925-6
10. Mr. E. Johnson

asked the Chancellor of the Exchequer what steps he is taking to ensure that British businessmen receive adequate compensation for damage done to their sequestrated businesses and property in Egypt; and if Her Majesty's Government will refrain from releasing any of Egypt's sterling balances now frozen in London until they are satisfied that all British subjects who resided in, or owned property in, Egypt have been fairly treated.

Mr. Amory

I would ask my hon. Friend to await the terms of the proposed agreement which will be published as soon as it has been signed.

Mr. Johnson

Has my right hon. Friend's attention been drawn to the experience of the French community in Egypt who were swindled right, centre and left by the Egyptians? Has he had his attention drawn to the statement made by the Chairman of the British Community's Association which suggests that the same thing may happen to British subjects? Will he at least make full use of the bargaining counter of the blocked sterling balances to gain fair treatment for our fellow citizens?

Mr. Amory

I hope to make a full statement on this matter in the event of an agreement being signed.

Mr. H. Wilson

Will the right hon. Gentleman say whether the agreement is on the whole fair, having regard to our anxieties and concern in the matter, and will he say whether the Government have been over-generous to the Egyptians on the ground that the Government now regard President Nasser as our best ally against Communism in the Middle East?

Mr. Amory

I hope that the right hon. Gentleman will wait until the agreement is signed, as I hope, when I shall make a statement to the House.

17. Mr. Gresham Cooke

asked the Chancellor of the Exchequer if he is now in a position to make a further statement to the House on the results of the visit of the President of the World Bank to Colonel Nasser to negotiate in regard to British interests in Egypt.

Mr. Amory

I regret that I am not yet able to add to the reply which I gave to the right hon. Gentleman the Member for Huyton (Mr. H. Wilson) and other hon. Members on 17th February.

Mr. Gresham Cooke

Is my right hon. Friend aware that if the compensation terms are fair many people in this country would like there to be a financial settlement so that more trade can be done with Egypt, especially in view of the fact that Western Germany has been making inroads into British trade in the last few months?

Mr. Amory

I certainly share my hon. Friend's views that a satisfactory financial settlement would be a great advantage, and I hope that we shall get one.

Mr. H. Wilson

Will the Chancellor say whether it is or is not a fact that in this agreement the Government are, in effect, paying between £50 million and £100 million compensation for damage done at Suez, because of the fact that they have failed to press for compensation for the stores and installations taken over by the Egyptians from the Suez base?

Mr. Amory

I think that, once again, I must ask the right hon. Gentleman to await the statement that will be made if and when the agreement is signed.