HC Deb 27 February 1968 vol 759 cc1199-200
1 and 2. Mr. Biggs-Davison

asked the Chancellor of the Exchequer (1) what steps are being taken to service Rhodesian stocks, being trustee securities, so as to discharge debt obligations to British holders

(2) whether he is aware that British holders of Rhodesian stock are being deprived of money due to them owing to sanctions against Rhodesia; and whether he will direct the Bank of England to accede to the request of the Rhodesian Bondholders' Action Group for a list of bondholders in order that they may make constitutional representations and otherwise endeavour to safeguard their interests.

The Financial Secretary to the Treasury (Mr. Harold Lever)

I cannot accept any obligation for the liabilities of the Rhodesian Government; it is the illegal regime in Rhodesia who are responsible for the default on these stocks. I do not consider that a direction to the Bank of England would be justified.

Mr. Biggs-Davison

Is the hon. Gentleman aware that failure to service these stocks is causing grave hardship to individuals and to institutions, including hospital pension funds and charities hav- ing no part in the Government's quarrel with Rhodesia? Will he reconsider his disappointing reply and enable these people to make their representations and provide them with the information they require?

Mr. Lever

I have every sympathy for the holders of these stocks who, through no fault of their own in most cases, suffer the default, but this default is a default not of Her Majesty's Government, but of the illegal Rhodesian régime.

Sir R. Cary

At the time of U.D.I., was not a special revenue board appointed to deal with the matters contained in this Question? Was not a revenue reserve board appointed to deal with these special matters and on the recommendation of such a board the Government would allow to flow freely these payments to those entitled to them?

Mr. Lever

No, Sir. The appointments made by Order to the Rhodesian Reserve Board were not related to these stocks.