§ 6.38 p.m.
§ LORD KILLEARNMy Lords, I beg to ask the Question which stands in my name on the Order Paper.
§ [The Question was as follows:
§ To ask Her Majesty's Government (1) the amount of Egypt's sterling balances at present and still frozen; (2) how much they were on 26th July, 1956, the date when Egypt seized the Suez Canal, and before they were frozen, and (3) at what sum they were fixed when they were originally agreed to by Her Majesty's Government immediately after the war.]
§ THE FIRST LORD OF THE ADMIRALTY (THE EARL OF SELKIRK)My Lords, it is not the practice to reveal the balances of individual countries. Figures are, however, published from time to time by the National Bank of Egypt and according to them on November 30, 1957 (which is the latest date for which information is available), there were £E.27.1 million in the Egyptian No. 1 Accounts and £E.66.1 million in the No. 2 Account. On August 30, 1956 (the nearest date for which figures are available), there were £E.11.4 million in the No. 1 Accounts and £E.100.5 million in the No. 2 Account.
With regard to the third part of the Question, on July 12, 1947 (two days before the date on which the first Financial Agreement relating to Egyption sterling balances came into force), these balances totalled £E.347.1 million. That Agreement provided for the establishment of No. 1 Egyptian Transferable Accounts, for the remainder of the Egyptian Sterling Balances to be held in a No. 2 Account, and for transfers, on the conditions set forth in the Agreement, from the No. 2 to the No. 1 Accounts. On October 4, 1947, there were £E.21.7 million in the No. 1 Accounts and £E.322.7 million in the No. 2 Account.
§ LORD KILLEARNMy Lords, I thank the noble Earl for his Answer.