§ Mr. G. FABERasked the Chancellor of the Exchequer whether, now that the London premises of the Deutsche Bank, the Dresdner Bank, and the Disconto Gesellschaft have been sold, those banks have altogether discontinued business in this country or when they will do so; whether Sir William Plender's duties as their controller are at an end or when will they be; have the services of the bank officials and clerks, British and German, been finally dispensed with or when will they be; and what has been done with the securities, books, papers, and correspondence of the banks and under whose control are they or will they be until the conclusion of the War?
§ Mr. BONAR LAWThe only business which these banks are allowed to transact is that necessary for the liquidation of commitments to non-enemy customers and the collection of assets for this purpose under the terms of the licence. There are still outstanding debts of large dimensions, mostly secured by liens, which it is desirable in the interests of this county to collect as far as may be possible. The difficulties encountered in work of this nature and magnitude are pointed out in Messrs. Leaf and Vassar Smith's report dated 12th January, 1917, published as a White Paper. The work on which the staffs of the banks are now mainly engaged is the scheduling of enemy-owned securities, which are valued at many millions sterling, with a view to vesting them in the Public Trustee. Certain general vesting orders have already been made, but specific orders giving particulars of each individual security are required by the Public Trustee, and the scheduling of the securities takes a considerable time in view of the depletion of the staff; it is hoped that this work will be completed by 31st December, 1917. It is at this moment impossible to say when the services of Sir William Plender, as Controller, and of the staffs of the banks can be dispensed with. Subject to the general vesting orders, the securities are under the control of Sir William Plender, and the books, papers, 905W and correspondence are in daily use at the banks under the supervision of his officers. On the completion of the work they will be vested in the Public Trustee.