HC Deb 17 February 1921 vol 138 cc298-9W
Captain B0WYER

asked the President of the Board of Trade, if, in view of the fact that there appears to be no provision in the Treaty of Peace with Germany defining the currency or rate of exchange at which reparation under Section 4 of the Treaty is to be paid, it can be stated whether any arrangement has been made with the German Government as to such currency or rate of exchange; and, if so, what are the terms of such arrangement?

Mr. BRIOGEMAN

I take it that the lion, and gallant Member refers to the claims for which provision is made in Section IV, Part X of the Treaty of Versailles and which concern the recovery of proceeds of liquidation of property and the compensation to be paid by Germany for damage sustained by reason of exceptional War measures. With regard to the proceeds of liquidation, paragraph 4 of Section III, provides that they shall be accounted for at the pre-War rate of exchange in the currency of the Allied or Associated country concerned. The amount of compensation to be paid in any particular case and the method of computing it will be decided by the Mixed Arbitral Tribunal. No agreement has been come to on this subject with Germany beyond the terms of the Treaty of Peace.

Mr. MARRIOTT

asked the President of the Board of Trade whether he is aware that the delay in the payment of accrued interest on Prussian Consols Bonds, acknowledged to be in order by the Clearing Office in March, 1920, is causing great inconvenience to creditors in this country; what is the reason for the delay; and whether the payment can be expedited?

Mr. BRIDGEMAN

The German Clearing Office are being constantly pressed for an early admission of the claims referred to by my hon. Friend, and since the rising of the House last Session admissions have been received in respect of such claims to the value of about £78,000, the greater part of which has been paid. There is still a small balance of claims not yet admitted, of which a speedy settlement is being demanded, and where undue delay has occurred, penal interest is being claimed pursuant to paragraph 10 of the Annex to Section III of part X of the Treaty.