HC Deb 13 July 1932 vol 268 cc1304-5W

asked the Chancellor of the Exchequer whether he can give any information regarding the measures of financial assistance to Austria which were discussed by a delegation of the League of Nations Financial Committee and by Government experts in Paris last month; and whether it is proposed to take any immediate steps to alleviate the economic and financial difficulties of that country?


The delegation of the League of Nations Financial Committee and the Government experts held a number of further meetings during the session of the Lausanne Conference and have now concluded their work. They have recommended that the British, French, Italian and certain other Governments should guarantee loans to Austria to a total of approximately £9,000,000. The guarantee of His Majesty's Government would, of course, be subject to the opproval of Parliament, and would be limited to an issue on the London market of the equivalent of 100,000,000 Austrian gold schillings, the proceeds of which would be used to repay the advance made by the Bank of England last year in anticipation of the issue of a Loan by Austria. I understand that the question will be dealt with by the Council of the League of Nations within the next day or two, and it is hoped that a decision will then be reached.