§ Mr. BOULTONasked the President of the Board of Trade whether he is in a position to make any statement in regard to Anglo-Spanish trade?
§ Dr. BURGINI would refer my hon. Friend to the statement I have made today in reply to my hon. Friend the Member for Kirkdale (Mr. Rankin).
§ Mr. BOULTONasked the President of the Board of Trade whether he is in a position to estimate the amount of outstanding debts due from Spain to this country?
§ Dr. BURGINThe outstanding debts and remittances in respect of which the Clearing Office have been notified that pesetas have been deposited with the Spanish Exchange Control Authorities amount to about £4,500,000 and a further amount is due to financial institutions in London mainly in respect of acceptances. On the other hand, the amount held by the Clearing Office which (subject to certain possible deductions) will eventually be available for the liquidation of these debts is about £1,100,000.
This amount was paid to the Clearing Office in order that a corresponding amount in pesetas should be paid to creditors in Spain. Under present conditions the procedure required to enable such payment to be made has inevitably been suspended and, while His Majesty's Government have expressed their readiness to discuss the matter with the Spanish Government, they have decided that for the present it is not possible to distribute the sterling held by the Anglo-Spanish Clearing Office to creditors in the United Kingdom in the absence of any administrative machinery for distributing the corresponding pesetas to creditors in Spain. The sterling is therefore being placed in a reserve fund.
2645WIt is not necessary for creditors in the United Kingdom to communicate with the Clearing Office nor with any other Government Department in regard to individual claims. His Majesty's Government will as soon as circumstances permit take appropriate steps to protect the interests of United Kingdom creditors as a whole.