§ Mr. R. RICHARDSONasked the President of the Board of Trade whether he is aware that the British and Allied creditors of the Deutsche Bank in London have been paid in full; that a dividend of 6s. in the £ has been paid to ex-enemy creditors and that a further dividend is to be paid shortly; that the British staff of the bank have been refused compensation by the official receiver for the loss of employment and of pension; and whether he will inquire into the whole circumstances of the case before permitting any further payments to be made to creditors?
§ Viscount WOLMERThe answer to the first part of this question is in the affirmative, but I would point out that the dividend of 6s. in the £ due on the claims of ex-enemy creditors has not been and will not be paid to such creditors. The dividends will be paid to the Public Trustee and applied in meeting claims of British nationals in whose favour 717W German property in this country has been charged. A credit will be given to the German Government in respect of the dividends in question under Article 297 of the Treaty. In October, 1919, the Senior Official Receiver applied to the Court for directions regarding claims for compensation which had been received from the members of the staff of the Deutsche Bank. The Court decided that authority could not be given for the payment of any such claims, but the Judge intimated that any member aggrieved might bring his particular case before the Court. In two cases application was made and some compensation awarded. After further consideration of the matter the Senior Official Receiver again applied to the Judge for authority to make some payment by way of compensation to those members of the staff who had completed 20 years' service. In the early part of 1920 the Court decided that it was unable to sanction the application, but gave authority for the payment of a year's salary to those who had been employed for 25 years. There was no pension fund in this country, but such a fund had been established in Germany by the head office of the Deutsche Bank, to which certain members of the English staff contributed. In July, 1921, the Court decided that the members of the staff had no claim in respect of their contribution to this fund in the winding up of the business of the London agency, but that it was open to them to claim against the fund in Germany through the Clearing Office, and it is understood that such claims have been made. I should like to make it clear that the Official Receiver has no authority to make any payment to the former employees of the Deutsche Bank except under the direction of the Court.