§ Mr. WARDLAW-MILNEasked the Chancellor of the Exchequer when it is expected that Switzerland will ratify the Convention in regard to the establishment of the Bank for International Settlements?
§ Mr. P. SNOWDENI understand that it is expected that the Convention in regard to the establishment of the Bank for International Settlements will be submitted to the Swiss legislature for ratification very shortly, but I am not in a position to name a precise date.
§ Mr. WARDLAW-MILNEasked the Chancellor of the Exchequer (1) whether he has arranged that the representative of the Bank of England upon the Board of the Bank for International Settlements will be fully acquainted with the policy of His Majesty's Government before acquiescing in the operations of the bank, particularly in regard to the purchase and sale of gold;
(2) whether the approval or disapproval to be given under Article 20 of the statutes of the Bank for International Settlements in connection with the operations of the International Bank will be subject to previous consultation and approval by the Treasury; and whether it is intended that the Treasury or the Bank of England shall be permanently represented at Basle?
§ Mr. SNOWDENWhile His Majesty's Government welcome the creation of the Bank for International Settlements, it is, as I have previously stated, a non-political institution, and national Governments will not be concerned with the direction of the policy of the Board. Neither the action of individual directors, nor the action of a Central Bank1610W under Article 20 of the Statutes requires the prior approval of the Treasury of the country to which the director or the Central Bank belongs. At the same time the hon. Member may be assured that the Bank of England is in regular touch with the Treasury on matters which call for such discussion. There will be no Treasury representative at Basle.