§ Mr. HAMMERSLEYasked the Chancellor of the Exchequer what part of the Hague agreements of January, 1930, binds 1496W the creditor nations to exempt the operations of the annuity trust account of the Bank of International Settlements from all taxation, present and future; what countries have implemented this agreement by national legislation; and will he give details?
§ Mr. P. SNOWDENThe first paragraph of Article X of the agreement with Germany, signed at the Hague on 20th January, 1930, reads as follows
The contracting parties will take in their respective territories the measuree necessary for securing that the funds and investments of the bank, resulting from the payments by Germany, shall be freed from all national or local fiscal charges." (Command Paper 3484, page 22.)So far as this country is concerned, this agreement will be implemented by Clause 49 of the Finance Bill. I have no detailed information about the position in other creditor countries, but I understand that any necessary action has been taken.
§ Mr. MANDERasked the Chancellor of the Exchequer the names of the countries represented both as shareholders and directors on the International Bank?
§ Mr. SNOWDENShares of the Bank for International Settlements have up to the present been subscribed either by central banks or by the public in Austria, Belgium, Bulgaria, Czechoslovakia, Danzig, Denmark, Finland, France, Germany, Great Britain, Greece, Holland, Hungary, Italy, Japan, Poland, Rumania, Sweden, Switzerland, and the United States of America. The board of the bank at present consists of the directors appointed under Article 28 (1) and (2) of the Statutes, belonging to the following nationalities: Belgian, British, French, German, Italian, Japanese, and United States of America.