HC Deb 17 February 1938 vol 331 cc2083-4W
Mr. H. G. Williams

asked the Chancellor of the Exchequer whether he has requested the Council of Foreign Bondholders to deal with defaults such as that of the Government of Alberta?

Sir J. Simon

The Council of Foreign Bondholders considered whether to intervene as regards the default of the Province of Alberta, but came to the conclusion that all possible steps to protect the interests of the bondholders were being taken by the influential Protective Committee which had been formed in Canada with an associated Committee in London. The Council of Foreign Bondholders therefore decided to watch the situation closely, but not to intervene, unless circumstances should alter.

any denomination exist, the remedy, therefore, lies in the first instance with the private customer, who should make his wishes clearly known to his local bank.