HC Deb 23 February 1938 vol 332 cc374-5W
Mr. Liddall

asked the Chancellor of the Exchequer whether, as there was in 1937 an adequate Anglo-German trade balance in Germany's favour, he will, on behalf of British holders of German-defaulted medium and long-term post-war debts, set up an Anglo-German clearing in place of the German proposal to prolong the default scheme of 1934, unless these German obligations are met in cash in accordance with the contract by which the loans were obtained from British investors?

Lieut.-Colonel Colville

The Anglo-German Payments Agreement has operated not unsatisfactorily as regards Anglo-German trade and, so long as this remains the case, my right hon. Friend would be reluctant to terminate it except for strong reasons. At the same time he thinks that some revision of the existing arrangements in regard to British holders of German long term and medium term obligations appears desirable, and, as he informed my hon. Friend yesterday, if the committee of British long and medium term creditors of Germany recommend a suitable scheme, it will have the support of His Majesty's Government.