§ Mr. Asshetonasked the Chancellor of the Exchequer what is the value of Japanese assets blocked in this country; and whether he is now prepared to compensate British holders of Japanese external bonds out of these assets.
§ Sir S. CrippsThe true net value of Japanese assets in this country is estimated at approximately £1-£1¼ million. The disposal of these assets is one aspect of a general reparations settlement with Japan and I am not prepared to give priority to the particular claims referred to.
§ Mr. Asshetonasked the Chancellor of the Exchequer whether he will approach the United States and other Allied Governments concerned with a view to initiating negotiations between the Japanese Government and representatives of its foreign creditors concerning a resumption of payments on the Japanese external debt.
§ Mr. JayI do not think that any useful purpose would be served by such an approach, so long as a considerable deficit on the Japanese balance of payments is being met at the expense of the American taxpayer.