§ Captain Kerbyasked the Secretary of State for Foreign Affairs what steps he has taken, and is taking, to protect the interests of some 400 British subjects, whose average age is 69 years, members of the British Association of Argentine Railway Pensioners, whose pensions have been more than halved by the application of the free market rate of exchange by the Argentine Government; and if he will make a statement.
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§ Mr. Ormsby-GorePrior to October, 1955, the Argentine Government remitted pensions to British pensioners of the Argentine Railways at a fixed exchange rate of approximately 39 pesos to the £. In October, 1955, the Argentine Government devalued their currency and established two new rates of exchange, an official rate of 50.40 pesos to the £ and a fluctuating "free market" rate.
Although they had originally decided that all pensions were to be remitted at the "free market" rate, the Argentine Government, as a result of representations made by Her Majesty's Government, authorised, in April, 1956, the remission of pensions to British pensioners of the Argentine Railways at the official rate of exchange for the period March to December, 1956.
In December, 1956, Her Majesty's Government urged the Argentine Government to permit the official rate to be applied to the remission of pensions during 1957. Despite repeated reminders both in Buenos Aires and in London, the Argentine Government have as yet made no official reply.
Her Majesty's Government will continue to do all they reasonably can to ensure that an equitable solution to this problem is reached.