§ Lady Gammansasked the Lord Privy Seal if he will give financial assistance to Toplis and Harding (Middle East) Limited towards the expenses incurred by them in the course of their help in the implementation of the Anglo-Egyptian Financial Agreement.
§ Mr. P. ThomasYes. Large numbers of United Kingdom Nationals have asked this firm to act in connection with their Egyptian assets, but the firm are unable to collect their fees at present because of the slowness with which these assets are being transferred to the United Kingdom. Her Majesty's Government therefore propose to make available to the firm a further loan of £50,000, £15,000 of which it is proposed to make available in the current financial year. Parliament will, in due course, be asked to vote this latter amount by means of a Supplementary Estimate as appropriate.
§ Sir C. Mott-Radclyffeasked the Lord Privy Seal what use is made of the deductions authorised by the Foreign Secretary in respect of ex gratia loans from awards by the Foreign Compensation Commission to claimants against the Egyptian Compensation Fund.
§ Mr. P. ThomasAs was explained in the reply given to my hon. Friend on 29th July, 1959, the Foreign Secretary, 187W acting on the advice of a Board set up under the Foreign Compensation (Egypt) (Interim Distribution) Order, 1959, notifies the Foreign Compensation Commission of an appropriate deduction from the award in respect of an ex gratia loan. I must further explain that the Commission reduce accordingly the amount of compensation which they would otherwise have paid, and the sum thus deducted is retained in the Fund. There is therefore a greater balance remaining in the Fund for distribution than there would otherwise have been. The claimant is informed that his indebtedness to repay his loan is reduced by the sum deducted from his compensation, and the Exchequer surrenders its right to recovery of these sums.