I do not understand my hon. Friend's reference to industrial loans raised before the United States of America was formed, but I must assume that he has in mind the obligations incurred by certain Southern States before the American Civil War and repudiated, In so far as His Majesty's Government are aware, no proposals have been made for the liquidation of these debts. Such information as available on these points will be found in the Annual Report of the Council of Foreign Bondholders.