Oral Answers to Questions — Italy (Commercial Debts).

– in the House of Commons at on 31 July 1935.

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Photo of Sir Geoffrey Mander Sir Geoffrey Mander , Wolverhampton East

78.

asked the President of the Board of Trade whether, in view of the fact that Italy has failed to the extent of £500,000 to pay commercial debts due under the recent new Italian Agreement, he will state what steps he is taking to enable this sum to be liquidated?

Photo of Mr John Colville Mr John Colville , Midlothian and Peeblesshire Northern

I am aware that a substantial sum is awaiting transfer to this country in respect of debts falling under the agreement: particulars are published weekly in the Board of Trade Journal. The rate of transfer of these debts depends to a large extent on the rate at which sterling due to Italy is paid by United Kingdom importers into the sterling account at the Bank of England, and every effort is being made to ensure that they make payment in this manner. I would take this opportunity of again urging them to do so, in order that the existing voluntary arrangements may be preserved. The operation of the agreement is being closely and constantly watched.