Bank of Rhodesia (Securities)

Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 18th July 1967.

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Photo of Mr Philip Goodhart Mr Philip Goodhart , Beckenham 12:00 am, 18th July 1967

asked the Chancellor of the Exchequer whether he will now instruct the directors of the Bank of Rhodesia appointed by the British Government to pay the dividends due to holders of Rhodesia Government securities.

Photo of Mr Niall MacDermot Mr Niall MacDermot , Derby North

No, Sir. Her Majesty's Government have no power to give directions of this kind.

Photo of Mr Philip Goodhart Mr Philip Goodhart , Beckenham

When will the Government realise that the use of this economic weapon is hurting innocent British stockholders, many of whom have very small savings, more than it is hurting the Rhodesian Government?

Photo of Mr Niall MacDermot Mr Niall MacDermot , Derby North

What is hurting them is the illegality of the actions of the Rhodesian Government.

Photo of Mr Stephen Hastings Mr Stephen Hastings , Mid Bedfordshire

Can the hon. and learned Gentleman tell us exactly what these Directors of the Bank of Rhodesia are doing in view of the fact that the Rhodesian balance of payment appears to be satisfactory? Would it not be better to retire them?