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Compensation Brokers, Limited

Volume 320: debated on Thursday 18 February 1937

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asked the Chancellor of the Exchequer whether he is aware that the declared object of the recently established company, entitled Compensation Brokers, Limited, is the financing of barter trade between Germany and the British Dominions; and, as this involves the granting of new credits to Germany, do His Majesty's Government intend taking any action in the matter?

I understand that the company referred to is a brokerage firm and does not give financial credits. The answer to the second part of the question is in the negative.

Is the Chancellor of the Exchequer aware that the whole object of this firm is to enable Germany to purchase goods from the Dominions by a system of barter financed by this company, so that Germany will not have to pay for the goods which become available, and that thereby credit will be given to Germany for materials which can be used for armament purposes; and does he intend taking any steps?

Will it be necessary for the right hon. Gentleman to give his approval to any loan that may be necessary for this purpose?