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Brazil (British Stockholders, Compensation)

Volume 463: debated on Monday 28 March 1949

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asked the Secretary of State for Foreign Affairs whether he is aware that no compensation has yet been agreed between the Brazilian Government and the Ceara Tramway Light and Power Company; and since this British-owned public utility undertaking operating in Brazil was taken over by Federal decree in July last, if he will now assure the British stockholders that payment of compensation will be regarded as an essential condition in the settlement of any pending agreements with the Brazilian Government.

The answer to the first part of the Question is in the affirmative. As regards the second part, my right hon. Friend is not prepared to give in advance so broad an undertaking as that proposed by the hon. Member. He may rest assured, however, that His Majesty's Government are most anxious to secure payment of fair compensation to the British shareholders of this Company. His Majesty's Ambassador at Rio de Janeiro is continuing to press the Brazilian authorities to respond to the representations he has already made in this matter.