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Japanese External Debt

Volume 464: debated on Thursday 28 April 1949

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asked the Chancellor of the Exchequer what is the value of Japanese assets blocked in this country; and whether he is now prepared to compensate British holders of Japanese external bonds out of these assets.

The true net value of Japanese assets in this country is estimated at approximately £1-£1¼ million. The disposal of these assets is one aspect of a general reparations settlement with Japan and I am not prepared to give priority to the particular claims referred to.

asked the Chancellor of the Exchequer whether he will approach the United States and other Allied Governments concerned with a view to initiating negotiations between the Japanese Government and representatives of its foreign creditors concerning a resumption of payments on the Japanese external debt.

I do not think that any useful purpose would be served by such an approach, so long as a considerable deficit on the Japanese balance of payments is being met at the expense of the American taxpayer.