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Pre-War Japanese Debt

Volume 495: debated on Monday 11 February 1952

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asked the Chancellor of the Exchequer what progress has been made in the negotiations regarding the pre-war Japanese debt; how the negotiations are being conducted; whether the settlement has to await ratification by all the nations concerned or whether the ratification by the United Kingdom is sufficient for a settlement between Japan and the United Kingdom; and when he expects the negotiations to be concluded.

I presume that my hon. Friend is referring to the negotiations provided for in Article 18 (b) of the Treaty of Peace with Japan, under which Japan expresses its intention to enter into negotiations at any early date with its creditors. H.M. Government, by virtue of their general responsibility toward United Kingdom creditors, have recently made the Japanese Government aware of their interest in as early a start to these negotiations as may be practicable. I am not, however, in a position to go further into the points raised by my hon. Friend.