PARLIAMENT ADJOURNS

Auckland Star, Volume LV, Issue 188, 9 August 1924, Page 7

PARLIAMENT ADJOURNS

t i TREATY WITH SOVIET. LOANS AND DEBTS. RUSSIA AND DOMINIONS. (By Cable.—Press Association.—Copyright.) LONDON, August 8. Parliament has adjourned till September 30. The main Anglo-Soviet Treaty con- j . tains 20 articles. I The Soviet agrees to modify the annul- i ': ment of loans and debts, which was pro.nounced in 101S, by agreeing to satisfy . the claims of British holders of loans guaranteed by the former Russian Imperial Government. They are payable in foreign currency. Britain agrees t<> reenjnise the financial and economic position of Russia, and undertakes not to permit the full satisfaction of claims, the conditions for \ the settlement of which must be accepted by the holders at not less th?in half the ! capital values of such holdings. Each of the contracting pnrties is to appoint three persons to examine claims, and, j it six agree, they will recommend wh::t lump sum is to he paid. If they do not i agree the sections are to report sep- j arately. j The Soviet agrees to negotiate regard- i insr the extent of compensation to be : paid, in respect to nationalised ami cancelled concessions, or business quea- : tions of the British Czarist war loans: j also in respect of the Czarist gold which was handed over to Britain and Germany during the war. j It is provided that on the signing of the treaty the British Government will seek Parliamentary approval of a guaranteed loan to the Soviet. j Most-favoured-nation treatment is conceded to British Dominions ami the j treaty may be extended to the Dominions. The Soviet makes a separate declaration in which it insists on its risrht to claim restitution for Russian naval and commercial vessels which were disposed of without its consent. Lord Parmoor, Lord President of the Council, speaking in the House of Lords, said that British bondholders were involved to the extent of £40 000,000. .Claims on behalf of private owners and companies amounted to £35.000.000. Finally, the nationalisation property which the Soviet hnd confiscated was i valued at £100,000,000. PRESS CRITICISM. Commenting on the treaties, the "Daily Chronicle" asks: "Has Mr. MacDonald dropped the Monarchy in order to please the Soviet?" The paper draws attention to the fact that whereas treaties were formerly made in the name lof the King, tlie Russian treaty is between "Great Britain and Northern Ireland on the one hand, and the Union ,of Soviet Socialist Republics on the I other." This is contrasted with the Austrian agreement signed on May 22 between "His .Majesty the King o£ j Great Britain and Ireland, and of the I British Dominions beyond. th# seas, Kmperor of India, and the Federal President of the Republic of Austria." The "Daily Express" asks: "Where is the British Empire in the Russian treaty." It recalls a speech made in 1923 "by Rakowsky, the leader of the Soviet delegation, in which he said: | "The collapse and dismemberment of the j British Empire is merely a question of ; time." The paper finally suggests the amendment of the draft treaty before it is signed. The diplomatic correspondent of the "Daily Telegraph" describes the treaty as a model of how to produce an agreement which is not really an agreement, i because all the vital questions are reserved.—(A. and N.Z.—Router.) TERMS OF THE TREATY. EXAMINATION OF CLAIMS. I j EXTENSION TO DOMINIONS. (Received 2.30 p.m.) i LONDON, August 8. I The Russian treaty contains twenty j articles, the most important of which j deal with loans and debts. The Soviet agrees to modify annulment of those pronounced in 101S by ; agreeing to satisfy the claims of British j holders of loans guaranteed by the j former Russian Imperial Government, ' payable in foreign currency. j Britain, on her part, recognises the financial and economic position of Russia. I and will not permit the full satisfaction :of claims—the conditions of settlement of which must be accepted by the holdI ers —at less than half the capital values] jof such holding. | I Each of the contracting parties will I ■ appoint three persons to examine claims.! ! and. if the six agree, will recommend; what lump sum is payable; if they do j ; not agree sections will report separately, i j The, Soviet agrees to negotiate regard- j j ing the extent of compensation payable in respect to nationalised, cancelled* concessions or business questions of the' J British Tsarist war loans, also of Tsarist igohl handed over to Britain and Germany during (] IP war. " I The Russo-British debt, and Soviet claims arising from Allied interference, arc reserved for litter discussion. It ■ is provided that, on the signing of the | treaty, the Britisli Government will j i seek Parliamentary approval of a guarantee loan to the Soviet. I Most favoured nation treatment is ' conceded to the British Dominions, and j the treaty may be extended to the ' Dominions is desired. The Soviet makes a separate declaration, insisting on tile right to claim restitution of Russian naval and commercial vessels disposed of without its consent. I Lord Parmoor. speaking in the House I of Lords, said the British bond holders > were involved to the extent of forty millions sterling, and claims on behalf of private owners and companies ! amounted to thirty-five millions. Finally j there was nationalised property which I the Soviet had confiscated, valued at 100 millions. — (A. and N.Z. Cable.) |