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British holdings of French war bonds: an aspect of Anglo-French relations during the 1920s1

Published online by Cambridge University Press:  12 September 2008

Arthur Turner
Arthur Turner
Affiliation:
University of Dundee
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Financial History Review , Volume 3 , Issue 2 , October 1996 , pp. 153 - 174
Copyright
Copyright © European Association for Banking and Financial History 1996

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References

2 For French loans to, and investment in, prewar Russia, see Girault, R., Emprunts russes et investissements français en Russie 1887–1914 (Paris, 1969)Google Scholar; and Geyer, D., Russian Imperialism: The Interaction of Domestic and Foreign Policy 1860–1914 (Leamington Spa, 1987), chs 8 and 11.Google Scholar

3 See, for example, The Observer, 28 Sep. 1930.

4 Maisel, E., The Foreign Office and Foreign Policy, 1919–1926 (Brighton, 1994), pp. 1–3, 60–88, 192–203Google Scholar. Postwar friction between the Foreign Office and the Treasury is also explored in Hemery, J. A., The emergence of Treasury influence in British foreign policy, 1914–1921, unpublished Ph.D. thesis (University of Cambridge, 1988).Google Scholar

5 Amongst other things, the Foreign Office resented the way in which Sir John Bradbury, the chief British delegate on the Reparations Commission and a former Joint Permanent Secretary at the Treasury, communicated directly with the Treasury, instead of through the Foreign Office. See Medlicott, W. N., Dakin, D. and Lambert, M. E. (eds), Documents on British Foreign Policy 1919–1939, 1st ser., 20, doc. no. 114, ‘Note by Mr Wigram on a discussion between the Prime Minister and Sir John Bradbury, held on November 22, 1922’, 23 Nov. 1922.Google Scholar

6 For French deficit financing during the war, see Fisk, H. E., The Inter-Ally Debts: An Analysis of War and Post-War Public Finance 1914–23 (New York and Paris, 1924), pp. 48–9Google Scholar; Haig, R. M., The Public Finances of Post-War France (New York, 1929), pp. 25–41Google Scholar; Wolfe, M., The French Franc between the Wars 1919–1939 (AMS reprint of 1951 edn; New York, 1968), pp. 22–5Google Scholar; Aldcroft, D. H., From Versailles to Wall Street, 1919–1929 (London, 1977), pp. 30–1Google Scholar; and Silverman, D. P., Reconstructing Europe after the Great War (Cambridge, Mass., 1982), pp. 14–17.CrossRefGoogle Scholar

7 Wolfe, , French Franc, pp. 24–5Google Scholar; and Vineberg, P. F., The French Franc and the Gold Standard 1926–1936 (Montreal, 1936), pp. 7–8.Google Scholar

8 See Moulton, H. G. and Pasvolsky, L., War Debts and World Prosperity (Washington, DC, 1932), ch. 2Google Scholar; and Artaud, D., La question des dettes interalliées et la reconstruction de l'Europe, 2 vols (Paris, 1978), 2, pp. 3–23.Google Scholar

9 Public Record Office, Kew, London [henceforth PRO]: Treasury papers [henceforth T], Finance papers, T160/114/F4399/2, note by Phillips on ‘War debt of allies to Great Britain’, in Niemeyer to Chancellor, 13 Mar. 1923; and T160/646/F10685/3, memorandum on ‘Great Britain and War Debts’, Nov. 1931.

10 PRO: T160/227/F8514/1, note by Niemeyer for Chancellor, 15 Jul. 1926; and T160/383/F8348/4, ‘List of British holdings of French rentes issues made in London during the war’, undated, 1926.

11 PRO: T160/227/F8514/1, note by Waley for Leith-Ross, 17 Mar. 1925.

12 ibid., Harvey (Bank of England) to Ramsay, 18 Nov. 1918, Norman (Bank of England) to Blackett, 13 Sep. 1920 and note by Niemeyer for Chancellor, 15 Jul. 1926.

13 Petit, L., Les Finances Extérieures de la France (Paris, 1929), p. 705Google Scholar; Dulles, E. L., The French Franc 1914–1928: The Facts and their Interpretation (New York, 1929), pp. 78–80, 119–23, 253–6Google Scholar; Vineberg, , French Franc and the Gold Standard, pp. 8–9Google Scholar; Wolfe, , French Franc, pp. 25–8Google Scholar; and Artaud, , La question des dettes interalliées, 2, pp. 48, 104.Google Scholar

14 Vineberg, , French Franc and the Gold Standard, pp. 9–11Google Scholar; and Wolfe, , French Franc, pp. 28–9.Google Scholar

15 For the chaotic state of French finances during the early 1920s, see Dulles, , French Franc 1914–1928, chs 4–9Google Scholar; Haig, , Public Finances of Post-War France, chs 3–14Google Scholar; Wolfe, , French Franc, pp. 28–43Google Scholar; Schuker, S. A., The End of French Predominance in Europe: The Financial Crisis of 1924 and the Adoption of the Dawes Plan (Chapel Hill, NC, 1976)Google Scholar; Leffler, M. P., The Elusive Quest: America's Pursuit of European Stability and French Security, 1919–1933 (Chapel Hill, NC, 1979), pp. 28–9, 100, 138–9Google Scholar; and Silverman, , Reconstructing Europe, pp. 62–144.Google Scholar

16 Wolfe, , French Franc, pp. 34–43.Google Scholar

17 ibid., pp. 43–8.

18 Vineberg, , French Franc and the Gold Standard, pp. 14–16.Google Scholar

19 ‘French Ministry of Foreign Affairs to H.M. Embassy at Paris’, 28 Oct. 1930 and 17 Jan. 1931, Correspondence respecting Position of British Holders of Rentes issued in the U.K. in 1915–18, July 1930-January 1931, Cmd. 3779, France No. 1 (1931), pp. 4–8, 9–12Google Scholar; PRO: Foreign Office papers [henceforth FO], FO 371 14077, Barnard and Shortt to French ambassador, 3 Jan. 1929, in Barnard to Under-Secretary of State, Foreign Office, 19 Mar. 1929.

20 For a cross-section of British bondholders' views, see Tite Times, letter from J. C. Quintin, ro Jun. 1930, letter from W. MacLean, 17 Jun. 1930 and letter from W. Pratt, 24 Sep. 1930; PRO: FO 371 15648, E. K. Yeoman to Chamberlain, 1 Mar. 1928 and G. C. Grimsdale to Chamberlain, 1 Dec. 1928; FO 371 14901, G. Shaw to Henderson, 21 Jan. 1930; FO 371 12632, Committee of British Holders of French War Bonds to French ambassador, 13 May 1927, in Barnard to Chamberlain, 16 May 1927; FO 371 14077, Barnard and Shortt to French ambassador, 3 Jan. 1929, in Barnard to Under-Secretary of State, Foreign Office, 19 Mar. 1929; and T160/69/F2321/01, F. R. Bellamy to M. Péret, 18 May 1926, in Bellamy to Churchill, 18 May 1926.

21 The Times, ‘City notes’, 25 Aug. 1925, 23 Jul. 1929 and 23 Sep. 1929; The Observer, 28 Sep. 1929; The Manchester Guardian, 20 Sep. 1929; and The Daily Herald, City editor, 4 Feb. 1931.

22 PRO: FO 371 15648, Grimsdale to Chamberlain, 1 Dec. 1928. See also ibid., Mrs E. K. Yeoman to Chamberlain, 1 Mar. 1928.

23 PRO: FO 371 11844, memorandum by Barnard, in Barnard to Chamberlain, 30 Nov. 1926 and Shortt to Chamberlain, 14 Dec. 1926; FO 371 12632, Committee of British Holders of French War Bonds to French ambassador, 13 May 1927, in Barnard to Chamberlain, 16 May 1927; and FO 371 14077, Barnard and Shortt to French ambassador, 3 Jan. 1929, in Barnard to Under-Secretary of State, Foreign Office, 19 Mar. 1929.

24 Bank of England, London, Archive [henceforth BoE], Governors' Miscellaneous Correspondence, G30/16/4040/3, A. Conway to Norman, 27 Jul. 1926 and note by Harvey, 28 Jul. 1926.

25 For the terms of this agreement, see Agreement for the Settlement of the War Debt of France to Gréat Britain, Cmd. 2692 (1926).Google Scholar

26 PRO: T160/69/F2321/01, Niemeyer to Villiers, 29 Dec. 1926; T160/227/F8514/2, Waley to Orme Sargent, 29 Jun. 1928; and FO 371 15648, memorandum by Leith-Ross, undated, in Leith-Ross to Hopkins, 13 Jul. 1928.

27 PRO: T160/69/F2321/01, Niemeyer to Churchill, 21 May 1926 and Grigg to Bellamy, 31 May 1926.

28 PRO: T160/382/F8348/2, notes of a second meeting of British and French Treasury experts, 28 Jul. 1925; and Chancellors' files, T172/1499A, note by Leith-Ross on ‘The present position of the debt negotiations’, Aug. 1925 and note by Niemeyer for Chancellor, 20 May 1926.

29 See, for example, BoE: G30/13/4039/4, E. Rechnitzer to Norman, 17, 20 and 27 Nov. 1924 and memorandum by Norman, 1 Dec. 1924; and PRO: Sir Richard Hopkins papers, T175/4, Niemeyer to Grigg, 29 Nov. 1924, Norman to Niemeyer, 2 Dec. 1924 and E. Clémentel to Churchill, 13 Dec. 1924.

30 Peel, G., The Economic Policy of France (London, 1937), pp. 119–27Google Scholar; Lewis, W. A., Economic Survey 1919–1939 (London, 1949), pp. 32–3, 98–103Google Scholar; Kemp, T., The French Economy 1913–1929: The History of a Decline (London, 1977), ch. 7Google Scholar; and Aldcroft, , From Versailles to Wall Street, pp. 205–7.Google Scholar

31 PRO: Hopkins papers, T175/4, Leith-Ross to Churchill, 6 Oct. 1928.

32 PRO: T172/1624, memorandum by Leith-Ross, in Leith-Ross to Hopkins, 13 Jul. 1928.

33 PRO: FO371 11844, minutes by P. M. Broadmead, R. H. Campbell and G. H. Villiers, 16 Dec. 1926.

34 ibid., minute by Villiers, 16 Dec. 1926.

35 ibid., minute by Chamberlain, 14 Jul. 1926.

36 The Manchester Guardian, 1 Sep. 1927. For Chamberlain's early visits to France, see Sir Chamberlain, A., Down the Years (London, 1935), pp. 13–25Google Scholar; Sir Petrie, C., The Life and Letters of the Rt. Hon. Sir Austen Chamberlain, 2 vols (London, 1939, 1940). 1. pp. 18–29passimGoogle Scholar; and Dutton, D., Austen Chamberlain: Gentleman in Politics (Bolton, 1985), pp. 16–17.Google Scholar

37 For Chamberlain's alleged pro-French bias as Foreign Secretary, see Johnson, D., ‘The Locarno treaties’, in Waites, N. (ed.), Troubled Neighbours: Franco-British Relations in the Twentieth Century (London, 1971), p. 120Google Scholar; and Jacobson, J., Locarno Diplomacy: Germany and the West 1925–1929 (Princeton, NJ, 1972), pp. 56–7, 80–1, 125–6, 245–6, 378–9.Google Scholar

38 PRO: FO 371 11844, Bullock to G. Locker-Lampson, 23 Jun. 1926.

39 ibid., Locker-Lampson to Bullock, 24 and 30 Jun. 1926 and Villiers to Waley, 9 Jul. 1926.

40 ibid., Bewley to Villiers, 12 Jul. 1926.

41 ibid., minute by Chamberlain, 14 Jul. 1926, N. Butler to D. Fergusson, 14 Jul. 1926, note by Niemeyer for Fergusson, 15 Jul. 1926 and Fergusson to Butler, 15 Jul. 1926; and House of Commons Debates, 5th ser. [henceforth H.C.], 198, col. 642, 15 Jul. 1926.

42 PRO: FO371 11844, Shortt to Chamberlain, 14 Dec. 1926.

43 ibid., minutes by Villiers, Broadmead and Campbell, 16 Dec. 1926.

44 ibid., minute by Chamberlain, 17 Dec. 1926, Villiers to Shortt, 23 Dec. 1926, Villiers to Niemeyer, 23 Dec. 1926, note by R. G. Leigh for Western Department, 24 Dec. 1926 and minute by Villiers, 23 Dec. 1926.

45 PRO: T172/1624, Niemeyer to Villiers, 29 Dec. 1926.

46 PRO: FO 371 11844, Villiers to Chamberlain's private secretary, 17 Jan. 1927 and minute by Villiers, 18 Jan. 1927; and FO 371 12632, Barnard to Under-Secretary of State, Foreign Office, 17 Feb. 1927, minute by Broadmead, 18 Feb. 1927, Villiers to Chamberlain's private secretary, undated, minute by Chamberlain, 21 Feb. 1927 and Villiers to the Secretary of the Committee of British Holders of French War Bonds, 21 Feb. 1927.

47 PRO: FO 371 13632, Villiers to R. G. Leigh, 23 Dec. 1927.

48 ibid., Committee of British Holders of French War Bonds to the French ambassador, 13 May 1927, in Barnard to Chamberlain, 16 May 1926.

49 PRO: FO 371 14077, Barnard and Shortt to French ambassador, 3 Jan. 1929, in Barnard to Under secretary of State, Foreign Office, 19 Mar. 1929.

50 PRO: FO 371 12632, Barnard to Under-Secretary of State, Foreign Office, 4 Oct. 1927, minute by Villiers, 7 Oct. 1927, R. H. Campbell to Barnard, 13 Oct. 1927; FO 371 15648, Barnard to Under secretary of State, Foreign Office, 25 Jan. 1928, minute by Broadmead, 27 Jan. 1928, Villiers to Barnard, 31 Jan. 1928, Barnard to Under-Secretary of State, Foreign Office, 1 Feb. 1928, minute by Broadmead, 2 Feb. 1928, Villiers to Barnard, 4 Feb. 1928; and FO 371 14077, Barnard to Under-Secretary of State, Foreign Office, 19 Mar. 1929 and minute by Mallet, 21 Mar. 1929.

51 PRO: T160/227/F8514/2, note by Leith-Ross for Hopkins, 28 Jun. 1928, Hopkins to Chancellor of the Exchequer, 9 Jul. 1928, minute by Churchill, 10 Jul. 1928, Leith-Ross to Governor of the Bank of England, 10 Jul. 1928 and Chief Cashier, Bank of England, to Secretary to the Treasury, 28 Mar. 1929 and 4, 10, 12, 18, 19, 22 and 25 Apr. 1929.

52 Snowden, Viscount, An Autobiography, 2 vols (London, 1934), 2, pp. 797–8Google Scholar; Dalton, H., Call Back Yesterday: Memoirs 1887–1931 (London, 1953), pp. 235–6Google Scholar; Carlton, D., MacDonald versus Henderson: The Foreign Policy of the Second Labour Government (London, 1970), pp. 42–4CrossRefGoogle Scholar; Jacobson, , Locarno Diplomacy, p. 312Google Scholar; and Boyce, R. W. D., British Capitalism at the Crossroads: A Study in Politics, Economics, and International Relations (Cambridge, 1987), pp. 207–12Google Scholar. For Snowden's attitude towards the French during the London negotiations of 1924, see Dalton, , Call Back Yesterday, p. 173Google Scholar; Lyman, R. W., The First Labour Government 1924 (London, 1957), p. 167Google Scholar; Cross, C., Philip Snowden (London, 1966), p. 211Google Scholar; and Roskill, S., Hankey, Man of Secrets, 2 vols (London, 1972), 2, p. 372.Google Scholar

53 H.C., 193, cols 1236–44, 24 Mar. 1926 and 227, col. 313, 16 Apr. 1929; and article by Snowden, Sunday Express, 21 Apr. 1929.

54 The Times, 28 May 1929; and Snowden, , An Autobiography, 2, p. 755.Google Scholar

55 H.C., 230, col. 7, 15 Jul. 1929.

56 Sir Leith-Ross, F., Money Talks: Fifty Years of International Finance (London, 1968), p. 94Google Scholar. See also Grigg, P. J., Prejudice and Judgement (London, 1948), p. 208.Google Scholar

57 For a recent analysis of French gold accumulation during the late 1920s, see Mouré, K., Managing the Franc Poincaré: Economic Understanding and Political Constraint in French Monetary Policy, 1928–1936 (Cambridge, 1991), pp. 46–79CrossRefGoogle Scholar. See also Boyce, , British Capitalism at the Crossroads, pp. 166–72Google Scholar; and Turner, A., ‘Anglo-French financial relations in the 1920s’, European History Quarterly, 26 (1996), pp. 39–49.CrossRefGoogle Scholar

58 ‘Is there enough gold? The League of Nations inquiry’, The Nation, 19 Jan. 1929.

59 Moreau, E., Souvenirs d'un gouverneur de la Banque de France: Histoire de la stabilisation du franc, 1926–1928 (Paris, 1954), pp. 308–16Google Scholar; and Moggridge, D. E., British Monetary Policy 1924–1931: the Norman Conquest of $4.86 (Cambridge, 1972), p. 134.Google Scholar

60 The Financial News, 27 May 1927; ‘French monetary policy’, leading article, The Times, 7 Jun. 1927; and H.C., 208, cols 74–6, 27 Jun. 1927 and 208, col. 209, 28 Jun. 1927.

61 PRO: Sir Otto Niemeyer Papers, T176/29, ‘Conversation with Monsieur Quesnay (of the Banque de France) on French monetary policy’, note by Leith-Ross, in Leith-Ross to Churchill, 9 Jun. 1927.

62 PRO: FO 371 12628, Chamberlain to Crewe, 3 June 1927; T176/29, ‘Conversation with Monsieur Quesnay (of the Banque de France) on French monetary policy’, note by Leith-Ross, in Leith-Ross to Churchill, 9 June 1927, Leith-Ross to Orme Sargent, 10 June 1927, Churchill to Leith-Ross, 11 June 1927, Leith-Ross to Churchill, 13 June 1927 and minute by Niemeyer, 22 June 1927; Moreau, , Souvenirs, pp. 316–18, 324–33, 375Google Scholar; Sir Clay, H., Lord Norman (London, 1957), p. 228Google Scholar; Rueff, J. and Hirsch, F., The Role and the Rule of Cold: An Argument, Princeton Essays in International Finance, 47 (Princeton, NJ, 1965), p. 8Google Scholar; Boyle, A., Montagu Norman (London, 1967), pp. 227–30Google Scholar; and Clarke, S. V. O., Central Bank Co-operation 1924–1931 (New York, 1967), pp. 117–20.Google Scholar

63 PRO: T160/430/F12317/1, Leith-Ross to Waley, 30 May 1930, confidential memorandum by Leith-Ross, 3 Dec. 1930, memorandum by Sir H. Strakosch, Dec. 1930, R. Hawtrey to Leith-Ross, io Dec. 1930 and note by Leith-Ross on ‘Conversation with the French Treasury representatives’, 19 Jan. 1931; T160/430/F12317/2, Leith-Ross to R. F. Wigram, 12 Jan. 1931; T160/33, Leith-Ross to Hopkins and Snowden, 5 Jun. 1930; Sir Frederick Leith-Ross Papers, T188/15B, Waley to Leith-Ross, io Dec. 1930; and FO 371 15640, note by Leith-Ross of meeting with French Treasury representatives on 20 and 21 Feb. 1931.

64 Leith-Ross, , Money Talks, p. 124.Google Scholar See also PRO: T160/430/F12317/1, Leith-Ross to Smith, Foreign Office, 14 Jan. 1931.

65 PRO: T160/430/F12317/1, note by Leith-Ross on ‘Financial Discussions with the French Treasury on 2 and 3 January’, 5 Jan. 1931; note by Leith-Ross on ‘Conversation with the French Treasury representatives’, 19 Jan. 1931. Escallier was Director of the Movement of Funds in the French Treasury and Bizot his assistant.

66 PRO: Arthur Henderson Papers, FO 800 283, Tyrrell to Selby, 26 Jan. 1931.

67 PRO: Cabinet Papers [henceforth CAB], CAB 24/221, 147(31), memorandum by Henderson, 8 Jun. 1931. See also British Library, London, Lord Robert Cecil Papers, Add. Mss. 51081, Cecil to MacDonald, 23 Sep. 1929.

68 British Library of Political and Economic Science, London School of Economics, H. Dalton Diaries, no. 10, 17 Jun. 1929.

69 PRO: FO 371 14077, minutes by R. H. Campbell and Sir Ronald Lindsay, 6 and 8 Jul. 1929.

70 ibid., minute by R.G. Leigh, 8 Jul. 1929.

71 H.C., 230, col. 7, 15 Jul. 1929.

72 PRO: FO 371 14901, Shaw to Henderson, 21 Jan. 1930.

73 ibid., minute by Mallet, 8 Jan. 1930.

74 ibid., minute by Smith, 9 Jan. 1930.

75 ibid., Smith to Secretary to the Treasury, 11 Jan. 1930.

76 ibid., Bewley to Smith, 15 Jan. 1930.

77 ibid., minute by Mallet, 17 Jan. 1930.

78 For developments at the London naval conference see Roskill, S. W., Naval Policy Between the Wars, 2 vols (London, 1968, 1976), I, pp. 37–66Google Scholar; Carlton, , MacDonald versus Henderson, pp. 119–33Google Scholar; and Marquand, D., Ramsay MacDonald (London, 1977), pp. 509–17.Google Scholar

79 PRO: T160/372/2321/03/1, note by Hopkins for Chancellor, 3 Mar. 1930 and Hopkins to Grigg, 3 Mar. 1930.

80 ibid., Leith-Ross to Hopkins and Chancellor, 27 Jan. 1931.

81 ibid., Hopkins to Chancellor, 18 Feb. 1930.

82 ibid., minute by Snowden, 20 Feb. 1930.

83 See, for example, The Times, 23 Sep. 1929.

84 PRO: T160/372/F2321/03/1, Leith-Ross to Waley, 24 Sep. 1929 and minute by Waley, 24 Sep. 1929; and H.C., 236, col. 244, 3 Mar. 1930.

85 PRO: T160/372/F2321/03/1, Hopkins to Chancellor, 25 Feb. 1930 and note by Hopkins for Snowden, 3 Mar. 1930.

86 H.C., 236, col. 244, 3 Mar. 1930.

87 PRO: T160/372/F2321/03/1, Leith-Ross to Hopkins and Chancellor, 2 Jun. 1930.

88 ibid., note by Hopkins for Chancellor, 6 Jun. 1930.

89 ibid., minute by Snowden, 6 Jun. 1930, note by Hopkins, 20 Jun. 1930, note by Leith-Ross for Sir Warren Fisher, Hopkins and Chancellor, 30 Jun. 1930 and Hopkins to Under-Secretary of State, Foreign Office, 5 Jul. 1930.

90 See, for example, PRO: FO 371 14901, minute by Orme Sargent, 8 Jul. 1930.

91 ibid., minute by Smith, 7 Jul. 1930.

92 ibid.

93 ibid., Smith to Secretary to the Treasury, 8 Jul. 1930, Leith-Ross to Smith, 12 Jul. 1930, Henderson to Tyrrell, 15 Jul. 1930, Smith to Tyrrell, 23 Jul. 1930; and H. M. Embassy at Paris to French Ministry of Foreign Affairs’, 24 Jul. 1930, Cmd. 3779 France No. 1 (1931), No. I, pp. 2–4.

94 ‘French Ministry of Foreign Affairs to H.M. Embassy at Paris’, 28 Oct. 1930, Cmd. 3779 France No. 2 (1931), No. 2, pp. 4–8.

95 PRO: FO 371 14901, minute by Mallet, 29 Oct. 1930.

96 PRO: T160/372/F2321/03/1, memorandum by H. W. Malkin, in Smith to the Secretary to the Treasury, 30 Jul. 1930.

97 ibid., Leith-Ross to Hopkins and Chancellor, 7 Nov. 1930; and T160/372/F2321/03/2, note by Waley, 28 Nov. 1930.

98 PRO: T160/372/F2321/03/1, Snowden to Shortt, 11 Nov. 1930.

99 PRO: T160/372/F2321/03/2, Shortt to Snowden, 24 Nov. 1930.

100 ibid., Leith-Ross to Under-Secretary of State, Foreign Office, 1 Dec. 1930; and FO 371 14901, Leith-Ross to Vansittart, 1 Dec. 1930.

101 PRO: FO 371 14901, minutes by Smith and Mallet, 2 Dec. 1930 and minutes by Oliphant, Vansittart and W. Selby, 3 Dec. 1930.

102 PRO: T160/430/12317/1, minute by Leith-Ross for Hopkins, 2 Dec. 1930, note by Leith-Ross of interviews with Pouyanne and Rueff, in Leith-Ross to Hopkins, 3 Dec. 1930 and R. Hawtrey to Leith-Ross, io Dec. 1930.

103 PRO. FO 371 14901, Smith to Secretary to the Treasury, 5 Dec. 1930; and T160/372/F2321/03/2, Leith-Ross to Hopkins and Chancellor, 5 Dec. 1930.

104 PRO: FO 371 14901, Smith to Secretary to the Treasury, 5 Dec. 1930.

105 PRO: T 160/372/2321/03/2, Leith-Ross to Under-Secretary of State, Foreign Office, 6 Dec. 1930 and Leith-Ross to Vansittart, 6 Dec. 1930.

106 PRO; FO 371 14901, comment in the margin by Vansittart on a minute by A. W. A. Leeper, 8 Dec. 1930.

107 ibid., minute by Oliphant, 9 Dec. 1930.

108 ibid., minutes by Mallet and Leeper, 8 Dec. 1930 and minute by Oliphant, 9 Dec. 1930.

109 ibid., minute by Mallet, 8 Dec. 1930.

110 ibid., minute by Vansittart, 9 Dec. 1930.

111 ibid., minute by Smith, 8 Dec. 1930.

112 ibid., Vansittart to Leith-Ross, 13 Dec. 1930.

113 ‘H. M. Embassy at Paris to the French Ministry of Foreign Affairs’, 24 Dec. 1930, Cmd. 3779 France, No. 1 (1931), No. 3, pp. 8–9.Google Scholar

114 ‘French Ministry of Foreign Affairs to H.M. Embassy at Paris’, 17 Jan. 1931, ibid., No. 4., pp. 9–12.

115 PRO: FO 371 15645, minutes by Mallet and Leeper, 21 Jan. 1931.

116 ibid., minute by Leeper, 21 Jan. 1931 and Smith to Secretary to the Treasury, 23 Jan. 1931; and FO 371 15648, minute by Smith, 2 Feb. 1931.

117 PRO: T160/372/F2321/03/2, note by Waley and minutes by Leith-Ross and Hopkins, undated [between 22 and 26 Jan. 1931].

118 ibid., minute by Snowden, 26 Jan. 1931.

119 ibid., Snowden to Shorn, 28 Jan. 1931.

120 H.C., 247, col. 1625, 3 Feb. 1931 and 248, col. 374, II Feb. 1931.