| Description | Pros and cons of a clearing assessed in Richdale's paper of 2 Oct 1935: OV 6/82 folio 2. Spanish proposals to liquidate arrears due to United Kingdom (UK) exporters, 14 Dec 1935. Negotiations in Madrid. Agreement initialled, 6 Jan 1936. Debts incurred by UK importers to be settled by payments to sterling account of Controller of Anglo Spanish debts at Bank of England, the equivalent in pesetas then being paid to creditors in Spain. Payments for UK exports to be credited to peseta account with Banco Exterior Espana, the equivalent in sterling then being made available to settle claims of UK creditors. |