Catalogue description Treasury: Clearing Offices: Records

The documents are in subject files, with separate series for each of the four countries, and a further series of general files. The files are listed numerically under each country, with main subject and subheadings.

The Debts Clearing Offices and Import Restrictions Act 1934 gave power to the Treasury to set up, by order, clearing offices in respect of any country from which payments or transfers to the United Kingdom were subject to restrictions or prohibitions or had been discontinued. During 1936 clearing offices were set up in respect of Spain, Roumania, Italy and Turkey. As a result, debtors in the United Kingdom of persons in the foreign country were obliged to pay their debts into the clearing office. The office thereby acquired a fund with which to settle debts due from the foreign country, under terms laid down in agreements made with the country.

The Anglo-Spanish Clearing, set up in January 1936, was suspended during the Spanish Civil War, and revived on 1 April 1940. It terminated on 7 April 1947.

The Anglo-Roumanian Clearing, set up in June 1936, terminated in June 1940. Trade between the two countries came to a standstill following the outbreak of war, and before agreement could be reached on the use of the balances, Roumania became a specified territory; the balances were therefore paid to the custodian of enemy property.

The Anglo-Italian Clearing, set up in July 1936, was in operation until the declaration of war by Italy in June 1940. The clearing balances and subsequent receipts up to 15 September 1947 were paid to the custodian of enemy property; receipts after that date were remitted to Italian creditors through Italian accounts operated under the Anglo-Italian Financial Agreement of April 1947.

The Anglo-Turkish Clearing, set up in September 1936, terminated in May 1945 and was replaced by a monetary agreement.

The Debts Clearing Offices Act 1948 provided that the offices should cease to exist on 31 March 1949.