For Sale: Bottom bracket sets from £5 English, Italian French thrds Shimano Campag etc

According to Sheldon, yes. But you have to be careful which axle you buy
http://www.sheldonbrown.com/velos.html#bottom

French bottom bracket cups usually have thinner walls than Japanese ones, so the bearing ridges on the spindles are farther apart. If you use a standard Japanese spindle, the adjustable cup won't be able to screw in far enough to snug up the bearings, or if it does, it will sink into the bottom bracket shell so that you won't be able to install the lockring.
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The good news is that a Japanese spindle made for an Italian size (70 mm) bottom bracket will usually fit! In the Sugino marking system, these are the spindles that are marked with a "5" code. Spindles for 68 mm bbs have codes beginning with 3. This trick often makes it possible to upgrade an older bike from cotterd to cotterless cranks at a reasonable cost**.