1. Mr. GIDEON MURRAYasked the President of the Board of Trade whether he has yet concluded any arrangements for providing long-term credit facilities in European countries which are not in a position to pay at present by means of exports for essential imports; whether he is aware of the urgency of this question if the United Kingdom is to retain its good will in those countries and to foster its export trade; and whether he will state what stops it is proposed to take?
§ The PRESIDENT of the BOARD of TRADE (Sir Auckland Geddes)Yes, Sir. I am fully aware of the urgency of re establishing British export trade to the countries which my lion. Friend has in mind. A scheme has bean prepared in consultation with banking and trading interests under which the Government will set up an office to provide sterling credits in approved class where it is found impossible to obtain sufficient facilities through the ordinary business channels. It is hoped that certain representatives of those interests which have already been consulted will be willing to assist the office in an advisory capacity. Full particulars of the scheme will be made public as soon as certain outstanding points of detail have been settled.
Mr. MURRAYCould the right hon. Gentleman say up to what extent it is proposed to assist this office; what amount of money is it proposed to set aside for the purpose?
§ Sir A. GEDDESDoes my hon. Friend mean the amount, of money that will be actually lost, or money used from time to time?
Mr. MURRAYI mean the money that will be guaranteed—in the shape of a guarantee; for I suppose the scheme will take the form of a guarantee?
§ Sir A. GEDDESNot a State guarantee in the ordinary sense, but actually accepting the business which the banks, on account of political risks, cannot deal with?
§ Captain W. BENNWill the Estimate be laid before Parliament?
§ Sir A. GEDDESI think I must have notice of that question.
§ Mr. HOUSTONIs the right hon. Gentleman aware that we shall not be able to compete in the export trade unless we can decrease the cost of production by increased production?
§ Sir A. GEDDESYes, Sir; I am very well aware of it.
Mr. MURRAYWill the right hon. Gentleman say when the outstanding points to which he has referred are likely to be settled?
§ Sir A. GEDDESYes; I had hoped that they would have been settled last week, hut there are still a couple of points out standing which, I hope, will be settled to-day or to-morrow, or, at all events, by Wednesday.
Mr. MURRAYIf I put a question down for Thursday, will the right hon. Gentleman be able to give me an answer?
§ Sir A. GEDDESI hope so; but of course, the actual details of the scheme are far too long to give by way of question and answer here. Certainly the whole scheme will be considered.