§ 57. Mr. WISEasked the Chancellor of the Exchequer if Portugal has been granted a credit of £3,000,000; and, if so, what is the security against it?
§ The PARLIAMENTARY SECRETARY to the BOARD of TRADE (Sir W. Mitchell-Thomson)I have been asked to reply. I presume the hon. Member refers to arrangements made by the Export Credits Department in connection with the financing of goods to be exported from this country to Portugal. A credit for £3,000,000 has been sanctioned in favour of the Banco Nacional Ultramarino, and will be operated through that bank. Portuguese Treasury Bills for the amount named will be delivered to the Export Credits Department. It has been arranged that the remittances from the Portuguese Financial Agency in Brazil shall be 1135 charged to provide by monthly instalment for the liquidation of the bills, and in the event of these remittances falling short of the amount required in each month, the Portuguese Government has undertaken to make up the deficit from the general revenue of the State. The transaction is also guaranteed by the Banco Nacional Ultramarino.