HC Deb 19 February 1924 vol 169 c1509

asked the Prime Minister what guarantee will be forthcoming, in the case of the extension of the Trade Facilities Act to Russia, that money advanced will be repaid to the British Treasury; and whether any limit will be fixed governing the extent of such advances?

The CHANCELLOR of the EXCHEQUER (Mr. Philip Snowden)

No money is advanced by the British Government under the Trade Facilities Acts. These Acts provide for a guarantee of the service of loans raised by applicants in the market in the ordinary way. Before giving such guarantee, either in the case of Russia or in any other case, the Treasury has to receive a recommendation from the Advisory Committee, appointed under the Act, in whose discretion full confidence may be placed.