HC Deb 24 November 1925 vol 188 cc1128-9
11. Mr. TAYLOR

asked the President of the Board of Trade (1) whether he is aware that the Russian commissariat for foreign trade has recently ratified a number of large import agreements with the German firm of Krupp, Sask, Linz and Fletter, for the supply of agricultural implements, and that these firms are being assisted by German banks to grant credits for a period of three harvests: and whether, in view of the depressed condition of the agricultural machine industry in Great Britain, he is now prepared to extend the Trade Facilities Act to Anglo-Russian trade: 57. the Chancellor of the Exchequer (2) if the Trade Facilities Committee is now prepared to consider applications under the Trade Facilities Acts for financing the development of Anglo-Russian trade; and whether he can state the total sum at present available under the Trade Facilities Act?

The FINANCIAL SECRETARY to the TREASURY (Mr. Ronald McNeill)

I am informed that a credit has been arranged between a group of German banks, in conjunction with certain German industrial concerns and the Russian State Bank, for the purpose indicated by the hon. Member, but I have no knowledge of the special import agreements to which be refers. As regards applications for guarantees by the Soviet Government and its agencies, I would refer to the reply given by my predecessor to the hon. and gallant Member for the Chertsey Division (Sir P. Richardson) on the 12th May last. In reply to the last part of Question No. 57, the Treasury have up to date undertaken to give guarantees to a total of £58,827,241, against the statutory maximum of £70,000,000.

Mr. TAYLOR

Can the right hon. Gentleman assure us that the money to finance these transactions has not been found in the London money market?

Mr. T. WILLIAMS

Is not the right hon. Gentleman aware that the British Government assisted the German Government to secure a loan in this country, and that German firms, through the German Government, are giving credit facilities to Russia; and does he not think it would be just as well to do it direct as to give, facilities indirectly through other people?

Mr. TAYLOR

rose—

Mr. SPEAKER

We have only reached Question No. 11 out of a total of more than 100.

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