§ 22. Mr. W. BAKERasked the Parliamentary Secretary to the Overseas Trade Department whether, with reference to his scheme of credit insurance, he will state, approximately, the amount of business which has been done and with what financial results?
§ Mr. A. M. SAMUEL (Secretary, Overseas Trade Department)Up to the 18th February, the Export Credits Guarantee Department has consented to give guarantees for £908,773, and out of this total guarantees have become effective to the amount of £142,950. Rates have also been quoted to applicants in respect of a large amount of further business upon which negotiations are in progress. The Department has made a net payment under its guarantees of £232, which will be reduced by expected salvage. The progress of the scheme has been hampered by the recent stoppage of trade. There are clear indications from industrial centres that increasing interest is being taken in it, and I expect an expansion in the use of the scheme as it becomes better understood and more widely known.
§ Mr. BAKERCan the hon. Gentleman give us an assurance that this scheme will not be handed over to private interests when it becomes an established success?
§ Mr. SAMUELIt comes to an end in 1929.
§ Mr. BAKERIf this scheme proves, as I imagine it will prove, of very great benefit to British trade, will it not he worthy of consideration whether such a scheme should not he continued after that date?
§ Mr. SPEAKERThe hon. Member must ask that at the time.