§ 52. Mr. SOMERVILLE
asked the President of the Board of Trade whether it is proposed to close down the Export Credits Guarantee Department and to 1844 hand the business over to an existing credit insurance company; and, if so, whether the same facilities will be extended to exporters as are at present provided by the Department?
The Export Credits Guarantee Department is empowered under Statute to give guarantees up to the 8th September, 1929, and, as at present advised, I do not contemplate inviting Parliament to terminate the Export Credits Guarantee Department's functions before that date. I have repeatedly expressed the hope that the experience gained from the work of the Department will facilitate the development of credit insurance by private enter prise; and I think it would be undesirable to close the Export Credits Guarantee Department down at present unless it could be shown that responsible institutions are ready to offer equivalent facilities for the insurance of credits granted by exporters. I may add that the Advisory Committee have expressed the same opinion.