§ 39. Mr. WADDINGTON(for Mr. HILTON) asked the Financial Secretary to the Treasury whether, under the Trade, Facilities Act, any loans were guaranteed, and the amount thereof, for the erection of British textile machinery in a continental country; and, if so, what were the classes of machinery and, if spindles or looms, the quantities of each, and what amount of such loans is still outstanding?
Mr. SAMUELOne such loan of £60,000 was guaranteed under the Trade 1343 Facilities Acts for the purchase of plant and machinery in Great Britain for the installation and erection of a yarn spinning mill in Budapest. I understand that the bulk of this loan has already been expended on the purchase in this country of carding engines, blowing room machinery and frames covering 24,000 spindles. The first instalment of £23,750 has been repaid, leaving the amount of the loan outstanding £56,250.
§ Mr. WADDINGTONCan the Financial Secretary to the Treasury say whether there is a possibility of granting a similar loan under the Export Credits scheme?
§ Mr. BETHELDoes the hon. Gentleman consider it is advisable to grant a loan for machinery to be sent to markets where labour is so cheap?
Mr. SAMUELThat point was discussed when the Trade Facilities Bill was before the House.
Mr. HOPKINSONIs the hon. Member aware that the whole product of the work in question is to be sold in competition with our goods in India?
§ Mr. WADDINGTONMay I have a reply to my question as to whether there is any power under the Exports Credits scheme to grant a similar loan?