§ 39. Sir WILLIAM DAVISONasked the President of the Board of Trade what is the estimated existing trade balance in this country of the Union of Socialist Soviet Republics, having regard to the balance of imports from Russia to Great Britain over exports from Great Britain to Russia during the past five years?
§ Mr. W. GRAHAMDuring the five years 1925 to 1929, the values of the merchandise bullion and specie exported from the United Kingdom and registered as consigned to the Soviet Union (Russia) and of that imported into the United Kingdom and registered as consigned from the Soviet Union, have amounted to the following totals:
| £ | ||||
| Imports from the Soviet Union | … | … | … | 129,630,000 |
| Exports (including Re-exports) to the Soviet Union | … | … | … | 60,650,489 |
§ I am not in a position to state what sums may have been expended in the purchase in this country of goods for despatch direct from overseas countries to the Soviet Union.
§ Sir W. DAVISONIs it not a fact that there is a very substantial trade balance in favour of Russia in this country, and, under these circumstances, why is it necessary for the British Government to guarantee export credits?
§ Mr. GRAHAMThe position regarding the trade balance is probably true, but at this stage I must not anticipate the Debate which will take place very soon in this House on the whole question of export credits.
§ Mr. R. A. TAYLORDo those figures include the payment for British ships and insurance charges, and the expenditure of the trade organisation in this country?
§ Mr. SPEAKERThat should be put as a separate question.