HC Deb 17 February 1930 vol 235 cc908-11
35. Mr. HACKING

asked the Secretary to the Overseas Trade Department whether any applications under the export credit scheme, as applying to Soviet Russia, have been refused by his Department?

Mr. GILLETT

The answer is in the affirmative.

Rear-Admiral BEAMISH

Has the hon. Gentleman any evidence to show that this scheme is resulting in increased employment in this country?

Mr. GILLETT

The usual figures are published, which the hon. and gallant Gentleman has no doubt seen, and they indicate that it is increasing.

Mr. HACKING

Can the hon. Gentleman say why any applications have been refused when the risk is always the same, there being only one importer into Russia?

Mr. GILLETT

In most cases it was a question of the length of period for which the advances were wanted.

Mr. MILLS

Is it not a fact that, while credits have been refused by the Advisory Committee of the Overseas Trade Department, these long-term credits have been given, and that 1,800 tractor orders have recently been placed with Ellis's of Milwaukee which might have gone to Vickers, of Crayford, on the same basis?

36. Colonel HOWARD-BURY

asked the Secretary to the Overseas Trade Department whether, seeing that there is a surplus of £17,000,000 in credits from the exports of Russia to this country over the imports from this country into Russia, he will take steps, by establishing a clearing house for Anglo-Russian trade, so that this £17,000,000 can be used to finance our exports to Russia instead of its being used to finance exports from Germany and the United States of America to Russia?

Mr. GILLETT

It rests with the Soviet Government alone to decide from what countries to purchase their imported requirements. I fear that the steps proposed by the hon. and gallant Member are not feasible.

Colonel HOWARD-BURY

Is the hon. Gentleman aware that these arrangements are very one-sided? The Russian Government regulate imports and exports, and can he not come to some arrangement by which the £17,000,000 surplus in this country will be used to benefit our own people and our own manufacturers?

Mr. GILLETT

The most effective way is to increase our exports, and that is taking place.

Sir WILLIAM DAVISON

Why do the Russian Government require credit under the export credit scheme, having regard to the credit balance which they have in the country already?

Commander BELLAIRS

Has the hon. Gentleman studied the system pursued in Germany with regard to Russian exports to Germany and German exports to Russia?

Mr. GILLETT

I shall be glad if the hon. and gallant Member can give me any information which may be useful.

38. Mr. A. M. SAMUEL

asked the Secretary to the Overseas Trade Department whether, in view of the fact that money can be borrowed for short periods upon Soviet bills of exchange on the security of the British Government's guarantee given to the Soviet's trading organisation under the Export Credits Scheme, he will introduce such modifications into the Scheme as will bring it into conformity with the Foreign Secretary's statement of 6th January to the effect that a British Government guarantee of a loan raised by any foreign Government would be contrary to the policy of His Majesty's Government?

Mr. GILLETT

No, Sir. As I explained to the House on the 5th February during the Debate on trade with Russia, I entirely dissent from this view.

In the opinion of His Majesty's Government, the extension of the Export Credits Guarantee Scheme in its present form to Russia is not inconsistent with their policy in refusing to guarantee a loan raised by a foreign Government.

Mr. A. M. SAMUEL

If that is so, why have the Government refused to grant facilities to enable the Soviet delegation to buy 3,000,000 pairs of footwear from Northampton manufacturers; and is the hon. Gentleman aware that a delegation from Northampton waited upon the Chancellor of the Duchy and that he refused to give the guarantee of Soviet credit? What is the reason?

Mr. GILLETT

The hon. Member should put that question to my hon. Friend.

Mr. SAMUEL

But it comes under the Overseas Trade Department. Do I understand the hon. Gentleman knows nothing whatever about this export business?

Mr. GILLETT

I am not aware of the actual proposals to which the hon. Member is referring, but if he will give me information, I will look into it.

Mr. SAMUEL

May I send the hon. Member information as stated by Mr. Gribble, late Labour candidate for Northampton, upon this matter?

Mr. GILLETT

I shall be delighted to have it.

39. Sir W. DAVISON

asked the Secretary to the Overseas Trade Department whether His Majesty's Government has during the past six months, guaranteed the credit of any foreign Government or any foreign Government's trading organisation other than that of the Russian Soviet Government?

Mr. GILLETT

The answer is in the affirmative.

Sir W. DAVISON

Can we know the names of the other Governments?

Mr. GILLETT

No. It would not be advisable to make a public announcement.