§ 67. Commander SOUTHBYasked the Secretary to the Overseas Trade Department the aggregate total face value of the bills current on 11th January, 1930, drawn by British exporters of goods to Russia and bearing the acceptance of the Russian Government or its agents and guaranteed by the British Government under the exports credits scheme?
§ Mr. GILLETT (Secretary, Overseas Trade Department)It has not been the practice to disclose the amount of liabilities outstanding under the Export Credits Guarantee Scheme in respect of individual countries, and I regret, therefore, that I am unable to give the information asked for by the hon. and gallant Member.
§ Mr. A. M. SAMUELAre we to understand, therefore, from the reply of the hon. Member that His Majesty's Government are standing by their undertaking not to guarantee credit facilities to the Soviet Government?
§ Mr. GILLETTAs I explained previous to the rising of this House this scheme is an insurance for the payment of goods exported from England, and a certain amount of that business is being done with Russia.
§ Mr. SAMUELDoes not that mean that His Majesty's Government are 9 guaranteeing the credit of Russia and are, therefore, going back on the undertaking given by the Secretary of State for Foreign Affairs?
§ Mr. R. A. TAYLORIs it not a fact that under the hon. Member's administration they lost money in countries like Poland?
§ Mr. GILLETTI think that it is a technical point which the hon. Member raises. What the Export Credits Scheme is doing is to guarantee the goods, some of which are exported to Russia.
§ Mr. SAMUELWill the hon. Member say what he means by guaranteeing the goods? We are not guaranteeing the goods. We are guaranteeing that the Russian Government will pay for the goods. That is giving the British Government's credit to the Soviet Government.