HC Deb 21 July 1930 vol 241 cc1729-30
30 and 31. Major-General Sir ALFRED KNOX

asked the Secretary to the Overseas Trade Department (1) the proportion of the total face value of credit guaranteed to Soviet Russia for which the Government is responsible;

(2) the total face value of contracts entered into by the Export Credits Department with Soviet Russia?

The PARLIAMENTARY SECRETARY to the BOARD of TRADE (Mr. W. R. Smith)

Under the Export Credits Guarantee Scheme no credits are advanced to Soviet Russia or any other purchasers overseas, but guarantees are given to British exporters. The total face value of contracts entered into under the scheme up to the 12th July, in respect of exports to Russia, was £3,698,547. The Government liability thereon was £2,219,428, or approximately 60 per cent.

Sir A. KNOX

In view of the large amount of Government liability on these export credits for Russia, will the hon. Gentleman say when, in his opinion, this will amount to a loan?

Commander OLIVER LOCKER-LAMPSON

Is an equivalent amount available for Dominion credits?

32. Brigadier-General CLIFTON BROWN

asked the Secretary to the Overseas Trade Department what is the total amount of credit guaranteed since the 1st of January, 1930, under the Export Credits Guarantee Scheme for contracts providing the payment of a proportion of bills of exchange drawn on Russian purchasers; and for how much drawn on purchasers in the Dominions?

Mr. W. R. SMITH

From the 1st January to the 12th July last, contracts were entered into providing for payment of a proportion of bills of exchange for £3,311,116 drawn on Russian purchasers, and £179,706 drawn on purchasers in the Dominions.

Brigadier-General BROWN

Is the hon. Gentleman aware that a credit of over £1,000,000 has been granted for Russia in the last month, as against £100,000 for the Dominions; and can he state the reason for that?

Mr. R. A. TAYLOR

Is it not the case that applications in respect of particular transactions in the Dominions are considered on their merits, as in the case of other transactions?

Mr. SMITH

Certainly.

Major ROSS

Does the hon. Gentleman consider the credit of the Soviet to be better than that of the Dominions?