§ 65. Mr. A. M. SAMUELasked the Secretary to the Overseas Trade Department if he will ascertain and state what are the terms of credit accorded by the Soviet Government to British purchasers of Russian raw materials?
§ Mr. GILLETT (Secretary, Overseas Trade Department)I have no detailed information, but I understand that the Soviet Government usually stipulate for cash with order when selling their raw materials to foreign purchasers.
§ Mr. SAMUELAre we to understand that when the commercial Treaty was under discussion no arrangements were made that the Soviet delegation should give the same terms to our merchants as they asked from our merchants?
§ Mr. GILLETTI have never heard of any such arrangement being made.
§ Mr. SAMUELIs not that a case of laches on the part of the hon. Member?
§ Mr. GILLETTNo, Sir, it does not strike me in that way at all.
§ 66. Sir CHARLES CAYZERasked the Secretary to the Overseas Trade Department whether it is proposed to extend the Exports Credits Guarantee Scheme so as to guarantee the credit of the Soviet Government for a longer period than one year?
§ Mr. GILLETTIt is not the practice to state in advance the conditions on which the Advisory Committee are prepared to recommend the granting of 1942 guarantees in respect of any country or any particular transaction.
§ Sir H. CAYZERDoes the Minister say that the statements in the Press that the Government are contemplating extending the Export Credits Scheme in the case of Russia from one year to three years are not correct?
§ Mr. GILLETTIt is impossible for me to be responsible for everything that appears in the Press.
§ Sir WILLIAM DAVISONBefore any extended credits are given, will the hon. Gentleman see that our merchants receive similar treatment for goods sent to Russia?
§ Mr. LOUIS SMITHDoes not the hon. Gentleman realise that unless the terms are extended our traders will be unable to compete with traders in other countries where the terms are extended?
§ 68. Brigadier-General CLIFTON-BROWNasked the Secretary to the Overseas Trade Department what is the total amount of money that has been advanced and promised under the Export Credits Act since 1st January, 1930, for credits to finance Russian enterprises and how much to finance Dominion enterprises, respectively?
§ Mr. GILLETTThe object of the Export Credits Guarantee Scheme is not to finance enterprise overseas but to assist British exporters by enabling them to give credit. No advances are made, but on certain conditions the payment of a proportion of bills of exchange drawn in connection with the export of British goods is guaranteed. Contracts have been entered into from the 1st January, 1930, to the 31st May last, providing for the payment of a proportion of bills of exchange for £1,834,812 drawn on Russian, purchasers and £167,447 drawn on purchasers in the Dominions.
Brigadier-General BROWNIs the hon. Gentleman aware that there is an impression that it is very much easier to get credits to do business with Russia than with our Dominions; and may I ask what is the policy of the Government on that point?
§ Mr. GILLETTI think the hon. Member has forgotten that this is an insurance scheme, and therefore the figures are what 1943 one would expect. One does not need to insure a payment which is to be received from the Bank of England.
§ Sir NICHOLAS GRATTAN-DOYLEMay I ask whether the candles may now be brought in?