§ 38. Mr. de ROTHSCHILDasked the Secretary to the Overseas Trade Department whether he will set up a clearing house to handle all Russian purchases and sales transactions, in order to put an end to the system whereby the money paid by this country for goods purchased in Russia is used to finance Russian purchases from the United States of America and from other countries whose exports to Russia exceed their imports?
§ Mr. GILLETTWhile His Majesty's Government are anxious in every way to promote the export trade of this country to the Soviet Union, as to other destinations, and have considered on several occasions suggestions for setting up a clearing house on lines analogous to those proposed by the Hon. Member, they have found them to be administratively impracticable.
§ 41. Sir A. KNOXasked the Secretary to the Overseas Trade Department what is the total face value and the Government's total liability under the Export Credits Scheme for all contracts concluded by his Department for exports to Russia during the present Parliament; and what is the total face value and the Government's total liability under the same schemes for exports to all other countries during the same period?
§ Mr. GILLETTFrom 10th June, 1929, to the 18th April, 1931, the Export Credits Guarantee Department entered into contracts covering credits for £6,666,926 in respect of exports to Russia and £6,991,625 in respect of exports to all other countries. The total liability undertaken on these contracts was £4,016,923 and £4,397,244, respectively.
§ Sir A. KNOXCan the hon. Gentleman say why this extraordinary preference should be given to Russia over all other countries and over our Dominions?
§ Mr. GILLETTI would remind the hon. and gallant Member that these transactions are carried through on the recommendation of the Advisory Committee.
§ Mr. R. A. TAYLORIs it not a fact that no losses have been incurred on these transactions?
§ Mr. GILLETTThis is a fact.