§ 17. Major-General Sir ALFRED KNOXasked the Secretary to the Overseas Trade Department what credits, if any, 1496 under the Export Credits Act have been given to exporters to Soviet Russia since the 10th November?
§ Major COLVILLEFrom 9th November up to the 5th December, 1931, the amount of credits which the Export Credits Guarantee Department have contracted to guarantee in respect of exports to Russia was £516,873. The maximum liability assumed under these contracts is £337,477. Most of these guarantees were in respect of previous obligations. The amount of new business being guaranteed on a 12-month basis is relatively small.
§ Sir A. KNOXDoes not the hon. and gallant Gentleman think it quite unnecessary to give any guarantees, in view of the large trade balance in Russia's favour?
§ Major COLVILLEThe question of the trade balance with Russia is under very close consideration.
§ Mr. T. WILLIAMSCan the hon. and gallant Gentleman state the exact number of persons employed as a result of these credits?