§ Major COLVILLE
From 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. KNOX
Does 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?
§ Mr. T. WILLIAMS
Can the hon. and gallant Gentleman state the exact number of persons employed as a result of these credits?