§ 6. Mr. ALBERYasked the President of the Board of Trade how many tons of Russian wheat have been imported into this country during the months of November and December, 1930?
§ Mr. W. GRAHAMThe total quantity of wheat imported into Great Britain and Northern Ireland registered during November and December, 1930, as consigned from the Soviet Union (Russia), was 5,500,000 cwts. and 6,587,000 cwts, respectively.
§ Mr. ALBERYIn view of the constant increase of these imports, are we getting any corresponding benefits in exports to Russia?
§ Mr. GRAHAMThe exports to Russia have, of course, increased during the past year very largely, in my view owing to the inclusion of Russia under the Export Credits Scheme.
Commander OLIVER LOCKERLAMPSONAre not Russian nationals being starved of wheat in order to permit of this export?
Sir F. HALLIs it a fact that Russian wheat is selling on the London Corn Exchange at 18s. 6d. per quarter c.i.f., and does the right hon. Gentleman think it possible for the British farmer to produce wheat at a profit at that price?
§ 8. Sir WILLIAM DAVISONasked the President of the Board of Trade what is the present amount of the trade balance in favour of the Russian Soviet Government in this country?
§ Mr. W. GRAHAMThe figures for the first nine months of 1930 corresponding to those which I gave the hon. Member in reply to a similar question on the 1st April last, are as follow:
Similar particulars respecting the last quarter of 1930 will be published next month in the issue for January, 1931, of the "Accounts relating to Trade and Navigation of the United Kingdom."
£ Imports from the Soviet Union (Russia) 19,640,574 Exports (including re-exports) to the Soviet Union 6,977,906
§ Sir W. DAVISONWill the right hon. Gentleman say why a country with such a very large trade balance in this country requires the benefit of a loan under the Export Credits guarantee in order to buy British goods?
§ Mr. GRAHAMThe reply is surely that in the process of international trade the point cannot be stated in that way. It is quite impossible to link up two countries. These balances enter into many other international transactions. The short reply is that during the past year the exports to Russia had substantially increased.
§ Mr. ARTHUR MICHAEL SAMUELIs not the balance of trade credit belonging to Russia used by Russia to buy foreign goods, and not British goods?
§ Mr. GRAHAMIt may be used as the basis for certain purchases elsewhere, but that is not necessarily to the disadvantage of this country.
§ Mr. SAMUELIf that be so, why do we not ask the Soviet Government to use its own credit rather than borrow on our guarantee?
§ Commander BELLAIRSWhy are re-exports included in the estimated balance of trade?
§ Mr. GRAHAMI should require notice of that question, but I imagine, off-hand, that it is the normal practice in order to present a complete picture of the exports.
§ Sir NICHOLAS GRATTAN-DOYLEIs not the balance in favour of the Soviet used for hostile propaganda against this country?
§ 11. Sir HERBERT NIELDasked the President of the Board of Trade the value of the exports of manufactured goods from the United Kingdom to Soviet Russia during the last completed 12 months; and the values of similar exports from Germany, France, Belgium and the United States of America to Soviet Russia?
§ Mr. GRAHAMComparable statistics of the exports of manufactured goods to the Soviet Union (Russia) from the countries mentioned are not available. The value of the imports of manufactured goods into the Soviet Union recorded in the official trade returns of that country as imported during the 12 months ended 30th June, 1930, from the United Kingdom was £3,311,000; from Germany, £15,471,000; from France, £1,268,000; from Belgium, £102,000; and from the United States, £21,454,000.
§ Captain CROOKSHANKCan the right hon. Gentleman explain how it is that the United States have been able to send this enormous volume of goods to Russia without an export credits scheme such as we have here?
§ Mr. GRAHAMI am afraid that raises a very large question. I could not reply, without notice, regarding the precise credit arrangements. But a very great deal could be said on this question.
§ Brigadier-General Sir HENRY CROFTIs not the explanation of this volume of trade to be found in the fact that the United States have not recognised the Soviet Government?