§ 17. Colonel HOWARD-BURYasked the Secretary to the Overseas Trade Department whether, in view of the fact that the sterling credits of the Soviet Government established in this country for the purpose of financing purchases in the United States of America are now insufficient for the plumose in view of the depreciation of the value of sterling, he will make inquiries from the Soviet Government as to how they propose to meet their existing obligations and credits due to this country before any further credits are allowed?
Sir HILTON YOUNG (Secretary, Overseas Trade Department)I am not, of course, able to confirm or correct the 786 hon. and gallant Member's statement as to the sufficiency of the credits of the Soviet Government for the specified purpose. So far as guarantees under the Export Credits Guarantee Scheme are concerned, I do not think that any further direct inquiries from the Soviet Government are at present necessary or would be useful.
§ Colonel HOWARD-BURYWill the right hon. Gentleman say whether further credits are going to be allowed; and, failing satisfactory assurances, will he stop any further credits?
§ Mr. SMITHERSWill the Government consider stopping any further credits until such time as the trade balance has been used up?