HC Deb 12 April 1932 vol 264 cc651-3
39. Mr. KIRKWOOD

asked the Secretary to the Overseas Trade Department, if he is aware that the Soviet Government has recently placed an order in Germany for 300,000 tons of iron and steel products; and what steps are being taken by his department to obtain the fullest possible share for this country of Russian orders, particularly in the iron and steel trades?

Mr. JOHN COLVILLE (Secretary, Overseas Trade Department)

With regard to the first part of the question, the order definitely placed, so far as I can at present ascertain, is for 100,000 tons only. As regards the second part of the question, I would refer the hon. Member to the statement I made on March 3rd regarding the steps which are being taken by His Majesty's Government to improve the trade balance.

Mr. KIRKWOOD

Is not the hon. Gentleman aware of the fact that there is an order waiting in Russia for heavy engineering if the Government would only extend the credit system?

Mr. COLVILLE

I am aware of the fact that the Russian Government have expressed a willingness to buy, but the difficulty arises that they want a longer time in which to pay than any other country.

Mr. MAXTON

Did not the hon. Member tell the House yesterday that his Department were making a substantial profit on the credits that were at present given to Russia, and, if that be so, would it not be possible to give better terms and make more profit?

Mr. COLVILLE

A profit is always made as long as payments are maintained and the risks are safeguarded.

Mr. HERBERT WILLIAMS

Can my hon. Friend say what credit terms the Germans are giving to the Russians?

Mr. COLVILLE

As far as our information goes, the German Government are not giving any credits to Russia, but certain banking arrangements have, however, been made but not by the Governments.

Mr. KIRKWOOD

Is not the hon. Gentleman aware that Germany is getting orders from Russia, and will not the Government make the same arrangement with Russia as Germany is making and then we could get orders in this country?

Mr. COLVILLE

I have indicated that the German Government are not granting credits.