§ 31. Mr. GIBSONasked the Secretary to the Overseas Trade Department what were the net profits of the Export Credits Department in the years 1930, 1931, and to the latest period in 1932?
§ Lieut.-Colonel COLVILLEIn so far as it is available and has not already appeared in the annual volume of trading accounts for 1930, the information for which my hon. Friend asks is due to appear in the 1931 volume, the publication of which I cannot anticipate. But in view of the widespread impression that the Department is making large profits, I must point out that its outstanding liabilities are greatly in excess of the surplus of receipts over expenditure.
§ Mr. GIBSONCannot my hon. and gallant Friend give some definite information as to the profits that have been made in those years?
§ Lieut.-Colonel COLVILLEIn so far as they are published in the annual volume of trading accounts, they are available to my hon. Friend. I cannot anticipate the publication of the next accounts.
§ Mr. GIBSONIn view of the fact that the profits that have been made in respect of premiums charged on insurance have been so large year after year, does my hon. and gallant Friend not consider that the Overseas Department might take into consideration the charging of lower premiums to our industries?
§ Lieut.-Colonel COLVILLEWe are taking that into consideration, but we have to remember that the outstanding liabilities are considerable and that we are dealing with the taxpayers' money, and we have to be judicious in charging premiums which will give us some cover.