29. Mr. HARVEYasked the Secretary to the Overseas Trade Department the amount of Russia's indebtedness to Britain incurred under the export credit scheme since the War; and what amount, if any, is in arrears under the conditions originally agreed upon?
§ Mr. JOHN COLVILLE (Secretary, Overseas Trade Department)Exports to Russia were included within the scope of the export credits guarantee scheme from 1st August, 1929, and from that date until 31st May, 1932, the total credits which the Department had contracted to guarantee in connection with exports to Russia amounted to £15,380,000. There has been no failure to date to pay off punctually the very substantial proportion of these credits which have already matured.
Mr. HARVEYThe reply refers to a substantial proportion; does that mean that any amount is in arrear?
§ Mr. COLVILLENo amount is in arrear under the conditions agreed upon, but the hon. Member will understand that there is still a considerable proportion outstanding which has been guaranteed. All the debts that have matured have been paid off punctually at the date of maturity.
§ Sir WILLIAM DAVISONWhy do we have to pay cash for goods from Russia while we have to give credit for goods supplied to them?