§ 20. Colonel GRETTONasked the Secretary to the Overseas Trade Department the total amount repaid on account of credits for exports to Russia from 1st August, 1929, to the 31st May, 1932, and the total amount outstanding at the later date?
§ Mr. COLVILLEThe total amount of credits in respect of exports to Russia which the Export Credits Guarantee Department had contracted to guarantee from 1st August, 1929, to 31st May, 1932, was approximately £15,400,000. The maximum liability assumed by the Department under these contracts was £10,000,000 and up to 31st May, 1932, bills for £6,100,000 had run off without any call being made on the Department's guarantee.
§ Colonel GRETTONCan my hon. Friend state the periods of the remaining credits; are any of them for as long a period as 20 months, or are they for less periods?
§ Mr. COLVILLENo credits have been granted by the present Government for longer than 18 months, but there still remain to mature some which were granted before for a longer period. The longest periods granted by the previous Government were 30 months.
§ Mr. SMITHERSCan my hon. Friend say why the continuance of credit is necessary at all, considering the large favourable trade balance which Russia has in this country?
§ Mr. COLVILLEIt is impossible immediately to turn over from long credit to immediate cash, but the policy of the present Government is to reduce the period of time, and that is what we are doing.
§ 23. Mr. HANNONasked the Secretary to the Overseas Trade Department the amount of the export credits guarantee in relation to the purchase of British 762 goods by Russia in each of the years 1929, 1930 and 1931, and the amount of the premiums received by the Government in respect of such guarantees in each of those years?
§ Mr. COLVILLEThe amount of the contracts issued by the Export Credits Guarantee Department for credits for exports to Russia during the three financial years 1929, 1930 and 1931 was approximately
| £ | ||||
| 1929 | … | … | … | 1,300,000 |
| 1930 | … | … | … | 5,000,000 |
| 1931 | … | … | … | 8,400,000 |
§ It has never been the practice to give detailed information in regard to premiums for transactions with particular countries, but the Advisory Committee have followed a policy of building up a reserve fund for these risks.