§ 24. Major-General Sir ALFRED KNOXasked the Secretary to the Overseas Trade Department the reason for the decision to extend credit to the Union of Socialist Soviet Republics for over 12 months; and what are the more stringent conditions to be attached to such credits?
§ Major COLVILLE (Secretary, Department of Overseas Trade)I regret that I can add nothing to the statement which I made on this subject last Thursday.
§ Sir A. KNOXWill the hon. and gallant Member state in what way the policy of the present Government differs from the policy of the late Socialist Government, and is he not taking an unjustifiable risk which would not be undertaken by any firm in the City in giving credits and gambling with the taxpayers' money?
§ Major COLVILLEThe hon. and gallant Member speaks without knowledge of the terms. Obviously, the terms cannot 1459 be disclosed while the negotiations are taking place, but I can assure the hon. and gallant Member that His Majesty's Government are fully aware of the circumstances, and the terms are such as they consider necessary.
§ Mr. T. WILLIAMSDoes the hon. and gallant Gentleman, as Secretary to the Department of Overseas Trade, agree that there has been no risk involved in any undertaking so far?
§ Major COLVILLEThere is a risk involved in all undertakings.
§ Sir A. KNOXIs it not a fact that the risk is increasing in Russia now and that it is simply madness to go on giving these credits?
§ Mr. WILLIAMSIs it not the case that we have actually made a, profit out of them?
§ Sir ARTHUR MICHAEL SAMUELIs it not a fact that the German Government have withdrawn their credits?