§ 57. Sir W. DAVISONasked the Secretary to the Overseas Trade Department the total amount of existing credits granted to the Russian Soviet Government for purchases in this country; and to what date or dates do they extend?
§ Lieut.-Colonel J. COLVILLE (Secretary, Overseas Trade Department)The total amount of credits for exports to Russia covered by the Export Credits Guarantee Department during the three years since August, 1929, is approximately £17,200,000 (on which the maximum liability was approximately £12,000,000). These credits fall due almost daily and a large amount has run off. The Government liability on the credits still outstanding is now a much smaller figure. The credits mature at various dates up to October, 1934. The Department's guarantees are given, not to the Soviet Government, but to the British exporter. I have no information as to the credits granted by private firms or institutions.
§ Sir W. DAVISONWould it not be desirable to limit future credits to the date of the termination of the Trade Agreement, or until such time as a new agreement has been entered into, seeing that no inconvenience will he caused in view of the large cash balances which the. Soviet authorities have in this country?
§ Lieut.-Colonel COLVILLEAll these question are taken into consideration by the Statutory Advisory Committee.
§ Mr. T. WILLIAMSSeeing that the Russian Government have met every obligation, will not the hon. and gallant Gentleman he serving this country and industry better if he extends the credits?
§ Lieut.-Colonel COLVILLEThe Statutory Advisory Committee are constantly considering the whole matter.
§ Mr. KIRKWOODWill the Minister tell the House that, because this week we are able to tell the steel workers in his own works that they have an order for steel plates for Russia, there is joy in the homes of tens of thousands of folk in Scotland?