§ 37. Mr. GIBSON (for Colonel WEDGWOOD)asked the Secretary to the Overseas Trade Department what was the position of the export credits scheme as at 31st March, 1933, stating the total amount of the advances that have been made under that scheme to exporters, between what dates these advances were made, how much of that total amount has been repaid, how much of it has been written off as irrecoverable, and how much of it is still outstanding?
§ Lieut.-Colonel J. COLVILLE (Secretary, Overseas Trade Department)As the answer is long and contains a number of figures I will, with the right hon. Member's permission, circulate it in the OFFICIAL REPORT.
§ Mr. GIBSONCan the hon. and gallant Gentleman give me particulars as to the amounts outstanding with regard to Russia and whether any of those liabilities have been written off?
§ Lieut.-Colonel COLVILLEThat would require a separate question.
§ Following is the answer:
§ Under the Exports Credits Guarantee Scheme no advances are made, but the export of United Kingdom goods is facilitated by guaranteeing the payment of credits in approved cases up to a maximum of 75 per cent. Under the arrangements which have been in force since the introduction of the scheme on 1st July, 1926, the Department had, up to 31st March last, issued policies and concluded contracts under which it assumed liability to guarantee a maximum of nearly £25,000,000, in respect of credits amounting to just over £40,000,000. Of this liability, £16,300,000 had expired up to that date; the ascertained losses were £52,000; the amount outstanding, including losses not yet ascertained, was £8,300,000. For further information about the position of the scheme, including reserves made against outstanding liabilities, premium re3eipts and administrative expenses to the latest date available, I would refer the right hon. Member to the commercial accounts of the Department, published in the annual volume of trading accounts.