27. Captain ARCH I BALD RAMSAYasked the President of the Board of Trade whether his attention has been drawn to the fact that the imports of goods from Russia, so far as they appear to be identifiable in the Trade Returns, have increased from £4,306,000 in the first five months of 1933 to £5,393,000 in the same period of 1934, while the exports of British goods to Russia have decreased in the same periods from £1,853,000 to £1,368,000; and, in view of these figures, what steps are being taken to secure, in accordance with the recent trade agreement, a more satisfactory state of affairs?
§ Lieut.-Colonel J. COLVILLE (Secretary, Overseas Trade Department)My hon. and gallant Friend is referring to the balance of trade, whereas the Temporary Commercial Agreement deals with the annual balance of payments, which can only be calculated after the conclusion of 314 each year. United Kingdom exports to Russia consist largely of capital goods which take some time to manufacture, and orders for goods of this description are not reflected in the trade returns for a considerable period.
§ Sir W. DAVISONHas my hon. Friend been able to ascertain whether a considerable amount of the goods ordered from this country by Russia are reexported goods—raw materials—and not goods manufactured in this country?
§ Lieut.-Colonel COLVILLEThe trade returns show the proportion of re-exported goods passing. There has been a considerable amount in the last few months.
Captain RA,MSAYCan my hon. and gallant Friend give us the assurance that, in spite of these figures, which seem to be at variance with the spirit of the treaty, he will see that the bargain as to the balance of trade is carried out?
§ Mr. T. WILLIAMSIs it the case that the imports into Russia from this country were reduced only when the trade agreement went out of existence; and is it not the case that the orders from Russia this year are £2,000,000 above the figure for last year?
§ Lieut.-Colonel COLVILLEIn answer to my hon. and gallant Friend, we shall certainly see that the provisions of the agreement are implemented. With regard to the second supplementary question, I am aware that further orders have been placed this year, but I cannot say exactly to what amount.
§ Mr. CHARLES WILLIAMSWould my hon. and gallant Friend, as a Scotsman, like to do business of this kind?
§ Lieut.-Colonel COLVILLEI am willing to do business with anybody.
Viscountess ASTORWill the hon. and gallant Member pay more attention to the silent Members of this House, who want to trade with Russia, and not pay too much attention to the Diehards, who do not want to trade with anybody?