§ 87. Sir N. GRATTAN-DOYLEasked the President of the Board of Trade whether in view of the continued agitation in Brazil for the repudiation of foreign obligations, and having regard to the losses of the Export Credits Guarantee Department, due to defaulted Brazilian debts, he will warn British exporters to Brazil of the dangers they run and inform them that, as imports of Brazilian products do not provide full exchange payments for British exports to Brazil, it would be safer to restrict imports from Brazil?
§ Captain WALLACEI assume that the last three words of He question should read "exports to Brazil." Imports into Brazil are now paid for by the purchase of exchange on the free market, and I am informed that at present there is no undue difficulty or delay in obtaining sterling for current trade. I should, accordingly be reluctant to discourage United Kingdom exporters, who are, I think, well aware of the situation, from taking steps within the limits of ordinary commercial prudence to maintain their place in what is normally a valuable market.