6. Lieut. Colonel SANDEMAN ALLENasked the President of the Board of Trade why, under the Anglo-Spanish Payments Agreement insurance premiums are not given equality of treatment with payment for goods or tramp freights?
§ The PRESIDENT of the BOARD of TRADE (Mr. Runciman)In giving priority to tramp freights, His Majesty's Government have recognised the position which existed throughout the period of exchange control in Spain and their action has prevented the trade from being driven to foreign vessels. The question whether priority should be given to remittances in respect of insurance premiums has been very carefully considered, but it has been decided that priority cannot be given in this case. His Majesty's Government have made an arrangement with the Spanish authorities, however, under which claims in Spain may be met by the insurance companies from the pesetas which have been paid into the Clearing.