§ 12. Mr. Bellengerasked the President of the Board of Trade how much is still owing by Italy to United Kingdom creditors under the Clearing Agreement concluded with the Italian Government in November last?
Mr. StanleyI regret that precise information is not available, since the Italian exchange authorities do not normally furnish particulars of the debts until they advise the Anglo-Italian Clearing Office that payment should be made to the creditors concerned.
§ Mr. BellengerIs the right hon. Gentleman aware that under the Clearing Agreement there are complaints from English creditors that the Italian debtors are not paying the right amounts in Italian currency to those creditors in England?
Mr. StanleyYes, Sir. I answered a question by the hon. Member on that point a few days ago. The hon. Member refers to the extra payment that ought to be made owing to the devaluation of the lire, and, as I explained then, the remedy of the English creditor is with the Italian court.
§ 13. Mr. Bellengerasked the President of the Board of Trade whether he proposes to negotiate a new trade agreement with Italy to replace the Anglo-Italian Commercial Agreement which shortly expires?
Mr. StanleyNo, Sir. Unless denounced by either of the contracting Governments, the Anglo-Italian Commercial Agreement of 6th November, 1936, will automatically continue in force from quarter to quarter.
§ Mr. BellengerCan the right hon. Gentleman say offhand whether there is a favourable balance of trade for this country under that commercial agreement?
Mr. StanleyI cannot say that offhand, but the export of United Kingdom goods to Italy has risen from£34,000 in October to£372,000 in April of this year.
§ Mr. LawsonIf there were any denunciation, would the right hon. Gentleman see that the interests of the coal trade were properly safeguarded?