§ 21. Mr. Thurtleasked the Secretary to the Overseas Trade Department whether or not the whole of the credit of 410,000,000 granted to Russia has yet been utilised?
§ Mr. R. S. HudsonYes, Sir.
§ Mr. ThurtleDoes not the hon. Gentleman regard that as satisfactory from the point of view of British trade?
§ Mr. HudsonYes, Sir, but it would be even more satisfactory if the Soviet Government used their available resources in purchasing British goods without the need of such credits.
§ Sir William DavisonIs it not the fact that under this credit the purchases from Russia have not materially increased as compared with the three preceding years?
§ Mr. ShinwellWould it not materially assist in the direction the hon. Gentleman desires if Members of the Tory party would stop their anti-Russian and anti-Communist talk?
§ Mr. T. JohnstonIs the hon. Gentleman not aware that the Russian Government have met in full their obligations under these trade agreements and that they have paid very much higher rates of interest for these credits than any other nation?
§ Mr. HudsonI think it is undoubtedly true that the Soviet Government have met all their obligations; all I wished to point out was that they had ample available resources of sterling which might be used for the purchase of British manufactured goods instead of, as at present, mainly for the purchase of British re-exports.