§ 42. Mr. Day
asked the Secretary to the Overseas Trade Department particulars of any losses incurred by His Majesty's Government on the Export Credit Guarantee Scheme in force until the end of 1935; the amount of net payments made in connection with guarantees; and whether the whole of the payments were covered by premiums received?
§ Mr. R. S. Hudson
As regards the first part of the question, no net loss has been incurred on the Export Credits Guarantee Scheme up to the present date. As regards the second part, I would refer the hon. Member to Commercial Accounts of the Export Credits Guarantee Department, which are published by the Stationery Office in the annual volume of Trading Accounts. As regards the third part, payments made have been covered by the premiums received throughout the whole period of the operation of the scheme.
§ Mr. J. Morgan
Cannot this development of State Socialism be regarded as an entirely satisfactory affair?
§ Mr. Hudson
The whole point is that this is run with the assistance of a committee of business men.