§ 65. Mr. Pethick-Lawrenceasked the Chancellor of the Exchequer whether he will give an assurance that there will be no British loan to the Italian Government?
§ Sir J. SimonNo such loan is contemplated.
§ Mr. Pethick-LawrenceCan the Chancellor give an assurance that no such loan will be made?
§ Sir J. SimonNo such loan has been asked for, and I have no reason to suppose that it will be asked for.
§ Mr. ThorneIs not the embargo on foreign loans being lifted for the purpose of assisting the man in question?
§ Sir J. SimonIf the hon. Member will read the notice dealing with the modifications in the foreign loans procedure, he will see that it refers to quite a different purpose.
§ 66. Mr. Pethick-Lawrenceasked the Chancellor of the Exchequer whether he will give an assurance that no guarantee at the expense of the British taxpayer will be given for the promotion of additional imports into Italy?
§ Sir J. SimonExport credit guarantees are given for the benefit of United Kingdom exporters, and not for the benefit of foreign importers. In the case of Italy, as in the case of any other country, applications will continue, as at present, to be dealt with by the Export Credits Advisory Committee solely on business grounds with a view to assisting United Kingdom export trade.
§ Mr. Pethick-LawrenceIs not the right hon. Gentleman fully aware that the Treasury exercise considerable influence, on general grounds, on these export credits; and, in view of the particular conditions of Italian credit at the present time, can he give a more explicit answer to my question?
§ Sir J. SimonThe right hon. Gentleman will recall that there is an Export Credits Guarantee Department, which, as, he knows, is run as a business concern, with an advisory committee of business men. It deals with all foreign countries, and I do not doubt that the question of credit is one of the questions which are taken into consideration.
§ Mr. Pethick-LawrenceCan we take it that no political influence will be brought to bear by the Government on this organisation to give more generous credit to Italy than has been given in the past?
§ Sir J. SimonIf the right hon. Gentleman will look at my original answer, he will see that I said that applications will continue, in the case of Italy as in the case of other countries, to be dealt with by the Export Credits Advisory Committee on business grounds.
§ Sir T. MooreWill the Chancellor bear in mind the fact that the coal trade of Ayrshire is largely dependent on the Italian market?
§ Sir P. HarrisHave export credits been given recently in the ordinary way of business to Italy?
§ Sir J. SimonThat question would have to be put down.
§ Mr. H. G. WilliamsDoes the answer cover the original dictatorship—that of Russia?
§ Mr. JohnstonCan the right hon. Gentleman say what at the moment is the rate of interest charged on these export credits?
§ Sir J. SimonI should think that it varies, but I do not know.