§ 49. Sir Nicholas Grattan-Doyleasked the Chancellor of the Exchequer whether he will lay it down as a principle of national policy when granting, on political grounds, credits to friendly foreign countries, that the transactions should not be by way of monetary loans or bank credits, but by the use of the Export Guarantees Act, 1939; and will he, if necessary, extend suitably the amount of guarantees to be available beyond the present total limit?
§ Sir J. SimonHis Majesty's Government have no power to grant loans or credits to other countries, and have no present intention of asking Parliament for power to grant or guarantee loans or credits to other countries otherwise than in accordance with the arrangements set out in the Export Guarantees Act, 1939. In reply to the second part of the question, the possibility of increasing the limit of these guarantees would be considered when the necessity arose.
§ 50. Sir N. Grattan-Doyleasked the Chancellor of the Exchequer whether he will, as a substitute for the flotation in London of loans to foreign borrowers while the loan market here is closed to such borrowers, make it more generally known to them that they can, by arrangements acceptable to British exporters, obtain on credit British productions by the facilities afforded under the Export Guarantees Act, 1939?
§ Sir J. SimonI think that the facilities available under the Export Guarantees Act, 1939, are already well known to all concerned.