§ 41. Mr. Bellengerasked the Secretary to the Overseas Trade Department whether the functions of the Export Credits Guarantee Department are limited to credit risks as distinct from exchange and transfer risks?
§ Mr. R. S. HudsonThe guarantees given by the Export Credits Guarantee Department are available to cover both credit risks and transfer risks but they do not apply to losses resulting from fluctuations in exchange.
§ Mr. BellengerWho has to suffer losses in the transfer? Is it the British trading interests?
§ Mr. HudsonIf the transactions were carried out in sterling the risks would be negligible.