§ 30. Sir Frank Sandersonasked the President of the Board of Trade whether he will consider setting up such machinery as may be necessary with a view to securing more comprehensive and accurate statistics of invisible exports than are at present available; and whether he will consider granting larger credits to foreign countries for the purpose of purchases of British goods?
§ Mr. StanleyThe scope of the information obtained for the purpose of estimating the balance of payments has been extended in a number of directions during recent years, and the possibility of further extension is kept constantly under review. As regards the second part of the question, the Export Guarantees Act, 1939, enlarged the amount and widened the scope of the guarantees available for facilitating exports from the United Kingdom.
§ Mr. Charles WilliamsDoes not my right hon. Friend think that we have rather too many figures at the present time, and that statistics are not really very useful on all these matters if carried to extremes?
§ Mr. StanleyIt depends upon what is extreme, but I cannot entirely agree with my hon. Friend. Statistics to determine whether we have a favourable or unfavourable balance of trade at the end of the year are essential.
§ Sir F. SandersonIs it not the fact that statistics of invisible exports are absolutely essential?
§ Mr. StanleyI agree, and I think my hon. Friend will agree that, difficult as it is to arrive at accurate figures, there have been considerable changes in the last few years which do give more accurate figures than before.
§ Mr. C. WilliamsDoes not my right hon. Friend realise that statistics can be used almost anyhow as an argument by both sides?
§ Mr. StanleyI have less versatility, and perhaps more accuracy than my hon. Friend.
§ Mr. ThorneIs the right hon. Gentleman aware that figures cannot lie, but figurers can?
§ 31. Mr. J. Griffithsasked the President of the Board of Trade the main causes of the decline in our export trade in the first four months of this year; and what further measures are being taken to promote the increase of our overseas trade?
§ Mr. StanleyAs regard the first part of the question, the main cause of the decline in value is a lower price level. For the first three months, the volume of exports was 3 per cent. higher than last year. As regards the second part, His Majesty's Government are constantly watching for opportunities to promote the increase of our overseas trade. In this connection, I may refer to the tour of my right hon. Friend the Secretary to the Overseas Trade Department to certain Northern capitals and the trade mission to Rumania.
§ Mr. GriffithsCan the right hon. Gentleman give any indication whether the negotiations will be a success or not?
§ Mr. StanleyWe are still in the middle of developments which resulted from them.