§ 61. Sir R. Blairasked the Secretary to the Overseas Trade Department whether the Export Credits Guarantee Scheme is to be developed into insuring separate individual export transactions, under Command 6183, which are subject to variations in exchange, losses by bad debts, and the various war risks from British factories till delivery in a foreign country, or is export trade development to be the uninsured bearer of the above-mentioned risks of loss of capital?
§ Mr. Shakespeare (Secretary, Overseas Trade Department)Any exporter who is prepared to insure his overseas turnover with the Export Credits Guarantee Department against insolvency risks can obtain at his option cover against the risk of frozen credits in practically every market in the world, and he is free to select a particular country for this purpose. These transfer facilities cover the exporter against delay or loss in the transfer of funds from a solvent buyer, whether due to economic causes, or war, or other similar disturbances. Arrangements are under active consideration at the present time with a view to making this valuable form of protection of still greater service to exporters, and I hope to be in a position to make an announcement on the subject shortly.