§ 12.11 a.m.
§ Mr. R. S. Hudson (Secretary, Overseas Trade Department)
I beg to move,That the Clearing Office (Turkey) Amendment No. 2 Order, 1940, dated 14th February, 1940, made by the Treasury under the Debts Clearing Offices and Import Restrictions Act, 1934, a copy of which was presented to this House on 20th February, be approved.When in the summer it was decided to bring the Anglo-Turkish clearing arrangement to an end all trade between 729 Turkey and this country came on a compensation basis with the exception of a certain number of minerals and tobacco. Those compensation payments were subject to a deduction of 20 per cent. of sterling, which was put at the disposal of the Turkish Government and a further 20 per cent. in order to clear off old debts. Later on, when we made an arrangement with Turkey, which was approved the other day, under which we advanced money to enable the clearing arrears to be liquidated, it became unnecessary to reserve that 20 per cent. of the compensation proceeds, and therefore we made a further arrangement with the Turkish Government to release that money and to enable 80 per cent. of the proceeds to be used for current trade. The only other point I need call attend- 730 ton to is the provision in Article 3 (2), which allows up to 25 per cent. of the total proceeds of Turkish sales here to be available for Turkish purchases in countries outside the United Kingdom in the sterling Empire.
§ Question put, and agreed to.
§ The remaining Orders were read, and postponed.
§ It being after Half-past Eleven of the Clock upon Thursday evening. Mr. DEPUTY-SPEAKER adjourned the House, without Question put, pursuant to the Standing Order.
§ Adjourned at Fourteen Minutes after Twelve o' Clock.