§ 58. Mr. Liddallasked the President of the Board of Trade whether he will request the Export Council to consider the advisability, unless Brazil takes enough exports from Britain to balance our purchases from Brazil, of setting up an exchange clearing between Britain and Brazil, so as to arrange for the restoration of the services upon defaulted Brazilian Government and municipal obligations incurred in Britain?
§ Sir A. DuncanAs I informed by hon. Friend on 5th March, there are considerable invisible items in the balance of payments between Brazil and this 1006 country. The Brazilian Government have now offered an interim arrangement for resumption of payments on the Brazilian external debt. This offer has been recommended by the Council of Foreign Bondholders to the bondholders concerned.