§ 89. Sir P. Hannonasked the President of the Board of Trade if he will inform the House on the measure in which the Export Credits Guarantee Department is making contribution to export trade development; and if he will indicate the amount of guarantees which are now operative as at the latest convenient date.
§ Sir S. CrippsAs a wartime measure, the Export Credits Guarantee Department by its War Emergency Policies covered exporters for a high percentage, up to 85 per cent. or 90 per cent., of loss arising, such as the insolvency of the purchasers and their inability to transfer sterling. This cover has been still further improved in the light of experience, and revised Guarantee Policies embodying these improvements were introduced on 1st May last. The export turnover coming under cover of the Department's guarantees is 1724 running at roughly the same level in value as just before the war. It shows an increase of nearly 30 per cent. for the first seven months of this year as compared with the corresponding period of last year. Policies issued for those months total £30,500,000 and the Department's present liability on all guarantees given is £27,000,000.
§ Sir P. HannonDoes the right hon. and learned Gentleman intend to further and develop the work of the Export Credits Guarantee Department and Corporation?
§ Sir S. CrippsCertainly, we shall develop them.