35. Mr. Scott-Elliotasked the President of the Board of Trade whether he will arrange for the value of imports and 1399 exports to be set out in the trade returns on a f.o.b. basis, thus presenting a fairer picture of the trade balance.
§ Mr. H. WilsonNo, Sir. In accordance with the International convention relating to Economic Statistics signed by this country at Geneva on 14th December, 1928, the value of goods which importers are required to declare on importation into the United Kingdom must include insurance and freight charges. Consequently, the balance of trade figures derived from the Trade and Navigation Accounts include these invisible items for which in any estimate of our balance of payments position, only an approximate allowance can be made.
Mr. Scott-ElliotOn a point of Order. Could my right hon. Friend speak more clearly? I could not hear a word.
§ Mr. WilsonI was speaking almost at the top of my voice but there were a number of other noises going on. The short point of my answer was that the convention signed in 1928 bound the form of our statistics in this matter.
Mr. Scott-ElliotWould my right hon. Friend at least admit that it is desirable to put the figures for imports and exports on a comparable basis in order that people may be able to compare them one with the other?
§ Mr. Walter FletcherWould not the correct way be to show the exports on an f.o.b. basis and imports on a c.i.f. basis?