§ 7 and 8. Mr. K. Thompson
asked the President of the Board of Trade (1) if he will make a further statement about the negotiations with the Brazilian Government for a settlement of the outstanding commercial debts;
§ (2) what proposals he has for enabling exporters to resume trading with customers in Brazil.
§ Mr. P. Thorneycroft
Under an Exchange of Notes dated 1st October, the text of which has been published as Cmd. 8978, the Brazilian Government undertook, in particular, to provide cover for an initial remittance of £10 million, and for remittances at an annual rate of not less than £6 million. The detailed implementation of these arrangements is now being discussed with a Brazilian delegation which has come to London for the purpose. I trust that the effect of this settlement will be a gradual improvement of trade between the United Kingdom and Brazil from its present regrettably low level.
§ Mr. Thompson
Will my right hon. Friend accept the compliments of the House on what he has done to effect this 1778 agreement so far as it has been concluded, and will he pursue the negotiations so that those who are interested in trading with Brazil in the future may be given every opportunity to resume their business?