HC Deb 16 December 1954 vol 535 cc1969-70
41. Mr. K. Thompson

asked the President of the Board of Trade to what extent British creditors holding blocked balances in Brazil have intimated their intention to take advantage of the facilities now allowed to purchase Brazilian products for resale in this country.

Mr. P. Thorneycroft

None, Sir, although there have been a few inquiries.

42. Mr. K. Thompson

asked the President of the Board of Trade what consultations he had with representatives of British creditors holding blocked balances in Brazil before he announced the proposals to relax the conditions in which these balances could be used.

Mr. P. Thorneycroft

None, Sir, but all the organisations known to represent creditors were informed on 20th November of the proposals and no adverse comment has been made to me by any of them.

Mr. Thompson

Would my right hon. Friend take note of the fact that, while the ultimate object of British policy must be to secure the greatest possible expansion of our trade with Brazil, he should do nothing to disturb the present debt settlement from functioning, as it is the best we are able to obtain?

Mr. Thorneycroft

I think we should continue on the lines of the present debt settlement and, up to the present time, the Brazilians are carrying out their part of it.