§ 12. Mr. J. R. H. Hutchisonasked the President of the Board of Trade the present position of payments by Turkish buyers of goods exported from this country; and whether he will make a statement.
§ Mr. P. ThorneycroftWith permission, I will circulate a statement in the OFFICIAL REPORT.
Following is the statement:Her Majesty's Government concluded with the Turkish Government on 17th January, 1955, an Agreement (Cmd. 9373) whereby the latter have undertaken to set aside for the settlement of outstanding sterling payments due to United Kingdom exporters or merchants at that date for goods (other than petroleum) imported into Turkey sums equivalent to 20 per cent. or, in the case of certain products, 50 per cent. of the sterling earnings of Turkey derived from exports to the United Kingdom. Under the Agreement these sums are to be paid into a special account which is to be opened by the Turkish Central Bank with a London bank and from which payment is to be made to the United Kingdom creditors in an agreed order. The Agreement provides for minimum annual payments of £1,500,000 for each of the years 1955 and 1956 and £2,500,000 for each of the three succeeding years.The total sums due to United Kingdom creditors for goods (other than petroleum) imported into Turkey are estimated to amount to between £10 million and £12 million.737The Turkish authorities have not yet opened the special account provided for in the Agreement. In response to representations by Her Majesty's Embassy at Ankara they have, however, expressed their intention of doing so as soon as they have resolved certain administrative difficulties. We shall continue to keep in the closest touch with the Turkish Government in this matter.