§ 3. Mr. Bottomleyasked the President of the Board of Trade if he can yet make a statement about the Anglo-Japanese trade talks.
§ Mr. LowYes, Sir. The mid-term review of the arrangements made last October has been concluded and the agreed record of the results is being initialled this afternoon. It was decided that those arrangements were working satisfactorily and that no change in them was necessary. Provision is being made for additional trade over the next six months amounting to about £150,000 each way.
The new quotas secured for our exports cover chemical products, manufactured foodstuffs and light engineering goods; and the new quotas conceded for imports are additional canned salmon—which covers more than half the £150,000—canned peaches and loquats, artificial pearls, some plastic goods and slide rules.
§ Mr. BottomleyI thank the Minister for his reply and congratulate him on the successful conclusion of the trade agreement. Would he agree that, in view of our present balance of payments difficulties, it would be better if we had not taken the least essential goods?
§ Mr. LowNo, Sir, because we have made arrangements for increased exports to Japan which will maintain the balance.