§ 13. Mr. Russellasked the President of the Board of Trade if he is aware of the recent agreement under which the United States of America has sold wheat to Brazil for payment spread over forty years; and what representations he proposes to make, in conjunction with other contracting parties, against this violation of the General Agreement on Tariffs and Trade.
§ Sir D. EcclesI am aware of this Agreement, which provides that most of the proceeds from the sale of this wheat are to be invested in Brazil. It is the sum invested which is to be repaid over forty years. Such an arrangement is not contrary to the provisions of the General Agreement on Tariffs and Trade.
§ Mr. RussellWould my right hon. Friend not agree that, although it is not contrary to the letter of the General Agreement on Tariffs and Trade, it is contrary to its spirit, and that representations should be made to the United States to stop this kind of practice?
§ Sir D. EcclesI think that the trade is manifestly to the advantage of Brazil, and I should think that our representations would have no effect.