HC Deb 16 May 1957 vol 570 cc551-3
16. Mr. George Craddock

asked the President of the Board of Trade what are the considerations which led him to discriminate against the import of non-dollar petroleum and petroleum products from Rumania.

Mr. Rankin

In the meantime, can the President say whether it is or is not true that, taking into account her favourable balance with Japan and her deficits with Switzerland and Ceylon, China's overall surplus is of the order of £100 million? Also, is it not the case that, despairing of the policy of this country, she is running that balance down by converting into other currencies which she can use more easily than sterling? In effect, is he not thus allowing trade to slip through our hands because of the foolish policy his Government are pursuing?

Sir D. Eccles

I do not believe there are any accurate figures for China's overall surplus, but the figure mentioned by the hon. Gentleman is, according to my information, much exaggerated.

Mr. Speaker

rose—

Mr. Rankin

On a point of order. I have two Questions down.

Mr. Speaker

The hon. Member asked a very long supplementary question. One is quite enough. I think we must have Mr. George Craddock.

Mr. Rankin

I was going to ask a short one, Sir—

Mr. Speaker

Order. The hon. Member ought to rest content with the rope he got.

Following is the Answer:

Sir D. Eccles

In the absence of a satisfactory financial settlement of United Kingdom claims against Rumania, which include large claims in respect of the expropriation of United Kingdom oil interests, the import of Rumanian petroleum and petroleum products cannot be permitted.

Mr. Craddock

Is it not possible for the Minister, notwithstanding the fact that there are these financial difficulties to overcome, to go into this question in the same way as France resolved her financial problems with Rumania, by the allocation to a special fund of the small percentage of the annual trade between the two countries? Would not that make it possible to support a fund to liquidate this debt finally?

Sir D. Eccles

I imagine that would be a way in which such a debt could be liquidated, but it would take good will on the part of the Rumanian Government to start such a system.