§ The Paymaster-General (Mr. Reginald Maudling)
The permission of the Treasury under the Exchange Control Act is required for granting credit to countries outside the scheduled territories. In practice, permission can be readily obtained for reasonable export credit arrangements. In some circumstances, Treasury consent under the Control of Borrowing Order might also be required.
§ Mr. Albu
Is not the right hon. Gentleman aware that Indian manufacturers are offering to supply textile machinery on credit terms said to be twice as favourable as those offered by British manufacturers? Does not he think it time that there was some concert on credit terms within the sterling area, and will he ask his right hon. Friend to discuss this matter at the forthcoming conference of the Commonwealth Finance Ministers?
§ Mr. Maudling
I have not heard of that activity by the Indian manufacturers, and I shall be glad to look into it.