§ 18. Mr. Blenkinsopasked the President of the Board of Trade what fresh official credit facilities are to be made available to encourage increased sales of British engineering and other products to the Union of Soviet Socialist Republics.
§ Sir D. EcclesIn recent months Soviet buying organisations have been asking for medium-term credit, instead of their normal 30–45 days terms. The Export Credits Guarantee Department is ready to insure such contracts.
§ Mr. BlenkinsopI welcome the Answer of the right hon. Gentleman. Can he go further and say whether he is prepared also to consider longer-term credits which have been asked for in certain cases where considerable orders are in prospect? Does he realise that this is a matter of considerable interest to firms in the North-East and elsewhere, where there is some shortage of orders at present?
§ Sir D. EcclesThis is a difficult question but one which is well worth while investigating. We are trying to obtain more information from the Russians on the subject.