Credit Facilities (Hansard, 14 February 1962)

§ 51. Mr. Shinwell
asked the Minister of Transport what steps he took to obtain the views of shipowners and shipbuilders on the credit facilities for exports announced by the Government; and what was their response.

§ The Minister of Transport (Mr. Ernest Marples)
Shipowners and shipbuilders have both made known to us their views on credit facilities. As my right hon. and learned Friend the Chancellor of the Exchequer has said, the new arrangements for export credit were 1288 worked out in the City. Like him, we heartily welcome this initiative to help our exports.

§ Mr. Shinwell
Does the right hon. Gentleman mean that when these representations were made, either to himself or to his right hon. and learned Friend, on the subject of these export provisions nothing was said about the need for stimulating the home trade in shipbuilding? Was nothing said about that? Did they make no complaint at all?

§ Mr. Marples
I remind the right hon. Gentleman of what my right hon. and learned Friend said yesterday. I have no evidence that any British shipowner has refrained from ordering new ships because of inadequate credit facilities. If the right hon. Gentleman has some information, I should be grateful to receive it.

§ Dr. King
Is the Minister aware that some shipbuilders are in danger of losing some very valuable contracts with foreign countries for shipbuilding because of the limitation on the credit that he is prepared to offer them?

§ Mr. Marples
It rather depends on what the hon. Gentleman means by limitations on credit. The normal commercial credit is available to almost any exporter and is also available to shipowners, as well as to other engineering industries.

§ Mr. Shinwell
In view of the lamentable record of the right hon. Gentleman and his associates on the Treasury Bench in regard to the Cunard fiasco, is it not desirable that something should be done to stimulate British shipbuilding and provide credit facilities to shipowners and shipbuilders who cannot obtain it in the normal fashion? What does he intend to do about this?

§ Mr. Marples
My right hon. and learned Friend the Chancellor of the Exchequer announced a new scheme. Export Credits have extended the length of their credit insurance, and this is done by the Government. The main point is that the shipowners themselves have not asked for credit and I am certain that so far we have no evidence that any British shipowner has not placed an order because of lack of credit.