§ 9. Mr. Shepherdasked the President of the Board of Trade if he will state the total debit or credit on Canadian trade with the United Kingdom in respect of the latest available 10 years; and how the balance has been settled.
§ 46. Mr. Hamlingasked the President of the Board of Trade if he will give details of the total debit or credit on Canadian trade with the United Kingdom over the last 10 years; and how the balance has been settled.
§ Mr. JayFigures of our trade with Canada can be obtained from Account IV of the Trade and Navigation Accounts covering this period. It is not possible to say how the trade balance with a single country has been financed.
§ Mr. ShepherdIs it not the case that the deficit has been about £1,500 million over the past ten years, and that at least some of that deficit will have to be financed by the payment of gold and dollars? Can he say how long the Government will allow a state of affairs to continue which puts such a grossly unfair burden on this country?
§ Mr. JayIt is true that we have a very serious trade deficit with Canada, which gives us great concern. I have recently made repeated representations to the Canadian authorities about this, and we are having further discussions about it.
§ Mr. HamlingDoes not my right hon. Friend agree that this serious situation has developed very much over the last ten years and that hon. Members on this side of the House regard it as a very serious matter?
§ Mr. JayYes. It certainly has become worse in recent years. That is one reason why we are attempting to remedy it.
§ Mr. ShepherdIs it not a fact that, because of tariff barriers, it is much more difficult for many British manufacturers to sell in Canada than in the United States? Is it not quite unfair that our manufacturers should have to face these very high tariffs and a system which amounts almost to a national economic autocracy, when we have this extraordinarily unfavourable balance with Canada?
§ Mr. JayThere are particular difficulties connected with anti-dumping duties, as the hon. Member knows. We are making representations about this. I am sure that the Canadian authorities will also pay attention to what the hon. Member has said today.