§ Q1. Mr. Arthur Davidsonasked the Prime Minister what recent consultations he has had with the Trades Union Congress with regard to increasing exports.
§ Q3. Mr. John Fraserasked the Prime Minister, whether he is satisfied with the co-ordination existing between the Board of Trade and the Treasury in the collection and interpretation of export statistics; and if he will make a statement.
§ The Prime Minister (Mr. Harold Wilson)On Question No. Q1, exports are being discussed at the meeting of 1127 the National Economic Development Council today.
The Answer to Question No. Q3 is, "Yes, Sir".
§ Mr. DavidsonAs this is the first time for many years that this country has had a trade surplus for four successive months, can my right hon. Friend say whether he has had any communication at all from the Leader of the Opposition congratulating him and the Trades Union Congress on the part that they have played in helping to bring about this maginficent achievement?
§ The Prime MinisterNo. But I do not think that the Leader of the Opposition is a member of the Trades Union Congress. It is highly unusual that there should be a trade surplus on visible trade. This country has never counted on getting a surplus on visible trade because invisibles and other matters usually cover what has been for, I imagine, 70 or 80 years a deficit on visible trade. It is therefore all the more gratifying that this surplus has been achieved.
At the same time, there are, and always will be, fluctuations from month to month, and my hon. Friend would be no more depressed than he is at present elated if there were any month in which the trade figures slipped into a small deficit because the balance of payments as a whole, including the invisibles, is now running at about the highest figure in the memory of most hon. Members present.
§ Mr. FraserHas my right hon. Friend noticed that the Leader of the Opposition has been as silent as an organ grinder who has lost his organ? Would he publish the trade statistics in a White Paper which will be comprehensible to organ grinders and their monkeys alike?
§ The Prime MinisterI do not have any strong feelings about the Leader of the Opposition in this matter. He went on record about the second quarter balance of payments and asked us to wait for the third quarter. We are prepared to wait just as long for him to comment favourably on them.
§ Mr. BlakerDoes the Prime Minister recall that he and I had a difference of opinion last Thursday about the trend of 1128 our adverse balance of trade with the Soviet Union? I claimed that it had increased and the Prime Minister claimed that it had narrowed. Does he now agree, having looked at the facts, that the adverse balance for the first 10 months of this years was £27 million greater than that for the whole of last year?
§ The Prime MinisterThe hon. Gentleman was courteous enough to write to me about this. I am glad to have this chance of dealing with his point about our balance of trade with the Soviet Union. I agree that he has a point. [Interruption.] Perhaps the right hon. Gentleman will listen to the rest of the answer. He may even find his tongue if he listens carefully.
My answer was based on the years 1964 to 1968 when the adverse balance in value terms fell slightly. But exports to the Soviet Union as a percentage of imports from them rose from 41 per cent. to nearly 66 per cent. That justified what I said. However, the hon. Gentleman has referred to the first 10 months of this year. The value figure has risen sharply, but the percentage of Soviet imports covered by exports still runs significantly higher than in 1964. So the hon. Gentleman will agree that I have a point, too. [Interruption.] The hon. Gentleman should listen to this. These are important figures. I will grant him his point on absolute figures, but on the percentage of exports I think I have made my point; if the hon. Gentleman does not understand it, that is his fault.
A very big factor in the increase from 1964 to 1969 has been the import of precious stones and precious metals which is now running at more than £60 million so far this year. A substantial part of this is re-exported from this country. If one took out the trade in diamonds and silver, imports this year would have risen only marginally compared with 1964, while exports would have more than doubled. I am prepared to say that honours are even with the hon. Gentleman.
§ Sir Harmar NichollsOn a point of order. The Prime Minister answered Questions Q1 and Q3 together. They were different question which received different answers. Is that a new rule? It meant that all the follow-up questions were on Question Q3 and not on Question Q1. This matter should be looked into in more detail.
§ Mr. SpeakerThe hon. Gentleman ought to know that a Minister answers questions whichever way he likes.
§ Sir Harmar Nicholls rose—
§ Mr. SpeakerOrder. The hon. Member is taking up valuable question time.
§ Sir Harmar NichollsIt is because I realise that that I pursue the point with reluctance. I have always thought that questions should be answered together only if they were similar questions requiring the same answer. This way of doing it prevents a discussion on one of the questions.
§ Mr. SpeakerIt is for the Minister to decide what the grouping shall be.
§ Mr. BlakerOn a point of order. In view of the unsatisfactory nature of the Prime Minister's reply, I beg leave to give notice that I shall raise the matter on the Adjournment.