HL Deb 16 June 1927 vol 67 cc753-4

VISCOUNT ELIBANK asked His Majesty's Government whether their attention has been called to a statement that, before the Arcos Raid, one of the leading British Banks had arranged to give a credit of £10,000,000 to the Russian Government for the supply of goods to Russia, and to ask His Majesty's Government whether the actual terms upon which it was proposed to grant those credits were as follows:—

  1. (a) 20 per cent. in cash on placing the order with the British manufacturers or suppliers;
  2. (b) 80 per cent. in the form of bills of acceptance guaranteed by the British manufacturers or suppliers;
and further whether in this event such credit was not wrongly described as a credit to the Russian Government, and whether it would not have been more accurately described as a credit to British manufacturers or suppliers for the purpose of Russian trade for which the British manufacturers or suppliers would have assumed the primary responsibility and have taken 80 per cent. of the risk of reimbursement.

The noble Viscount said: My Lords, I do not propose to make a speech on this Question, but will content myself with asking the Government to reply.

VISCOUNT CECIL OF CHELWOOD

My Lords, the answer that I have to give is that His Majesty's Government have no information in regard to the transaction referred to by my noble friend beyond what has already been made public in the Press and elsewhere. So far as we know, the best account of the matter was given in the House of Commons on May 26 last by a member of that House, Sir Edmund Turton.

VISCOUNT ELIBANK

My Lords, I submit that the reply is not a very satisfactory one. I based this Question first of all upon a statement made by Lord Parmoor in this House about a week ago. There was no refutation of it at that time, and I understand that it is being used in the country politically by the Laboar Party. Accordingly I put this Question upon the Order Paper in the hope that the Government might have some information about it. I believe that actually the Question, in the form in which it stands, represents the true facts, and I do not think that I can add anything to it.

THE MARQUESS OF SALISBURY

My Lords, I am very sorry that my noble friend should be disappointed in the reply. We could not hear him at length because, as he knows, he was out of order in speaking a second time upon a Question, but at the same time we should be very glad if a fuller reply could be made. As he is aware, my noble friend who was to have answered the Question could not stay in the House quite so late as was necessary, owing to a very important political engagement. Perhaps my noble friend will either communicate with us privately or put down a Question for a future day.

VISCOUNT ELIBANK

My Lords, I am sorry if I have done anything that was out of order through not knowing the rules of the House very well. I think I would rather communicate privately on the matter.

House adjourned at twenty minutes before seven o'clock.