§ Sir W. de FRECEasked the Prime Minister if he will state the advances already made for the promotion of British trade in connection with the allocation of the sum of £25,000,000?
Mr. YOUNGMy hon. Friend is under a misapprehension. The Trade Facilities Act, 1921, empowered the Treasury, on the recommendation of an Advisory Committee, to guarantee, in respect of interest or principal or both, loans calculated to promote employment in the United Kingdom. The aggregate capital amount of loans in respect of which guarantees might be given, was not to exceed £25,000,000. The Treasury has, in accordance with the Act, agreed to guarantee such loans to a total, up to the present, of £8,500,000. The loans in question are being raised by the borrowers from various private sources, and there is no question of the Treasury making any payments unless and until the Treasury has to implement any of its guarantees.