HL Deb 07 June 1932 vol 84 cc644-6WA
LORD PHILLIMORE

asked His Majesty's Government:

  1. (1) What are the more stringent conditions which have been attached to the recent sanction of £1,600,000 additional guarantees to British exporters to Russia, in order to comply with the Lord Privy Seal's statement of policy on the 20th April last, when he declared that only with more stringent conditions would further guarantees be granted?
  2. (2) Whether before assessing the risk attached to these guarantees full weight has been given to the increasingly unfavourable balance of trade of the Union of Soviet and Socialist Republics?

THE LORD PRIVY SEAL (VISCOUNT SNOWDEN)

(1) The conditions on which guarantees are given under the export credits guarantee scheme are fixed in each case by the Department's Advisory Committee. It is not the practice to state what those conditions are, but as regards the £1,600,000 of further credits for the sale to Russia of goods manufactured in this country which may be guaranteed under the scheme, the maximum period of credit will be 18 months and a substantial proportion will be at 12 months.

(2) All relevant considerations, including the trade statistics published by the Soviet Government, were taken into account in assessing the risk attached to these guarantees.

House adjourned at seven o'clock.