§ 37. Mr. A. J. Irvineasked the President of the Board of Trade to what causes he attributes the sharp fall in the medium-term business of the Export Credits Guarantee Department in the fourth quarter of 1961.
§ Mr. ErrollI am sorry that the figures as issued may appear to be slightly misleading to those unfamiliar with them. The fall shown in medium-term policies is largely the obverse of the increase in 21W extended-term policies. The following figures show that, while there are
CONTRACTS COVERED UNDER E.C.G.D. GUARANTEES, 1960–1961 (on terms exceeding 6 months' credit) £m Year Quarter "Medium Term" "Extended Terms" Total 1959 … 1st … 24.3 86.7 7.4 32.3 119.0 2nd … 34.0 9.5 3rd … 17.8 7.4 4th … 10.6 8.0 1960 … 1st … 20.2 103.2 12.9 41.0 144.2 2nd … 39.3 5.3 3rd … 17.7 13.4 4th … 26.0 9.4 1961 … 1st … 29.61 79.9 24.6 100.5 180.4 2nd … 13.1 13.2 3rd … 27.1 33.1 4th … 10.1 29.6