§ Mr. Evelyn Kingasked the President of the Board of Trade to what extent the balance of trade between Rhodesia and Great Britain was favourable to Great Britain in 1964; and if he will estimate the loss currently being caused to Great Britain by sanctions.
§ Mr. MasonRhodesia was not distinguished in United Kingdom trade statistics in 1964; Rhodesian figures were as follows:
The difference between these figures is not a good measure of the balance of payments for trade, but this cannot have been large. I am not able to provide the estimate asked for in the second part of the Question.
£ million f.o.b. Exports and re-exports to U.K. 31.2 Imports from U.K. 33.4
§ Mr. Evelyn Kingasked the President of the Board of Trade if he will estimate the value of the loss likely to be sustained in respect of claims for lost exports against the Export Credit Guarantee Department on account of sanctions against Rhodesia.
§ Mr. MasonThe maximum liability of the Export Credits Guarantee Department in respect of goods which cannot at present be shipped to Rhodesia under insured contracts is estimated at £1.4 million. The actual loss to be sustained 215W cannot yet be assessed but should prove substantially less. There would be savings in respect of goods which can be resold and on goods where the manufacturing process is not completed; and some goods may eventually be shipped.
In addition there is insured credit outstanding in respect of past business. The amount of this still to be paid cannot be accurately estimated but could amount to some £5 million, with payments due over the next 5 years. While claims are likely to arise they should be largely recovered once normal conditions are restored.
§ Mr. Evelyn Kingasked the President of the Board of Trade what was the value of goods exported to Rhodesia from Great Britain in 1964; and if he will estimate the current export loss to Great Britain caused by sanctions.
§ Mr. MasonRhodesia was not distinguished in United Kingdom trade statistics in 1964. Rhodesian statistics record imports from the United Kingdom in that year as £33.4 million f.o.b. I am not able to provide the estimate asked for in the second part of the Question.
§ Mr. Evelyn Kingasked the President of the Board of Trade if he will estimate the value of insurance business in Rhodesia previously enjoyed by Great Britain and now being transferred elsewhere by Rhodesia on account of sanctions.