Mr. McLARENasked the Financial Secretary to the Treasury what are the total sums that have been guaranteed under the export credits guarantee 44W scheme and under the Trade Facilities Act; what is the amount of advances or guarantees that is not likely to be recovered; and what is the actual or probable loss falling upon public funds?
§ Mr. PETHICK-LAWRENCEThe total loans guaranteed under the Trade Facilities Acts amounted to £72,253,767 and the net losses to date amount to approximately £680,000. Some part of these losses may ultimately be recovered but I am unable to give any estimate of the amount. Nor am I able to say what further losses, if any, are likely to be incurred in respect of the outstanding Exchequer liability under these guarantees which at present stands at £64,122,574. As regards Export Credits, I am informed that from the introduction of the present Export Credits Guarantee scheme in July, 1926, up to the end of March, 1930, the Export Credits Guarantee Department had entered into contracts guaranteeing the payment of bills of exchange for a maximum amount of £12,763,638, on which its maximum liability was £8,062,043. Losses written off to that date amounted to £5,555, in addition to which there was outstanding a sum of £93,694, representing the difference between payments made under guarantee and recoveries from defaulters. I cannot say how much of this sum will be recovered, nor what further losses will be incurred in respect of the liability then outstanding.