§ Mr. GLEDHILLasked the Secretary to the Overseas Trade Department the amount of credit held against claims under the Export Credits Insurance Scheme; and what is done with premiums paid on orders afterwards cancelled?
§ Lieut.-Colonel COLVILLEThe meaning of the first part of my hon. Friend's question is not clear. The sums required to meet the claims arising under the Export Credits Guarantee Scheme are voted annually by Parliament. For the current1146W financial year, as the Estimates show, it is expected that receipts will exceed expenses. Any surplus will, under present arrangements, be paid into the Exchequer. As regards the second part of the question, the normal practice is to refund a substantial part of any premiums paid by exporters in respect of orders afterwards cancelled by the purchasers.