§ Mr. T. WILLIAMSasked the Secretary to the Overseas Trade Department whether there has been any modification in the terms when guaranteeing loans for export trade with Russia, or whether such modifications are under consideration?
§ Captain WALLACEThe charges for Government guarantees in respect of export credits to Russia were reduced by about one-third after the conclusion of the Trade Agreement between Great Britain and Russia in February of last year. For many months now purchases in this country on behalf of the Soviet Government have been on a cash basis, and no proposals for guarantees in respect of credits to Russia have been received by the Export Credits Guarantee Department. If the Soviet Government desires to place orders in this country on a credit basis, the Department and its advisers are ready to discuss terms for guarantees.