§ 78. Viscount Hinchingbrookeasked the President of the Board of Trade what capital goods items will be exported to Poland under the proposed £7,500,000 credit; and for what reasons His Majesty's Government has sanctioned an Exports Credits Department Guarantee.
§ Mr. Bottomley£6 million of the £7½ million relates to capital goods and £1½ million to raw materials. Capital goods of various types totalling £15 million will be purchased by Poland up to 30th June, 1950, under the trading arrangements concluded in June, 1947, and reviewed last month. Poland will provide cash to the extent of £9 million before the goods are shipped and will finance tile remaining £6 million by means of advances from London Banks. Export credit guarantees on the normal basis were made available to the banks in order to facilitate the conclusion of these trading arrangements, under which the United Kingdom will receive substantial quantities of essential foodstuffs.