§ Mr. Haleasked the President of the Board of Trade whether he is aware of the grave effect upon the export of textile machinery manufactured in Oldham which has been caused by the discontinuance of export credit guarantees to Brazil; and whether he will make a statement.
§ Mr. MackesonAlthough the Export Credits Guarantee Department were obliged last May to decline to assume further liability, it should not be overlooked that they have so far this year152W covered nearly £5 million worth of textile machinery, either actually exported to Brazil or at present being produced for export to Brazil. A further substantial volume of business could not be completed, even if E.C.G.D. were to grant cover, because the Brazilian authorities have refused import licences for it. The fundamental difficulty facing United Kingdom exporters to Brazil is that because of the high prices for Brazilian products Brazil has not been able to earn sufficient sterling with which to pay for United Kingdom goods.