§ 56. Mr. K. Thompsonasked the President of the Board of Trade if he will make a statement on the progress of the talks now taking place between representatives of Her Majesty's Government and the Government of Brazil.
§ Mr. P. ThorneycroftYes. As the House is aware, commercial arrears due by Brazil to the United Kingdom amount to some £60 million. Her Majesty's Government submitted proposals on 20th May to the Government of Brazil for a settlement of these arrears together with the maintenance of sterling trade at a level compatible with Brazil's foreign exchange position. Ministerial changes in Brazil delayed the negotiations and it was not until the 17th July that the Government of Brazil submitted their counter proposals, Her Majesty's Ambassador in Rio de Janeiro has now been given instructions for the continuance of the negotiations.