§ Mr. Owenasked the President of the Board of Trade if he is aware that British business interests with Brazil are being handicapped by the decision of the Brazilian Government to prohibit the transfer of deposits to this country; and what action he proposes to take.
§ Sir D. EcclesThe delays in payment for goods exported to Brazil before 1953 certainly discouraged United Kingdom exporters from seeking new business.90W However, the agreement which was reached in 1953 for the arrears of commercial debts, amounting to £64 million to be paid off at the rate of £6 million yearly has been working satisfactorily and about two-thirds of the debt has been paid. Trade has revived and our exports to Brazil, which in 1955 were less than £7 million, are now running at the rate of about £18 million a year. I do not consider that any further action on my part is called for.