§ 8. Mr. Silvesterasked the President of the Board of Trade whether, following his recent meeting with the Committee on Invisible Exports, he will now adopt the committee's recommendation that in his monthly estimate of invisible earnings he should show net private earnings separated from Government transactions.
§ Mr. MasonNo. I think it better to underline in other ways, as the board has been doing, the splendid contribution which the various service trades and interests are making to the balance of payments.
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§ Mr. J. H. Osbornasked the President of the Board of Trade what was the value of invisible exports in 1969; what estimate he has made of the value for 1970; and if he will take steps to improve the level of invisible exports.
§ Mr. MasonBalance of payments estimates for the fourth quarter of 1969 will not become available until March; in the first three quarters of 1969 credits on the invisible account, seasonally adjusted, amounted to £3,025 million and there was a surplus of credits over debits of £436 million. I am confident that there will be a further large surplus in 1970. The Government already gives assistance in many ways to those who contribute to our invisible earnings. I am examining what further assistance should be given.
§ Mr. Blakerasked the President of the Board of Trade what steps he proposes to take to publicise the contribution of invisible exports to the balance of payments.
§ Mr. MasonMore detailed information on invisibles is being published regularly in the Board of Trade Journal, and I and my colleagues also make frequent reference to invisible earnings in our speeches. The Committee of Invisible Exports is also doing a great deal to publicise achievements in this field.