asked the Chancellor of the Exchequer if his attention has been called to the statement of the chairman of the Commercial Union Insurance Company to the effect that a scheme was under consideration for the co-operation of the banks in the formation of a company to undertake the insurance of export credits whether he will state the nature of these proposals; and whether, in pursuance of the policy of successive imperial conferences and successive British Governments, His Majesty's Ministers will see that the operations of any such company are especially directed to the development of Home and Imperial resources?
In the unavoidable absence of my hon. Friend the Secretary to the Department of Overseas Trade, I have been asked to reply. My hon. Friend has read a statement, as reported in the Press, made by the chairman of the Commercial Union Insurance Company, but he has not been approached on the subject and has no details of the proposals.