Skip to main content

Russia (Export Credits)

Volume 237: debated on Monday 24 March 1930

The text on this page has been created from Hansard archive content, it may contain typographical errors.

42.

asked the Secretary to the Overseas Trade Department what is the total amount of credit granted by the present Government under the Export Credit Facilities Act for exports to the Soviet Union and to all other countries, respectively?

The face value of contracts entered into under the Export Credits Guarantee Scheme from 10th June, 1929, to 1st March last in respect of exports to Russia was £719,370, and in respect of exports to all other countries £3,192,952.

Apart from the Soviet Union, which comes under a special dispensation, have any credits been granted to individuals or firms who had defaulted in their obligations towards British bondholders?

58.

asked the Secretary to the Overseas Trade Department if he will consider whether preferential treatment can be given in the matter of guarantees under the Export Credits Facilities Act to British nationals whose property has been confiscated by the Soviet?

I fear it would not be practicable io adopt the hon. and gallant Member's proposal.

Can the hon. Gentleman make any suggestions in order to help these British nationals?

I am afraid that I cannot in connection with the Export Credits Department.

59.

asked the Secretary to the Overseas Trade Department how much money, up to date, has been advanced by way of loan under the Export Credit Facilities Act to agents of the Soviet Government; and whether it is intended to continue these facilities and increase them?

No money has been advanced by way of loan or otherwise under the Export Credits Guarantee Scheme to agents of the Soviet Government. The Department has, up to the 1st March, contracted to guarantee the payment of bills of exchange for £719,370, drawn by British exporters in respect of exports to Russia. It is proposed to continue the facilities afforded by the scheme.

Can the hon. Gentleman tell us what will be the sum total represented in applications for credit facilities which have been rejected because the period in question was over 12 months?

Is it not the policy of His Majesty's Government not to grant any facilities for loans until the question of debts has been settled and until the Soviet Government—