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Australian Import Restrictions

Volume 499: debated on Thursday 24 April 1952

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asked the President of the Board of Trade what proportion of the contracts affected by Australian action is covered by the Export Credits Guarantee Department.

The Export Credits Guarantee Department estimates that its own liabilities arising from the frustration of contracts by the recent Australian import regulations is approximately £5 million.The Department cannot relate the proportion of its own liabilities to the total value of contracts frustrated as the latter figure is not known. But it might help if I compare the figure of £5 million with a figure for exports from the United Kingdom to Australia of £324 million in 1951 and £256 million in 1950.


asked the Chancellor of the Exchequer if he will initiate action to provide through banks, the Export Credits Guarantee Department and in other ways, financial support to exporters who are in difficulties because of import restrictions applied by Australia.

No. My right hon. Friend has no reason to believe that existing arrangements, including those which have just been mentioned by my right hon. Friend the President of the Board of Trade, will not, in general, work satisfactorily.