asked the President of the Board of Trade if he will make a further statement on the Anglo-Brazilian Payments Agreement.
Under the commercial debts settlement of last year, the Brazilian Government undertook to provide exchange for an initial remittance of £10 million together with annual payments of not less than £6 million. The Brazilian authorities have informed us that so far this year they have authorised remittances totalling £13,800,000, the greater part of which has, I understand, already been distributed to creditors. The amount of Brazilian commercial debts to the United Kingdom now outstanding is about £40 million.
Will my right hon. Friend not agree that the progress so far made in carrying out all these settlements on the part of the Brazilians has been very satisfactory and very reasonable? Is he satisfied that the funds which have been raised in this country so far have been properly apportioned on an agreed basis among those entitled to it?
I think that the reply is "yes" in both cases. So far the debt settlement has been carried out extremely satisfactorily.
Could the right hon. Gentleman say whether the Export Credits Guarantee Department will recoup any of its losses under the terms of this debt agreement?
The Exports Credits Guarantee Department has already recouped some, and I hope that it will recoup the greater part in due course.