EXPORT CREDITS

Dominion, Volume 22, Issue 34, 3 November 1928, Page 9

EXPORT CREDITS

NEW FORM OF CONTRACT RECOGNISED BY BANKS TO AID BRITISH ENTERPRISE ABROAD (United Press Association.—By Electric Telegraph.—Copyright.) (Australian Press Assn.—United Service.! (Rec. November 2, 11.50 p.m.) ( London, November 1. After prolonged negotiations with the banks a new form of contract has been evolved under the Government's export credits guarantee to aid British enterprise on foreign markets. The “Big Five,” as well as provincial and oversea banks, have undertaken to recognise the new contracts as satisfactory security for advances, which will be exported thereunder by payment of a premium of ten shillings in the pound sterling per cent. They can obtain the Overseas Trade Department's guarantee against loss to the extent of £75 per cent. The “Daily Telegraph,” in an editorial. says: “This novel method will help the British exporter to accord longer credit than he could otherwise afford to tlie Dominion and foreign customers. The scheme will enable the banks to cc-oper '' with tlie Government in giving a further stimulus to our exports and provide more employment for our workmen.”