Trade With Russia

Manawatu Times, Volume LV, Issue 6840, 22 April 1932, Page 8

Trade With Russia

CREDITS CRITICISED LORD SNOWDEN’S REPLY United Press Association. —fiy Electric Telegraph.—Copyright. LONDON, April 20. In the course of a debate in tho House of Lords on British trade with Russia, Lord Pliillitnoro said that by entering into trade relations with Russia regarding wheat and other primary products, we had thrown out of gear the whole of tho importing machinery from Canada and tho Argentine. Wo were looking to Ottawa for an Imperial policy under which we should trade with friends first and foes afterwards. '

Lord Lovat said that Britain was buying half Russia’s exports of timber, yet sho was getting the worst terms in Europe. It would be impossible to arrange at Ottawa for development of Empire trade so long as tho present trading relations with Russia continued. Lord Newton'said that Britain was like a man, knowing perfectly well that a burglar was preparing to, rob him, advancing him loans to enable him to buy implements with which to commit tho burglary. Lord Snowden, replying to tho debate raised by Lord Lloyd on the Government’s trade policy with Russia, said that generally the Government was not satisfied with the disparity between tho import, and export sides of Russian trade and had made representations to the Soviet Government, and had insisted as far as it could that steps should be taken to lessen it. Tho present Government had decided in tho interests of

trade and industry that tho Credits Advisory Committee should give no further guarantees for trade with Russia for more than 12 months without attaching more stringent conditions than in the past. Negotiations regarding tho extent of credits to be given were in progress, and tho policy of guarantee would only be continued in tho interests of British industries. So far not a penny had been lost on any of these credits. The Government was well aware of tho risks of heavy credits for Russian trade, and would not involvo itself in liabilities unless reasonably assured that there would be no loss.