TRADE WITH RUSSIA

Wairarapa Daily Times, 3 March 1934, Page 5

TRADE WITH RUSSIA

BRITISH AGREEMENT OUTLINE OF TERMS. Press Association Electric TelegraDh—Copyright RUGBY, Thursday. In opening the House of Commons debate this evening on the Anglo-Rus-sian temporary trade agreement, the President of the Board of Trade, Mr Walter Bunciman, recalled that in the three years, from 1929 to 1933, the total value of Russian goods and materials sold in Britain was approximately £124,000,000, whereas goods Britain sold to Russia came to about £40,000,000. One of the first objects of the British Government was to bring those two figures much nearer together. The Russians had now accepted the view that Britain could not continue buying largely from them while they bought so little from Britain.

The agreemnt includes provisions whereby the Russians undertake so to adjust business that there will be, after the initial period of change-over, an approximate balance of the payments under which the money they received in Britain for their goods would in the main be spent in Britain. In the agreement the Russians acknowledged Britain’s right to prohibit their goods, if they were likely to frustrate Imperial preferences provided for in the Ottawa Agreement.

In regard to shipping, Britain had been notified that it was the intention of the Soviet 'Government for the duration of this temporary agreement, to utilise an increasing proportion of British shipping provided that such services were available at the prevailing market rates. The Soviet Union had further declared that they were prepared to accept the jurisdiction of the United Kingdom Courts in respect of transactions entered into by their trade delegation and it was provided that the British Courts should be arbiters in all .cases of disputes which might arise outside diplomatic channels.

Mr Runeiman said Britain had formally retained all rights with respect to debts and claims. There wmuld in future be a considerable extension in the amount and character of the purchases made by the Soviet' .Government in Britain.