EXPORT CREDITS

Waikato Times, Volume 124, Issue 20831, 15 June 1939, Page 7

EXPORT CREDITS

BRITAIN AND POLAND FINISHED WAR MATERIAL MISSION TO VISIT LONDON (United Press Assn.—Elec. Tel. Copyrig-ht) LONDON, June 13 A Polish financial deputation will visit Britain shortly to negotiate for export credits. No official statement on the proposed credits has been published, but it is understood that they are for the purpose of finished war material, especially bombing aeroplanes and heavy ordnance and machinery for the development of the production of certain tyes of aircraft in which Poland is efficient. They are required, perhaps less urgently, for providing additional working capital for export materials. The chancellor of the Exchequer, Sir John Simon, was asked in the House of Commons to-day if he would lay it down as a principle of the national policy that, when granting, on political grounds, credits to friendly foreign countries, the transactions should not be by way of monetary loans or bank credits, but by the use of the Export Guarantees Act. lie was also asked if he would, if necessary, extend to a suitable amount the guarantees to be available beyond the present total limit. The Chancellor replied that the Government had no power to grant loans or credits to other countries and had no present intention of asking Parliament Tor power to grant or guarantee such loans or credits, otherwise than in accordance with the arrangements set out in the new Export Guarantees Act. The possibility of increasing the limit of these guarantees would be considered when the necessity arose.