TRADE WITH BRAZIL

Press, Volume LXXI, Issue 21418, 9 March 1935, Page 15

TRADE WITH BRAZIL

I DEBT LIQUIDATION j SCHEME | HOPES FOR DEVELOPMENT (BRITISH OFFICIAL WIRELESS.(Received March 8. 7 p.m.) RUGBY, March 7. The President of the Board of Trade (Mr Walter Runciman) informed the House of Commons today that negotiations with the visiting Brazilian financial mission about j the liquidation of the Brazilian frozen | meat trade debts to the United Kingdom had resulted in the formulation of certain proposals, which the Brazilian Minister for Finance had undertaken to place before his Government on returning to Brazil. It was hoped that an agreement would be signed in the next four weeks. As for current trade, the Brazilian Government had provided by law that the exchange required to pay for goods imported after February 11, 1935. could be bought freely on the market. Accordingly no further arrears due to exchange restrictions in respect of imports should arise. The Brazilian Government would maintain the payments under the commercial arrears agreement of 1933, and also the payment of the public debt service in accordance with the plan of February, 1934, by retaining a percentage of the foreign exchange resulting from all exports. His Majesty's Government had made it clear that it had every desire to see trade between Great Britain and Brazil develop on a basis of the mutually beneficial ex-' S : hange of goods and services.