PROPOSED RENEWAL

Evening Post, Volume CVIII, Issue 145, 16 December 1929, Page 11

PROPOSED RENEWAL

EXPORT CREDITS SCHEME

COMMERCIAL MANAGEMENT

British Official Wireless.

RUGBY, 13th December. An extension of the export credits guarantee sehenio for a period of five years, namely, until Bth September, 1934, is recommended by Sir Otto Niemeycr, Colonel Sidney Peel, and Sit William Plender, who were appointed as a committee to consider generally the administration of the scheme. Sir Otto Kiemeyer was until recently Controller of Finance at tho Treasury, Colonel Peel was formerly Financial Adviser to the Foreign Office, and Sir William Pleader is an eminent accountant. The committee, however, advocates that tlie extension of the scheme B haU be on ordinary commercial lines, without the trammels or shelter which Government administrative action may afford, and it suggests that with this object an executive committee of three business men be appointed immediatelyto have power's analogous to those of the Board of Directors, including the choico of appointment and remuneration of the staff.

Hitherto tho development of the export credits scheme has been due to the. Department of Trade, which uaw the advantages of Jong credits extended by foreign competing countries, me scheme briefly is that on payment of a very low premium British exporters can insure against the risk of bad debts in the export trade up to 75 per cent, of a transaction or group of transactions. The Overseas Trade Department at present covers up to this! percentage, fixed in each case on the whole of the exporter's business done in any particular counttv.