TRADE WITH SOVIET
BALANCE. AGAINST BRITAIN. LONDON, March 3. In the House, of Commons, Major Colville, replying to Labour. criticism of the reduction in export credit, said that the Departmental Advisory Committee did not favour the continuance of Jong credits, because the Soviet had been playing one country against another, to get longer credits.
Last summer the Government agreed to extend heavy industries’ credits to Russia to thirty months, upon the Soviet undertaking to place £6,000,000 worth of orders here first. The National Government, owing to the financial crisis, decided that the guarantee must henceforth be reduced to twelve months, but this was not applied till recently, when the Russian £6,000,000' programme was completed.
The Soviet had been informed that the position of British trade in Russia was not satisfactory, in view of our adverse trade balance during the past five years. We imported £135,000,000 worth of Russian goods for which we paid cash, and only exported £25,000,000 worth of goods for which wo allowed extended credit. The Government believed that it would he more helpful, under the tariff scheme, to bargain with Russia, than to offer extended credit.
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Hokitika Guardian, 5 March 1932, Page 5
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189TRADE WITH SOVIET Hokitika Guardian, 5 March 1932, Page 5
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