Scottish Firms (Egyptian Trade)

Oral Answers to Questions — Trade and Commerce – in the House of Commons at 12:00 am on 22 January 1959.

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Photo of Mr Hector Hughes Mr Hector Hughes , Aberdeen North 12:00, 22 January 1959

asked the President of the Board of Trade to what extent the current talks which Her Majesty's Government are having with the Government of Egypt will provide for credits to Scottish firms, notably Messrs. Garvie and Son, Aberdeen, of which he has been informed, which will enable them to complete and implement contracts for the sale and export of agricultural machinery to Egypt.

Photo of Mr David Eccles Mr David Eccles , Chippenham

It is the intention of the Export Credits Guarantee Department to resume cover for business with Egypt as soon as the necessary contacts can be restored and satisfactory trade and payments arrangements are in operation.

Photo of Mr Hector Hughes Mr Hector Hughes , Aberdeen North

Can the Minister say how soon that will be? In the meantime, does he realise that these unnecessary and undesirable credit restrictions are not only creating unemployment in Aberdeen but are also depriving Britain of valuable foreign currency? Will he expedite the Matter?

Photo of Mr David Eccles Mr David Eccles , Chippenham

Following the recent financial talks, we can now hope that within a very short time—two or three weeks—this kind of credit insurance can be resumed.