Grain Contracts (Payment in Sterling).

Oral Answers to Questions — Trade and Commerce. – in the House of Commons am ar 7 Hydref 1931.

Danfonwch hysbysiad imi am ddadleuon fel hyn

Photo of Mr Henry Muggeridge Mr Henry Muggeridge , Romford

8.

asked the President of the Board of Trade whether he is aware that foreign importers have intimated to the London Corn Trade Association that they will not carry out their contracts for delivery of grain to this country made prior to 20th September unless they are promised payment in gold sterling or other money of gold parity; and what steps he proposes taking to protect consumers by insuring the fulfilment of contract in this supply?

Photo of Mr Philip Lloyd-Greame Mr Philip Lloyd-Greame , Hendon

I understand that such an intimation was re- ceived by the London Corn Trade Association from some foreign suppliers and that the association made the necessary representations to the parties concerned. I am now advised that practically all shippers of grain have agreed to carry out their obligations under their contracts and have accepted, since the 20th September, payment in sterling without demur.

Photo of Mr Henry Muggeridge Mr Henry Muggeridge , Romford

Can the right hon. Gentleman say whether the Russian Government gave notice, through their sole agents in this country, that they were prepared to fulfil all their contracts exactly as they were made, irrespective of the date on which they were made?

Photo of Mr Philip Lloyd-Greame Mr Philip Lloyd-Greame , Hendon

I should not like it to be supposed that paying their obligations in due season was confined to any one country. The great bulk of vendors to this country, of all nationalities, were at once prepared to accept our sterling obligations in sterling.

Photo of Mr Robert Taylor Mr Robert Taylor , Lincoln

Did the right hon. Gentleman say that the nationals of all countries have agreed to fulfil their contracts entered into in sterling?

Photo of Mr Philip Lloyd-Greame Mr Philip Lloyd-Greame , Hendon

I think that practically all have agreed. There may be a few outstanding cases where Borne contracts are still in dispute, but, broadly, the contracts are all being carried out, and it is fair to say that the great bulk of these contracts were carried out in the proper way from the start.

Photo of Mr Albert Alexander Mr Albert Alexander , Sheffield, Hillsborough

Are these outstanding questions French contracts?

Photo of Mr Philip Lloyd-Greame Mr Philip Lloyd-Greame , Hendon

No; I am speaking without notice, but I do not think any question—

Photo of Lieut-General Edward Fitzroy Lieut-General Edward Fitzroy , Daventry

That question does not arise.