In the House of Commons on Tuesday Sir Robert Horne
moved the second reading of the Trade Facilities Bill, under which the State will guarantee loans for approved undertakings in any part of the world, provided that the money is spent on material and equipment produced here. The sum to be ex- pended, under the direction of a small expert committee, is limited to £25,000,000. The export credits scheme of 1919 had, he said, proved a failure, because the exporters were not satisfied with a guarantee of 83 per cent. of their accounts. The Government would therefore guarantee the whole amount of short, credits up to a year, for approved exports to any country. Sir Robert Home admitted that prices were too high, and that taxation must be reduced and wages in some eases out down. Sir Donald Maclean commended the Bill in principle but urged the Government to repeal the Safeguarding of Industries Act which was hampering our trade. The Bill aroused little enthu- siasm but no serious opposition.
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