Right Hon. C. D. Howe (Minister of Trade and Commerce):
Mr. Speaker, perhaps it is unfortunate that I was not in the house on Friday when this question was raised. I thought all the facts of the situation on that date were known to hon. members. The Prime Minister's statement made on that day was perfectly correct.
We received, in the ordinary course of business, an application to the Export Credits Insurance Corporation for an undertaking to insure 85 per cent of the purchase price of a quantity of grain to Poland-a quantity of
250.000 tons. That application was considered by the officers of the corporation and by the financial officers of the government, and it was reported to me that the application was a good commercial transaction, and one that the Export Credits Insurance Corporation could recommend.
I placed that recommendation before the government, and the government agreed that the Export Credits Insurance Corporation could take on the commercial loan under section 21 of their act.
Subtopic: MR. DREW-REFERENCE TO PROCEEDINGS IN HOUSE OF COMMONS ON JULY 5