The situation in different countries which have maintained commercial relations with Spain since the 18th July, 1936, and their method of dealing with goods exported by the legitimate Government of the Spanish Republic (extract)

              The Situation in different countries which have maintained commercial relations with Spain since the 18th July, 1936, and their method of dealing with goods exported by the legitimate Government of the Spanish Republic
EXTRACT
Great Britain.
Since the 19th December, 1936, this country has paid in free currency for all Spanish goods exported to the United Kingdom.
The Anglo-Spanish Agreement was suspended by the British Government because it wanted to be free to trade with both Spanish zones, and continuation of the Anglo-Spanish agreement would have meant that payment for Spanish goods - irrespective of the part of the country from which they came - would have been made to the Bank of England to be remitted to the exporters or Spanish creditors through the Foreign Bank of Spain (Banque Exterieure de l'Espagne). Seeing that this official undertaking does not exist in the rebel zone, the exporters in rebel territory would not have been able to obtain the payment for their goods.
From July, 1936, to 19th December, 1936, the date on which the clearing agreement was suspended, Spanish exports
yielded a total of £1,700,000, immobilised in the A.S.C.O. until, according to the Foreign Office, the Spanish situation should allow of the machinery of payments being set in motion again, or of the equivalent In pesetas to the amount he should receive in sterling being offered to each exporter, irrespective of what part of the country he is in. 
Great Britain has in Spain credits amounting to £4,500,000 registered in the clearing arrangement in question. Independently of these figures there are debts amounting to £1,300,000 in bank bills, outside the clearing agreement, and on which the Bank of England exerts a very great pressure, referring to the undertakings given by the Centre to offer the necessary currency, at the expiration of the bills, to