§ 58. Sir John Mellorasked the Minister of Food what was the cost of his Algerian wine, including transport and storage; in what currency was payment made; to whom was the wine sold; in what currency was payment received; and what was the net result of these transactions expressed in sterling.
§ Mr. StracheyContracts for the purchase of Algerian wine were made partly in francs and partly in sterling, and the contract for the sale of the balance of our stocks to the German wine trade was in sterling. I am not prepared to disclose at this stage either the buying or selling prices. As I have said before, I expect to show a small profit on our transactions in wine.
§ Sir J. MellorDid this small profit justify the considerable sacrifice of foreign exchange?
§ Mr. StracheyNo, Sir, the hon. Member is completely mistaken. There was no sacrifice whatever of foreign exchange.
§ Sir J. MellorThere was a net profit?
§ Mr. StracheyYes, there was a net profit. The purchases were made in francs—one of the softest currencies—and in sterling, and the sales were made in sterling. What possible sacrifice of foreign exchange could there be?
§ Mr. J. Langford-HoltWhilst reluctant to press the right hon. Gentleman, since he has other things on his mind today, will he tell us at what stage he can give the price?
§ Mr. StracheyI cannot be committed to giving a price in individual transactions, for the reasons which I have repeatedly given to the House.
§ Mr. HoggPending the House receiving the information, will the right hon. Gentleman undertake that the most careful accounts will be kept?