§ 113. Mr. RAFFANasked the Chancellor of the Exchequer what assistance had been rendered by the Treasury to the cotton trade during the present period of depression?
§ Mr. MONTAGUHis Majesty's Government have agreed to guarantee, jointly with the Liverpool Cotton Association and the Liverpool banks, advances made to merchants by those banks in order to enable them to meet market differences on raw cotton from 5d. per pound downwards which have been paid, or may have to be paid, in respect of cotton future contracts. Details of the scheme were announced in the Press on the 16th instant.
§ Mr. DAVID MASONWill the hon. Gentleman give us any estimate of what will be the extent of that liability?
§ Mr. MONTAGUWe hope it will amount to nothing, but perhaps my hon. Friend will raise that question in the Debate this afternoon.
§ Mr. HIGHAMAre we right in understanding that no assistance has been given to the spinning and manufacturing sections of the trade apart from Liverpool?
§ Mr. MONTAGUThat I am not aware of.