§ 26. Major NEWMANasked the President of the Board of Trade whether the terms of his letter of 15th March to the chairman of the Commission on Restriction of Paper Imports that contracts for the purchase or supply should be read as if the quantities therein contained were reduced by one-third, and that all who find themselves in the position to demand greatly enhanced prices should be prepared to forego their advantage in the national interest and be satisfied with such reasonable adjustments as the occasion calls for, has been generally complied with; and, if not, whether the powers of a board of arbitration will be conferred on the Commission or some other means devised to provide for a settlement in cases of dispute on an equitable basis?
§ The PRESIDENT of the BOARD of TRADE (Mr. Runciman)I understand that the experience of the Commission is that there is a general desire throughout 907 the paper trades to act reasonably with regard to existing contracts. In several cases the Commission have been asked to act as arbitrators, and in every case which has been dealt with up to now a settlement has been arrived at which has been accepted by all the parties concerned. No necessity appears to have arisen for conferring greater powers on the Commission than they at present possess.