§ 9. Mr. ANDERSONasked the Parliamentary Secretary to the Ministry of Food, whether his attention has been called to the fact that the profits of the British and Argentine Meat Company, an amalgamation of James Nelson and Son and the River Plate Fresh Meat Company, have increased from £67,000 in 1914 to £411,000 in 1916 after paying Excess Profits Duty; whether, in the same period, flanks of chilled or frozen beef have increased in price by 120 per cent, and breasts of frozen mutton by 167 per cent.; whether he is aware of the discontent caused by such profiteering; whether his Department is prepared to apply a definite policy to establish the public interest over private interests; and whether he proposes to take any action in the matter?
Captain BATHURSTI am informed that the profits earned by the British and Argentine Meat Company are approximately as stated; they represent a return of about 20 per cent, on the capital of the company. The average increase on pre-war prices was, on 1st January, 1917, for thin flanks of chilled or frozen beef, 101 per cent., and for breasts of frozen mutton 122 per cent. I am aware of the discontent caused by the rising price of meat, and I hope and believe that the steps which are now being taken to check it will prove effective.
§ Mr. ANDERSONWill the hon. Gentleman give us some indication of what these steps arc?
Captain BATHURSTThe effect of the Order already issued is to stop all unnecessary intermediate transactions between the farmer and the consumer, and to limit the profits of the wholesale dealers in meat. I have already announced to this House that it is proposed to fix maximum prices for meat, but beyond that it would be unwise indeed for me to go at present. Of course, as the House is aware, there is no Food Controller with effective powers in existence at the present time.
§ Mr. ANDERSONIs the hon. Gentleman also aware that the figures I have given here, as to the increased prices of meat, are the latest figures issued by the Board of Trade?
Captain BATHURSTYes; I can find no fault with the hon. Member's figures. I believe them to be, at any rate, approximately accurate.