§ 13. Mr. BOWERMANasked the President of the Board of Trade if he is aware that Messrs. J. and P. Coats have during the past 12 months made a profit of over £4,000,000; whether the Committee charged with the duty of inquiring into the prices charged for cotton reported that such prices were not unreasonable; and whether, in view of the profits since made by this firm, he will invite the Committee to make further inquiry into the matter?
§ Sir R. HORNEThe answer to the first and second parts of the question is in the affirmative. The present price of sewing cotton as compared with the reduced price of cotton had already come under the notice of the Central Committee appointed under the Profiteering Acts, and is now being investigated by the Standing Committee on Trusts
§ Mr. WATERSONIs the right hon. Gentleman aware of the fact that the cotton industry always take what is known as the long view in regard to raising prices, and the short view as far as reduction is concerned?
§ Sir R. HORNEThat seems to me to be a wise business policy.
§ Mr. MACQUISTENIs it not a fact that most of Messrs. Coats' business is carried on abroad, and that the amount they pay to this country in the way of taxation is vastly larger than the whole of the profits that are earned in this country; and if that is so, why should they be so much harassed?