5. Major BARNESasked the President of the Board of Trade if the principal buying at the wool auction sales held in London during the week commencing the 13th June, 1921, has been upon German account; and, if so, how this and other commodities bought at the present rate of exchange can be manufactured to compete with British goods?
§ Sir P. LLOYD-GREAMEI am informed that there were considerable operations on German account at the last series of wool sales. The question of competition of German manufactures, involving, as it does, considerations as to the source of the raw material, the relation of costs of raw materials to other manufacturing costs, fluctuations in exchange, and other factors, appears too complex to be discussed in answer to a question; but I think the hon. and gallant Member may safely assume that the Germans would not buy the wool unless they could sell the manufactured product at a profit.