§ 8. Mr. WARDLAW-MILNEasked the Secretary of State for Foreign Affairs whether the Egyptian Government has carried out its declared intention of purchasing cotton with the object of holding up the price; and, if so, to what extent?
§ Sir A. CHAMBERLAINThe Egyptian Council of Ministers decided on 13th January to increase the Government purchase of spot cotton to a possible limit of half a million cantars, with the object of maintaining a 75 per cent. premium in the price of fully good fair Sakellarides over American cotton. If and when this quality of Egyptian cotton reaches 36 dollars per cantar, Government intervention will cease. I have no information regarding the extent to which effect has been given to this decision.
§ Mr. WARDLAW-MILNEWas this policy first submitted to the British Government for approval, or was it done entirely without their knowledge?
§ Mr. HARRISDoes not the right hon. Gentleman consider it against the interest of the world to have this interference by Governments to artificially govern the price of raw materials; and will he make representations on behalf of this country to allow the price of cotton to follow its natural course?
§ Sir A. CHAMBERLAINI think the answer to my hon. Friend is in the negative, but I should not like to make that statement definitely without having an opportunity of reference. As regards the question of the hon. Member opposite, I think any operation of this kind must be judged upon the merits of the particular circumstances in which it is applied and the particular way it is carried out. I cannot see that any arrangements that 1902 are made to preserve a steady supply of vital raw materials are injurious in the long run to consuming countries.