§ 49. Mr. JOHNSTONasked the Chancellor of the Exchequer if the reduction in the price of sugar promised by the British sugar refiners is to continue for any specified period; and, if so, whether he proposes to make the reduction in the duty on raw sugar terminate at the same time?
Mr. SAMUELI would refer the hon. Member to the undertakings by the sugar refiners which I read to the House in the course of the Debate on the Sugar Duty on the 2nd May. He will see that the refiners undertook that the normal 1681 difference between the prices of raw sugar and the prices of their refined sugar would be reduced by the full equivalent of the reduction in duty, namely, 2s. 4d. per cwt., and that no time limit was set to this undertaking. In addition they undertook for a period of three months not to raise the price of their refined sugar even if the price of raw sugar should rise in that period.
§ Mr. JOHNSTONIs the hon. Member aware that one firm controls 80 per cent. of British refined sugar; that that firm turns out 15,000 tons of sugar per week, and that this reduction of 2s., when the farthing has disappeared, will mean no less than £30,000 extra profit per week to that firm?
§ Mr. JOHNSTONIs he aware that one firm controls 80 per cent. of British refined sugar?
§ Mr. HANNONIs it not a very good thing for the British sugar industry that one firm does control 80 per cent.?
§ Mr. A. V. ALEXANDERIs the hon. Member aware that, although there has been a reduction in the price of refined sugar, it was first put up by 2s. per cwt.?
§ Mr. JOHNSTONIf I supply the hon. Member with figures justifying my supplementary question, will he make full inquiries into the matter?