§ 63. Mr. T. SMITHasked the Secretary of State for the Colonies what was the composition of the committee or subcommittee appointed by the world economic conference to inquire into the tin restriction scheme; who were the representatives of His Majesty's Government; and whether the report of the committee was unanimous?
§ Sir P. CUNLIFFE-LISTERThe subcommittee of the economic commission of the Monetary and Economic Conference which inquired into the tin regulation scheme was composed of representatives of the following producing countries: the United Kingdom (representing also the Colonial Empire), Australia, the Union of South Africa, India, Belgium, Bolivia, China, France, Japan, Mexico, the Netherlands, Portugal and Siam; and the following consuming countries: the United States of America, Germany and Italy. The representatives of His Majesty's Government in the United Kingdom were myself, Sir John Campbell and Mr. G. L. M. Clauson, of the Colonial Office, and an officer of the Mines Department. The report was adopted unanimously by the sub-committee, subject to reservations by the representatives of Australia and the Union of South Africa to the effect that in their view it was for the producers themselves and not the Governments to take the action recommended by the sub-committee, so far as their own countries were concerned. The report was subsequently adopted unanimously by economic subcommission II, the economic commission, and the Conference itself. Twenty-three countries were represented on subcommission II, and all countries attending the Conference were represented on the economic commission.
§ 66. Mr. JOHNasked the Secretary of State for the Colonies whether he is aware that, while there are ample stocks of tin in the United Kingdom, amounting to over 3,000 tons, owing to pool operations consumers have to pay a premium of about £4 per ton above the quotation for tin deliverable in three months; and whether he will order an investigation in the matter?
§ Sir P. CUNLIFFE-LISTERI have made inquiries into this matter and aim informed that it is the almost invariable practice of consumers of tin to purchase their requirements three months ahead. In these circumstances I am advised that the premium on spot tin, as compared with tin deliverable in three months, is probably due to a considerable extent to persons, who sold forward tin which they had not got, experiencing difficulty in finding tin to fulfil their contracts. I would point out that a premium of £4 953 per ton corresponds to something under 1¾ per cent. on the recent current Tate for spot tin.
§ 67. Mr. JOHNasked the Secretary of State for the Colonies whether he is aware that a world monopoly in the marketing of tin is developing under cover of the tin restriction scheme; and whether, in order to obviate the dangers to producers and consumers alike, he will take steps to investigate the position and, particularly, whether any individuals forming the monopoly are in any way connected with the shellac and pepper pools?
§ Sir P. CUNLIFFE-LISTERFor the reasons given in my reply to the hon. Member for Gower (Mr. D. Grenfell) on 19th February, there is in my view no danger of a world monopoly of tin. As I informed the hon. Member for Gower on 19th February, His Majesty's Government watch developments in the tin market but do not consider that any action on their part is called for. As I stated in reply to the hon. Member for North-East Bethnal Green (Major Nathan) yesterday, the only private tin pool of which I am aware has always been ready to give the International Tin Committee information as regards its holdings of tin.