§ 27. Captain Sir IAN FRASERasked the Secretary of State for the Colonies whether he has any statement to make as to the acute shortage of tin on the 1822 London Metal Exchange and as to what steps he is taking through his representative on the International Tin Control Committee and the Buffer Stock Committee to avert a repetition of a shortage of tin for prompt delivery?
§ 28. Sir P. HARRISasked the Secretary of State for the Colonies whether he has any statement to make about the exceptional rise in the price of tin which reached, on the 22nd July, a price higher than for many years; and whether he proposes to do anything in the matter?
Mr. M. MacDONALDI am aware of the position on the London Metal Exchange. I note that cash price of tin yesterday was £233. I am informed that the Buffer Stock Committee has at its disposal sufficient tin to meet the normal demands likely to be made in the near future. I understand that a meeting of that Committee will be held within a few days to consider the situation. The representatives of Malaya and Nigeria on the International Tin Committee and the. Buffer Stock Committee are fully aware of the importance of preventing any shortage of tin.
§ Sir P. HARRISIs the right hon. Gentleman aware that many dealers in tin are under the impression that the International Tin Committee has a responsibility for the violent fluctuations in the price of the metal, the change yesterday being an example? Will he consider the advisability of appointing a special committee to inquire into the whole working of the tin control and the operation of the International Committee?
Mr. MacDONALDThe facts speak for themselves. Quite clearly, since the International Committee was established the fluctuations which used to take place have been very considerably reduced.
§ Sir P. HARRISIs the right hon. Gentleman aware that the fluctuations this week have been greater almost than ever before?
§ Mr. DAVID GRENFELLWill the right hon. Gentleman consider the question of regulating prices by this arrangement, in view of the considerable addition to the price of manufactured tinplates? Is it not possible now to fix a price very much lower than the £233? Apart from stabilisation, is not the price very much too high?
§ Sir P. HARRISThe right hon. Gentleman has not answered my question. Will he appoint a departmental committee or a Committee of this House to inquire into the operations of the International Committee?