§ 49. Mr. J. Morganasked the Financial Secretary to the Treasury whether he is satisfied that the Sugar Refining Act is being satisfactorily observed by the 1063 refiners, and to what monetary extent increases have occurred in the refining margin agreed upon during the past 12 months?
§ Captain WallaceThe hon. Member is presumably referring to the assurance given by the refiners to the Chancellor of the Exchequer in July, 1935. This assurance was to the effect that it was not the intention of the refiners in the circumstances then existing to raise the refining margin above the then existing level of approximately 13s. per cwt., except in so far as was necessitated by a general rise in the cost of labour and materials. The average refining margin for the last six months calculated in the manner prescribed in the Sugar Refining Agreement was 13s. 2½d. per cwt., being a farthing per cwt. higher than for the corresponding period 12 months ago. I am informed by Messrs. Tate and Lyle that they estimate the rise in the cost of labour and materials since 1935 at not less than 2½d. per cwt.
§ Mr. MorganAssuming that this country consumes 2,000,000 tons of sugar a year, is not this a very considerable advance, amounting to about £500,000 a year, and is the Financial Secretary to the Treasury satisfied that that is an authorised advance?
§ Captain WallaceIf the hon. Gentleman will read my answer he will see the position.