HC Deb 23 May 1939 vol 347 cc2095-6
32. Mr. Hamilton Kerr

asked the President of the Board of Trade whether he is now in a position to make any further statement with regard to the American proposals for a barter arrangement in connection with raw materials; and what steps have been taken to consult the Lancashire cotton textile industry with regard to this matter?

28. Mr. Price

asked the President of the Board of Trade what steps have been taken to advance further the proposals for direct exchange of cotton, rubber, and tin between the British Empire and the United States?

Mr. Stanley

I cannot at present add to the statement made by the Prime Minister on 4th May, but I will not fail to inform the House when the negotiations have reached a stage at which I can usefully make a statement. As regards consultation with Lancashire cotton interests, I have already been in touch with the Liverpool and Manchester Cotton Associations and I intend to consult the cotton interests concerned before matters reach a stage involving any commitments in regard to cotton.

Mr. Kerr

Can my right hon. Friend say whether the widespread newspaper reports in the United States have any foundation?

Mr. Stanley

I do not know to what statements my hon. Friend refers, but offhand I should answer "No."

Mr. Hammersley

Are we to understand that active negotiations are taking place?

Mr. Stanley

That was stated by the Prime Minister on 4th May.

Mr. Thorne

Can the right hon. Gentleman tell the House on what basis this-barter system is to be arrived at? Is it on the amount of social labour embodied in every one of the articles?

Mr. Stanley

I am afraid I am not in a position to add anything to the answer.