§ 54. Mr. Priceasked the Minister of Supply whether he is aware that there is considerable delay in the marketing of this year's wool clip; that farmers still have their clip largely on their hands; and whether he will consider permitting a part payment on account, if delay is to continue?
§ Mr. H. MorrisonAs regards the first and second parts of the Question, I would refer my hon. Friend to the reply given to the hon. Member for Abingdon (Sir R. Glyn) on 31st July on the subject of this season's wool clip. As regards the last part, arrangements are being made for a part payment on account to be made to sheep farmers whose wool cannot be taken up in the near future.
§ Mr. SnaddenIs the Minister aware that sheep farmers are paid a rate of interest of only 3½ per cent. on the wool they are holding for the Government, whereas they must borrow at 5 per cent. in order to carry on until they get payment? Does the right hon. Gentleman think that that is a fair proposition?
§ Mr. MorrisonThis was considered to be an arrangement suitable for the occasion, and I think that 3½ per cent. interest for a delayed payment, for which I am not sure the Government are wholly responsible, is reasonable in the circumstances.