HC Deb 10 December 1941 vol 376 c1536
78. Mr. Sorensen

asked the Undersecretary of State for the Colonies what proportion of the £382,000 profit derived from the sale of the 1940–41 cocoa crop through the Cocoa Control Board is being returned to West Africa; and to what social services it is to be devoted?

Mr. George Hall

The profit of £382,000 to which my hon. Friend refers was not made by the West African Cocoa Control Board but by the Ministry of Food on its distribution of West African cocoa between 1st October, 1940, and 30th June, 1941. As I indicated to the House on 20th November, if, after setting off the loss made by the Ministry of Food on the purchase and sale of West African cocoa in the season 1939–40, the Cocoa Control Board shows a net profit at the end of its transactions from the cocoa season 1940–41 onwards, it is the intention of His Majesty's Government to seek Parliamentary approval in due course for an equivalent grant either to the West African cocoa producers or, in agreement with the Colonial Governments concerned, towards expenditure on purposes designed to be of benefit to those producers. That intention relates, however, to the net result of the Board's operations over the whole period for which it may operate and it would not be desirable to dispose separately of a profit made in any one individual year.

Mr. Sorensen

Is the Colony likely to receive anything from this transaction, or will it get nothing at all?

Mr. Hall

An increased price to cocoa producers has already been paid this year, and that increased price will cost, during the course of the year, between £600,000 and £700,000.

Mr. Sorensen

Will that sum be taken from the possible profits?

Mr. Hall

If there is any loss on the transactions at the end of the next year, a portion of these profits will be used for that purpose.