HC Deb 17 April 1946 vol 421 c2682
66. Mr. Erroll

asked the President of the Board of Trade on what price basis the Government, through the agency of members of the Liverpool Cotton Exchange, has bought raw cotton this year from American shippers.

Mr. Marquand (Secretary for Overseas Trade)

The Cotton Control have bought cotton from members of the Liverpool Cotton Exchange, acting as agents for American shippers, at prices based on New York quotations for delivery at a future date.

Mr. Erroll

Does it not mean, in fact. that the Government are making use of the New York futures market?

Mr. Marquand

Of course it does. but it is not hedging on the market.