§ 70. Mr. W. Fletcherasked the President of the Board of Trade if the prices at which the Government have been selling U.S. cotton to Lancashire spinners during the first nine months of this year were above or below the actual landed cost of such cotton in this country.
§ Mr. Marquand (Secretary for Overseas Trade)Nearly all the United States cotton used in the first nine months of 1946 was obtained under Lend-Lease, and actual landed cost therefore cannot be stated.
§ 71. Mr. W. Fletcherasked the President of the Board of Trade what offers for American cotton have been invited on the December basis of New York futures; and how does he reconcile that fact with the announcement on 30th October that no use is being made of any futures market.
§ Mr. MarquandNotices inviting offers of American cotton on the basis of New York December futures were issued by the Cotton Control on 5th and 17th July, 12th August and 17th September. No quantities were stated, and it is not considered desirable to give quantities bought. In accordance with normal selling practice in the United States, offers by shippers of American cotton are made at prices related t6 New York futures quotations. The Control itself does not deal in futures.
§ Mr. FletcherIs not that making use of the New York Cotton Exchange, and is it not, therefore, in contradiction to the information given to this House that use was not being made of the American futures market?
§ Mr. MarquandThe information given to the House on 31st October was that the Government are not buying or selling futures at any time. It is, of course, true that when anybody wants to buy cotton in the United States from American traders, those traders, in calculating the price at which they are willing to sell, take into account the future price quoted at that time in the American market