§ 69. Sir W. Smithersasked the President of the Board of Trade in view of the fact that the removal of price controls in America has caused cotton prices to rise there, what steps he has taken to secure supplies of cotton for the British consumer by dealing in futures; in which markets; and to what amounts.
§ Sir S. CrippsLarge stocks of cotton are held by the Control in the United Kingdom and in certain overseas countries. Further purchases are made from time to time in the light of requirements and market conditions. These supplies can be secured without the Control dealing in futures. In accordance with normal selling practice in the United States, offers by shippers of American 856 cotton are made at prices related to New York market futures quotations.
§ Sir W. SmithersIs the right hon. and learned Gentleman aware that by closing the Liverpool Cotton Exchange he has driven the business of that exchange to foreign competitors? The business done by the Liverpool Cotton Exchange meant considerable invisible exports. Why has he driven that business away from Liverpool?
§ Sir S. CrippsThat is another question.
§ Sir W. SmithersNot at all. The right hon. and learned Gentleman is avoiding it.