HC Deb 28 October 1946 vol 428 cc274-5
43. Mr. Erroll

asked the President of the Board of Trade why it was necessary to raise the price at which U.S. raw cotton is sold to spinners in this country by over 6d. a pound; and how soon can a reduction be expected.

Sir S. Cripps

The prices at which raw cotton is sold by the Cotton Control have been increased because purchasing costs abroad have risen sharply since May, when selling prices were last fixed. It is not possible to say when a reduction can be expected.

Mr. Erroll

Does the Minister realise that this rise is astronomical compared with the fluctuations of prewar?

Sir S. Cripps

I realise that it is an accumulated rise over a considerable period when prices have been rising.

Sir W. Wakefield

Does this not show the necessity for having the cotton futures market?

Sir S. Cripps

It shows the wisdom of not having it.