HC Deb 28 October 1946 vol 428 cc258-9
17. Mr. W. Shepherd

asked the President of the Board of Trade what gain or loss to the taxpayer will arise as the result of the recent agreement entered into with the U.S.A. for the sale of raw rubber.

28. Mr. Gammans

asked the President of the Board of Trade the total estimated loss which will arise as a result of the purchase of Malayan rubber by His Majesty's Government and its subsequent sale at a lower price.

Sir S. Cripps

Though there will undoubtedly be some loss, I am unable to give any accurate estimate at present. Under the arrangements recently made, the United States undertook to purchase 200,000 tons of rubber from Malaya and from stocks in the United Kingdom. They will, however, only draw on stocks in the United Kingdom to the extent that the full amount of rubber cannot be shipped from Malaya before the end of the year.

Mr. Shepherd

In view of that reply, is the Minister still convinced of the wisdom of State trading?

Sir S. Cripps

Certainly.

Mr. E. P. Smith

Can the right hon. and learned Gentleman say why any loss should have to fall upon the British taxpayer?

Sir S. Cripps

Because there has been an unexpected production in Malaya—very much more than anyone expected.