§ 26. Commander Nobleasked the Secretary of State for the Colonies what steps are being taken to rehabilitate the Hong Kong cotton and hosiery trade; whether he is aware that the current Government price of cotton in Hong Kong is far higher than the price before the war, and about double the present English price for a similar quality; and whether he will arrange for at least token exports to this country at competitive prices.
Mr. Creech JonesAn allocation of yarn from Japan has been secured for the Hong Kong cotton factories, and the first consignment arrived in January. A large number of knitting and weaving factories have reopened, and the industry, with official encouragement, has set up an organisation to finance a yarn pool. A Government officer was recently des-patched to investigate South-East Asian markets, and considerable exports, especially to Malaya and Siam, have already taken place. With regard to the second part of the Question, the price of Japanese yarn is controlled by the American authorities. I understand it is no more expensive than Chinese yarn. With reference to the last part of the Question, I would refer to the reply given to the hon. Member by my right hon. and learned Friend the President of the Board of Trade on 17th April.
§ Commander NobleWould the Minister give an assurance that everything possible is being done to rehabilitate this industry which, incidentally, ought to be able to make some contribution to our difficulties here today?
§ Major BeamishWill the right hon. Gentleman say why the Government are buying Japanese yarn at non-competitive prices?