§ 28. Mr. J. Grimstonasked the Minister of Supply what progress has been made in the negotiations to reduce the forward premium on raw copper which his Department recently imposed.
§ Mr. G. R. StraussThe matter has been discussed with industry, but no alternative generally acceptable to consumers has been found. I am prepared to consider any further representations which industry may wish to make.
§ Mr. GrimstonIs it not up to the Minister, who has imposed this fine on manufacturers of large plant, on whom the export drive depends, to put these recommendations forward? Will he not look again at this and stop this fining?
§ Mr. StraussThere is no question of fining. We say that if anyone wants to buy forward copper, which consumers in the United States are quite unable to do, a certain premium is chargeable, which is in conformity with old custom in the Metal Exchange before the war. As there is a possibility of considerable further rises in the price of the materials, it is only right that people who want to buy forward should pay some premium for the privilege.