§ 40. Mr. Edward Daviesasked the Secretary of State for the Colonies what is the current price being paid for cocoa to West African producers; and how this compares with the present world marketing figure.
Mr. DugdaleThe prices which the marketing boards are paying to producers for the 1950–51 season are: in the Gold Coast, about £130 a ton; in Nigeria, £120 a ton for Grade I main crop; in Sierra Leone, about £121 a ton for Grade I and Grade II.
Prices in world markets fluctuate greatly, but ruling prices in April, 1951, were around £300. Out of this the boards have, of course, to meet substantial 1950 charges. These include the commission of licensed buying agents, the expenses of transport, shipping and administration and heavy export duties. In the case, for example, of the Gold Coast, the export duties will amount this season to perhaps £55 a ton. Any profits made by the boards are used by them to build up a price stabilisation reserve, or to finance research and development of the industry.
§ Mr. DaviesMay we take it from that reply that any profits which are made, and which are not immediately given back to the producers, are available for the future development of the industry or for compensation, and that they will not be taken by another outside country?
§ Mr. W. FletcherCan the right hon. Gentleman say what the fund to which he referred amounts to?
Mr. DugdaleNo, not without notice. I understand that on Friday we are likely to have a debate on this subject. We can possibly deal with a number of questions then.