HC Deb 09 February 1953 vol 511 c17
24. Sir J. Crowder

asked the Minister of Materials what steps he is taking to reduce the losses of the Jute Control.

Mr. H. Strauss

The recent losses are due to a trading deadlock between Pakistan and India in 1950–51 which led to dangerously low stocks of jute goods in this country. In consequence, the Jute Control had to buy at inflated prices, to which an export duty raised to 400 per cent. contributed. Apart from such exceptional circumstances there is no reason to expect that the Control, which in the past has made profits, will incur such losses.