HC Deb 04 May 1953 vol 515 cc35-6
Sir A. Salter

With your permission, Mr. Speaker, and that of the House I should like to make a statement about copper.

I wish to inform the House that, after reviewing the situation in all its aspects, the Government have decided that private trading in copper shall be restored at the earliest practicable date. The necessary notice is being given today to the Commonwealth producers, and from 5th August the private import and sale of copper will be permitted and the Copper Distribution Orders will be revoked. The London Metal Exchange will, I understand, reopen for dealings in copper on the same day. An Order is being made with effect from tomorrow authorising private contracts for the delivery of metal after the end of public trading.

The present occasion is an appropriate one for me to acknowledge the co-operation of Commonwealth producers who have supplied this country throughout the long period of public trading and will, I am sure, continue to do so under the new arrangements.

Mr. G. R. Strauss

At present, it is unlikely that the removal of the restrictions on copper will damage our dollar reserves. Will the right hon. Gentleman give an undertaking, however, that should the position change, as it may do, he will, in order to preserve our dollar reserves, reapply the restrictions whenever it appears necessary or desirable to do so for that purpose?

Sir A. Salter

Yes, Sir. Thanks to the recent improvement in sterling area supplies, there is good expectation that the danger to which the right hon. Gentleman referred will not materialise. If it did, the Government would take appropriate measures to safeguard the reserves.

Mr. Nabarro

While congratulating my right hon. Friend on this further step towards free commodity markets which are so essential to British industry, may I ask whether any dollar exchange difficulty could not easily be met by a global financial allocation on an annual basis, to be dealt with by the copper trade itself?

Sir A. Salter

I would prefer not to state now precisely the measures that would be taken in the hypothetical situation referred to, but I repeat that the appropriate measures would be taken.