6. Mr. H. Wilsonasked the President of the Board of Trade if he will propose to the United States of America and other countries involved a conference to consider recent movements in the prices of primary commodities with a view to concluding specific commodity agreements to assure greater stabilisation of prices on a basis fair to producers and consumers alike.
§ Sir D. EcclesNo, Sir. As I said in the debate last Wednesday, we are watching commodity prices closely, but so far the volume of international trade is keeping up well. Discussions are currently taking place in G.A.T.T. on this subject, and I do not consider that a special conference is called for.
Mr. WilsonBut since G.A.T.T. itself provides machinery to deal with problems of the stabilisation of prices, will not the right hon. Gentleman realise the very grave problems for the sterling area, economic and, indeed, political, that may arise from any further recession in commodity prices? Since the United States may now themselves be willing to look at this, especially on cotton, will not the right hon. Gentleman take up the suggestions we made in the economic debate on this matter?
§ Sir D. EcclesI agree that a collapse of commodity prices would be serious, but it is not our view that this is going to take place, and the United States is a member of G.A.T.T. and will be taking part in those discussions.
§ Mr. BraineWill my right hon. Friend not altogether dismiss this idea from his mind? Is it not a fact that, but for United States aid in various forms to the tune of between four billion and five billion dollars a year, the trade of the whole free world would be very much out of balance? Has my right hon. Friend considered the very serious effect on the sterling area producers of any further recession in the United States?
§ Sir D. EcclesYes, we have these things under consideration. It is open to us at any time to talk to the United States Government about them.