§ 14. Mr. Croninasked the President of the Board of Trade why he decided last month to release 20,000 tons of lead from the United Kingdom stockpile.
§ Sir D. EcclesBecause it was no longer needed for strategic purposes and I was satisfied that disposal could be effected without disrupting the market.
§ Mr. CroninIs the right hon. Gentleman aware that the fall in prices of primary products exported from the sterling area is already a source of anxiety and that if the Board of Trade indulges in dumping prices will fall further still? Is he also aware that the United States tariff commission will shortly be examining the United States lead industry's case for raising tariffs and therefore his action will be a strong argument for raising them?
§ Sir D. EcclesThe hon. Member is a little unfair to use the word "dumping." We have been selling lead for some time at the rate of 3,000 tons a month, and we are now proposing to continue to clear out at that rate the 20,000 tons which remain. The price of lead happens to be only the same now as it was in 1954. I do not think that we can say that so small a proportion of the world's total production as we intend to sell is disruptive.
§ Mr. CroninWhat about the point on the United States tariff?
§ Sir D. EcclesI have no reason to think that continuing disposals of so small a quantity of lead will make any practical difference to the United States tariff.