§ 23. Mr. Jayasked the President of the Board of Trade to what extent it is the policy of Her Majesty's Government to encourage the import of iron ore from India into this country.
§ Mr. ErrollImports of iron ore from India are free of duty and all other restrictions. The quantity imported is determined by commercial considerations and I should be happy to see it increased.
§ Mr. JayBut as the Iron and Steel Federation largely has a monopoly of these iron ore imports and as India suffers from a great famine of foreign exchange and we presumably want to encourage Commonwealth trade, will not the President of the Board of Trade actively encourage the Federation and those responsible to buy from India more iron ore, which is of a high quality, than apparently it is now doing?
§ Mr. ErrollHaving made the trade free, quite properly, in the interests of the British steel industry, I think that the industry should be left free to buy ore from the sources it thinks most suitable.
§ Mr. JayBut as it is a monopoly buyer acting under the Iron and Steel Board, for which the Government are responsible, surely the right hon. Gentleman will not disclaim all responsibility for what happens?
§ Mr. ErrollWhat I am saying is that we have given it responsibility freely to choose from where it will get its ore. That is a sound policy, and the industry should be allowed to exercise its commercial judgment in a very important matter.