§ 25. Sir C. Osborneasked the President of the Board of Trade what answer he has given to the United States proposal made at the General Agreement on Tariffs and Trade for an international scheme to provide improved and stable prices for raw materials and primary products from under-developed countries so as to give them a higher standard of living; what is his policy regarding such a scheme; and if he will make a statement.
§ Mr. GreenHer Majesty's Government are in favour of commodity agreements in appropriate cases to smooth out fluctuations and provide more stable prices, and have taken a leading part in negotiating several such agreements.
§ Sir C. OsborneAs our own terms of trade since 1954 have dropped to 85, which has been to the disadvantage of the raw material-producing countries to the extent of £1,500 million a year, ought not we to give a lead in getting their prices higher and stabilising them in order to give them a fair chance in the world?
§ Mr. GreenMy hon. Friend appreciates that we have sought to give that 1122 lead, but he will also agree that to attempt to do it by strictly artificial means, and to do it solely and under our own recognisances, would not produce the result which both he and I desire.