§ 25. Mr. Hooleyasked the Minister of Public Building and Works what is the estimated gross product of the 2s. surcharge on cement in a full year; and what is his estimate of the aggregate gross profits of the cement companies in the most recent complete financial year, in the light of the prices and incomes policy.
§ The Minister of Public Building and Works (Mr. Robert Mellish)The 2s. surcharge on cement prices in respect of oil-fuel costs were applied on 16th August, 1967. During the nine full months since then deliveries of Portland and Rapid Hardening Cement have been 12.7 million tons, and the surcharge has amounted to about £1.3 million. It is estimated that in the first full year it will amount to about £1.7 million. My Department collects no figures of profits. The prices and incomes policy applying to cement prices is based on the report of the N.B.P.I.
§ Mr. HooleyIn view of the very high yield of this surcharge and the fact that the cost of cement is an important element in the cost of a great many other things, will my right hon. Friend keep this matter under very stringent review?
§ Mr. MellishI give an undertaking to do that. I hope very much that the moment the reason for the surcharge is over we shall get a reduction.