HL Deb 06 February 1947 vol 145 cc471-2
LORD O'HAGAN

My Lords, I beg to ask the second question standing in the name of my noble friend Lord Hawke.

[The question was as follows:

To ask whether His Majesty's Government's attention has been drawn to the statement of Senor Miranda of the Argentine Central Bank as reported in the Financial Times of January 3, 1947, that he had recently made a profit of £49,000,000 from a single operation in vegetable oil, and whether, and to, what extent, His Majesty's Government were concerned in that operation.]

LORD HENDERSON

My Lord, His Majesty's Government have seen the Press statement referred to. His Majesty's Government are, of course, not responsible for the statements made, or alleged to have been made, by officials of Foreign Governments. My right honourable friend the Minister of Food has recently concluded a contract for the purchase of vegetable oils and oil cake in the Argentine. Under this contract he has obtained 200,000 tons of oils which are subject to allocation by the International Emergency Food Council. As my right honourable friend stated in reply to a recent question in another place, it has not been the policy of His Majesty's Government to publish the terms of these contracts, except by special arrangement with the other party. It can, however, be stated that the Argentine Government have established a sales monopoly, buying from Argentine producers at one price and selling to buyers, whether Government or private individuals, at a very much higher price: I cannot say what profit the Argentine Government will have realized in this way. It is, however, the case that the gross amount of money involved in the purchase made by the Ministry of Food is less than the sum mentioned by the noble Lord.

LORD BALFOUR OF INCHRYE

Can the noble Lord say if the whole quantity purchased is intended for our own use, or are we buying for any other countries?

LORD HENDERSON

As I said, we have bought 200,000 tons, but the actual disposal of that comes within the framework of the operations of the International Emergency Food Council. I am not able to say at this stage whether we shall, or shall not, have the amount available for our own use.

LORD HAWKE

Will any other Government for whom we may have been buying pay us in Argentine pesos or in their own currencies?

LORD HENDERSON

I am afraid that I cannot say whether, in buying this stock, we are buying for other Governments. If the noble Lord wants to press the point I am afraid he must put a question on the Order Paper.

House adjourned at eighteen minutes before five o'clock.