§ 2.53 p.m.
§ THE CHANCELLOR OF THE DUCHY OF LANCASTER (VISCOUNT SWINTON)My Lords, with the leave of the House I should like to make a statement about lead. I am glad to be able to inform the House that the Government have decided that private trading in lead can be restored as soon as the necessary arrangements can be made by the Ministry of Materials and the trade. Discussions with the trade will take place at once, and it is hoped that it will be possible to give effect to the decision on October 1. A further announcement about the date will be made as soon as possible. From the date of reversion the private import of virgin lead will be permitted and the London Metal Exchange will reopen for transactions in lead. The Ministry of Materials will cease to trade in lead, except to the extent necessary to wind up its trading operations.
In reaching this decision the Government have taken account of the improvement in lead supplies, the importance for the export trade of enabling United Kingdom consumers to buy at fully competitive prices, and the advantages to the balance of payments and the position of sterling from the earnings which will arise directly and indirectly from reopening an international lead market in London. I should like to take the opportunity of acknowledging the understanding cooperation which we have had from the lead producers, particularly those in Australia and Canada, throughout the whole period of public trading during and since the war.
§ EARL JOWITTMy Lords, I am very glad to hear that the lead position is better. Will the noble Viscount realise that if he can do anything to increase still further the supplies of lead by developing the mines of Cornwall, where, I believe there is a great potentiality, he will receive the fullest support of this side of the House?
§ VISCOUNT SWINTONI am grateful for what the noble and learned Earl has said. At present, the supplies of lead in the world are ample. I am very appreciative of the importance of the Cornish lead mines and have my own ideas about them. I have had the pleasure of visiting those mines and of having discussions 304 with a number of people engaged in their operation. Actually, I think, tin and lead largely go together, and though the lead price has fallen a great deal recently the tin price is still very profitable for the Cornish mines. But I am, as I say, grateful for the noble and learned Earl's assurance.