§ Mr. G. TERRELLasked the Chancellor of the Exchequer if he can give particulars of the liability which has been incurred by the Government on the guarantee of prices of meat to farmers for the years 1919 and 1920; and how it is proposed to make it up?
§ Mr. McCURDYI have been asked to reply. The accounting periods of the Ministry of Food do not correspond with calendar years. The first guarantee of prices to farmers expired on the 13th September, 1919, and the second guarantee runs from the 1st October, 1919, to 4th July, 1920. Both guarantees were originally covered by the flat-rate prices charged to the butchers for meat so that the deficit at periods of high prices to farmers was met by the surplus at periods of lower prices. It is not anticipated that the current guarantee will involve the Department in any material loss. The financial result for the period covered by the earlier guarantee was affected by the sale of meat below cost last summer, but it is anticipated that the reserves of the Department will just suffice to meet this loss so that no liability will be incurred by the Exchequer.