§ Mr. A. M. SAMUELasked the Financial Secretary to the Treasury whether the Government still owns a stock of East India tanned kips; and, if so, what is the weight and total value at present market prices and what was the weight and total value at the market prices ruling in May, 1921, all approximate?
Mr. HILTON YOUNGThe answer to the first part of the question is in the affirmative. The weight of the present stock is approximately 4,400 tons, and the total value at to-day's market prices may be taken to be approximately £5'7O,000. The figures for May, 1921, were 8,350 tons and £1,035,000 respectively.
§ Mr. A. M. SAMUELasked the Financial Secretary to the Treasury whether he is aware that storage and other overhead charges are incurred, while the Government's stock of East India tanned kips remain unsold; whether, although small parcels of the kips are being sold, the great bulk of the stock is still unsold and is deteriorating in quality and in value, while storage and overhead charges are mounting up; and will he say whether the Government's policy is to speculate for the rise, and, if not, why the Disposal Board does not offer to sell these kips at slightly below ruling market quotations and thus hasten the liquidation of the Government's holding, stop the loss for storage and overhead charges, relieve the home leather market of fear of being flooded by Government sales at an inopportune moment, and enable Indian tanneries to produce tanned kips for this market at a price which would enable British manufacturers to reopen export trade in cheap leather and cheap boots?
Mr. YOUNGThe answer to the first part of the question is in the affirmative. T am unable to accept the suggestion contained in the second part of the, question. The answer to the third part of the question is in the negative. With regard to the remainder of the question, the policy adumbrated therein has been I fully considered and rejected. I am glad 863W to have this opportunity of stating the present position with regard to the disposal of material acquired by the Government during the period of leather control. Over £20,000,000 worth of hides and leather have been disposed of since the Armistice, and the stock of kips remaining, particulars of which have been given in reply to the previous question, forms a very small portion of the total quantity of material remaining surplus at the end of the War. Having regard to the inactive condition of the leather trade during the past year, the disposal of some 4,600 tons of kips and kip leathers without wholly stopping import from India is not regarded as unsatisfactory progress. The prices realised were higher than could have been obtained under any of the tentative offers made for a block deal. My hon. Friend may rest assured that the disposal of this stock has received the most careful consideration, and that all steps have been and will continue to be taken to ensure the most rapid liquidation of the position, having regard to all the conflicting interests involved.