§ 72. Sir J. Barlowasked the President of the Board of Trade what is the price at which the 64,000,000 yards of Japanese cotton textiles will be sold to merchants in Manchester; what profit His Majesty's Government expect to make; what profit the U.S. Government will make; and whether His Majesty's Government are paying dollars for these goods.
§ Mr. BelcherThe cotton cloths imported from Japan for processing in this country and re-export to certain Empire territories were purchased from the United States Commercial Corporation at prices ranging from 6.96 pence to 16.81 pence per linear yard, f.o.b. Japanese port. They are being sold to merchants through the medium of British Overseas Cottons Ltd., at prices sufficient to cover the cost together with the expenses of shipment and other charges, plus a small charge for administration to be made by British Overseas Cottons. His Majesty's Government do not expect to make any profit on this transaction. The prices charged by the United States Commercial Corporation were based on U.S. prices then current for comparable goods and I am not in a position to say whether the Corporation itself or the Government of the United States will make a profit on the transaction. Payment for the purchase was made in dollars.
§ 73. Sir J. Barlowasked the President of the Board of Trade what further consignments of Japanese cotton cloth are expected during the next 12 months; and if he will reconsider the policy of financing textile machinery in order to encourage British production and exports.
§ Mr. BelcherThe question whether any further purchases should be made is under consideration. In reply to the second part of the Question, the recent offer of assistance in the moderisation of spinning mills was made to encourage British production and exports.