HC Deb 02 November 1948 vol 457 cc49-50W
105 and 106. Mr. Bossom

asked the President of the Board of Trade (1) what was the average price at which the Government purchased tung oil prior to July, 1947; the price at which it was subsequently sold to paint manufacturers; the administrative costs of these negotiations; and the profit the Government made on them;

(2) as the Government's account for the purchase and sale of tung oil is now closed will he publish a full profit and loss statement of these negotiations.

Mr. Bottomley

Final figures are not yet available but it is estimated that from the date of commencement of public purchase up to July, 1947, the average cost ex warehouse was about £246 per ton. Up to the close of the trading account the cost of administration, interest, etc., was about £7 per ton, and the average profit 28s. per ton or about one-half of one per cent. over the whole period. The accounts and balance sheets of the Trading Services conducted by Government Departments, together with the Report of the Comptroller and Accountant-General thereon, are published annually, and the trading accounts in respect of tung oil will be included therein, although the details of this item will not be shown separately.