§ Mr. Leather
asked the Secretary of State for the Colonies to what extent the free world market price for sugar, at which the United States is proposing to buy its future requirements, was in 1961 below the cost of production of sugar estates in Jamaica.
§ Mr. Maudling
Taking as a basis the daily New York No. 8 Contract Spot Price (adjusted to f.o.b. Greater Caribbean Area), the free world market price for sugar in 1961 fluctuated between a minimum price of £18 11s. 2d. a ton and a maximum £26 9s. 7d. per ton, giving an average of £22 8s. 0d. As the cost of production of sugar estates in Jamaica is about £37 a ton, the free market price was therefore, on average, about £14 12s. 0d. below the level during 1961.