§ Sir H. Harrison
asked the Minister of Agriculture, Fisheries and Food, what has been the variation in the commodity price of cocoa during the last year; and what has been the effect of this on the manufacture of cocoa products in the United Kingdom.
§ Mr. Hoy
The price of cocoa quoted on the London Market was £184 a ton c.i.f. at the beginning of July, 1964, and is currently £89 a ton. The price remained fairly stable during the second half of 1964 but fell rapidly at the beginning of this year and has continued to decline. Manufacturers of chocolate commonly hold stocks of cocoa amounting to many months expected usage and, although the volume of cocoa beans processed and imports of cocoa butter are running at a higher level than last year, the present low price of cocoa beans has not yet been reflected in reductions in the price of cocoa products.