§ Mr. REMERasked the President of the Board of Trade whether the firm of Messrs. W. M. Hillas and Company are attempting to throw back on to the Government a large portion of their purchases made in the early part of this year in lieu of payment for same; whether he is aware that the market price has recently fallen very considerably for these goods; and whether he will insist that payment shall be made and not a return of the timber?
§ Sir P. LLOYD-GREAMEI have received no indication that Messrs. Hillas & Company desire to avoid completion of their contract for the purchase of timber1270W from the Department. I am aware that the market price of timber has fallen, but in the settlement of the account it is not intended to accept the return of any of the goods.
§ Mr. REMERasked the President of the Board of Trade whether he is aware that the rules of the Timber Trade Federation and kindred associations make the terms of credit in the timber trade cash in 30 days less 2½ per cent., or four months' bill less two months' interest from date of sale; why, under these circumstances, did the imported timber disposal section of the Board of Trade give to the firm of Messrs. W. M. Hillas and Company, Limited, open and unsecured credit to the amount of £600,000; what is the reason that 10 months after the date of sale these accounts have not been liquidated; and whether, in view of the several discreditable aspects of this sale which have been disclosed, he will now consent to a complete inquiry into the working of Mr. Meyer's department?
§ Sir P. LLOYD-GREAMEThe answer to the first part of the question is in the affirmative. As already indicated in replies which I have given to the hon. Member, it was not possible to effect large sales on a cash basis, but Messrs. Hillas have paid off approximately 90 per cent, of the total amount of the credit given to them and are being charged interest on the balance due to the Department from time to time. I am not prepared to accept the suggestion in the last part of the question.