§ Mr. HURDasked the Minister of Food whether his attention has been called to the statement of Lord Beaverbrook, a former Member of this House, that based upon current prices of wheat the quartern loaf in this country should cost 1s. only, and to the further statement that the price of bread is not reduced because the Government bought wheat at high prices and refuses to sell at the current market price; and whether he has any statement to make on the matter?
§ Sir W. MITCHELL-THOMSONThe attention of the Minister of Food has been directed to this statement, which contains several inaccuracies. As I explained to my hon. Friend in reply to his question of 10th November, the replacement cost of wheat delivered to the miller taken at American prices on 9th November was higher than the price of issue by the Royal Commission on Wheat Supplies to the miller. On 10th November, however, a further fall in America brought the replacement cost slightly below the issue price. There have since then been fluctuations in the world price of wheat, and this morning the American price is 1s. 6d. below the subsidy level,i.e., the cost of buying to-day in America wheat to be available for milling here in five to six weeks' time is 1s. 6d. less than the present issue price of 116s. 6d., basis No. [...] Northern Manitoba.
The question of a periodical revision of prices is now under consideration, and the Food Controller hopes to make an announcement shortly as regards this. The suggestion contained in the statement referred to, that the Wheat Commission has the monopoly of imported wheat and flour, is unfounded. In fact, except for certain restrictions in the case of controlled millers, any person is free to import wheat or flour from any source and at any price which he pleases, subject to his giving the Commission particulars as to such imports in order that they may know how the country's stocks stand. It is prudent to remind the House that the wheat crops of South America and Australia, though promising, are not yet harvested, and it is impossible to predict with certainty the course of prices.