Mr. G. Whiteasked the Chancellor of the Exchequer if he has any statement to make in connection with the recently concluded contracts with New Zealand for dairy produce and meat.
§ Sir J. AndersonYes, Sir. In connection with the contracts negotiated between the Ministry of Food and the New Zealand Government for the supply to the United Kingdom of meat, butter and cheese for a period of four years, His Majesty's Government in the United Kingdom have agreed, in recognition of the benefit which the United Kingdom has received from the New Zealand price stabilisation policy, to pay to the Government of New Zealand the sum of £4,000,000 a year during the period of the contract, together with a lump sum of £12,000,000. It has also been agreed that payment by the Government of New Zealand under the Memorandum of Security Agreement of sums due to the United Kingdom up to an amount of £18,000,000 may be deferred for subsequent adjustment at a time and on1806W terms convenient to the Government of New Zealand.