§ Mr. F. Andersonasked the Minister of Supply the total amount of subsidy paid upon imported iron ore from hard currency countries and soft currency countries, respectively, during the two years ended 30th September, 1947.
§ Mr. G. R. StraussThe subsidy is related to abnormal ore freight charges and not to the cost of the ore itself. For the period from 1st April, 1946 (when the 15W present arrangements began) until 30th September 1947, the figures are approximately:—
— Tons. Subsidy Average Per ton. Hard currency areas— £ s. d. Newfoundland 1,175,000 1,700,000 29 0 Sweden 3,000,000 2,500,000 17 0 Soft currency areas 5,750,000 5,500,000 19 0 Newfoundland freight rates have been reduced during recent months and the current subsidy now averages 24s. a ton, making the average current rate of subsidy over all imports 19s. a ton.
It should be noted that 80 per cent. of the Newfoundland ore and 20 per cent. of the Swedish ore is carried in British ships with freights payable in sterling.