§ 93. Mr. Nabarroasked the Secretary for Overseas Trade, as representing the Chancellor of the Duchy of Lancaster, what losses are being incurred by his Department in respect of falling world prices of non-ferrous metals; and when he proposes to denationalise dealings in these metals to enable British manufacturers to buy their supplies on a free market at world prices or lower.
§ Mr. H. StraussI have been asked to reply.
The recent reductions in Ministry of Materials selling prices of zinc and lead as a result of the fall in world prices are involving losses. Since they are attributable in part to depreciation in the value of stocks as distinct from the writing off of the premium element in high-cost contracts made during the period of scarcity, the exact amount of the loss cannot be determined until the stocks are actually sold.
It is the policy of the Government to return trading in non-ferrous metals to private hands as soon as the balance of payments permits.