§ 7. Mr. Ridleyasked the Minister of Agriculture, Fisheries and Food, in view of the fact that over the last five years £200 million in foreign exchange has been paid under the Commonwealth Sugar Agreement more than would have been paid by buying at world prices, if he will seek to modify that Agreement.
§ Mr. HoyI have explained to the hon. Member in a letter why the price paid under the Commonwealth Sugar Agreement cannot validly be compared with the so-called world price.
The only way in which the Agreement can be modified, other than by mutual agreement between the parties, is by giving notice of three or six years, depending on which provisions are to be modified. Such notice cannot be given until 1971, and it is too early to say what changes, if any, it will be desirable to introduce then.