§ Mr. Spearingasked the Minister of Agriculture, Fisheries and Food what will be the cost to the Exchequer of the guarantee it is to give in respect of the new system of forward quotations of the equalised price for sugar referred to in his Written Answer of 13th May. column 76.
§ Mr. PeartTaking into account the price of £260 per ton which the Government have guaranteed for Commonwealth 305W raw sugar shipped in 1975, sales of refined sugar at the forward quotations initially introduced would mean a loss for the refiners concerned of around £90 per ton, and therefore an Exchequer payment of the same amount. However, it is impossible at this stage to forecast what quantities will be sold at these forward prices, which are subject to change at any time in the light of the prices at which other sugars are on offer.
FEOGA (GUARANTEE SECTION) EXPENTURE 1974* Units of Account Sterling Equivalent Cereals … … … … … … … … 399,760,604.82 166,566,918.68 Rice … … … … … … … … 1,199,895.03 499,956.26 Milk and Milk Products … … … … … … 1,221,046,237.39 508,769,265.57 Oils and Fats … … … … … … … 146,733,905.34 61,139,127.23 Sugar … … … … … … … … 108,823,052.55 45,342,938.56 Beef and Veal … … … … … … … 320,768,406.52 133,653,502.72 Pigmeat … … … … … … … … 67,136,546.24 27,973,560.93 Eggs and Poultry … … … … … … … 16,873,830.12 7,030,762.55 Fruit and Vegetables … … … … … … 66,906,013.32 27,877,505.55 Wines … … … … … … … … 41,965,337.76 17,485,557.40 Tobacco … … … … … … … … 187,608,902.54 78,170,376.06 Fisheries … … … … … … … … 1,169,246.92 487,186.22 Common organisation of markets in other sectors and products 35,511,698.18 14,796,540.91 Agricultural products processed into goods not included in Annex II to the EEC Treaty … … … … … 13,292,787.12 5,538,661.30 Accession Compensatory Amounts granted in respect of intra-Community trade … … … … … … 332,539,590.01 138,558,162.50 Expenditure due to the monetary situation … … … 145,930,899.02 60,804,541.26 Appropriations for the discharge of liabilities from accounting periods prior to 1st January 1971 … … … … — — Provisional commitments to be distributed to Budget headings — — TOTAL … … … … … … 3,107,266,952.88 1,294,694,563.70
FEOGA (GUIDANCE SECTION) EXPENDITURE 1974† Units of Account Sterling Equivalent Projects for improving the structure of agriculture referred to in Article 13 of Regulation No. 17/64/EEC … … … — — Joint schemes in particular sectors … … … … 48,856.76 20,356.98 Special measures … … … … … … … 17,916,494.98 7,465,206.24 TOTAL … … … … … … 17,965,351.74 7,485,563.22 * Guarantee Section expenditure consists of FEOGA refunds on exports to Third Countries and of intervention within the Community. † Provisional figures of payments actually made. Units of account converted at the rate of £1 = 2.4 units or account.