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Jute Control (Trading Profit)

Volume 499: debated on Tuesday 22 April 1952

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78.

asked the Secretary for Overseas Trade, as representing the Chancellor of the Duchy of Lancaster, how much has been surrendered to the Treasury by the Jute Control since its inception arising from the profits on its operations.

The trading profit of the Jute Control amounted to approximately £7,500,000 from the start of its operations in 1939 to 31st March, 1952. Funds surplus to the Control's immediate requirements for trading purposes are surrendered to the Exchequer, and advances are obtained from the Exchequer as required to finance current transactions.