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United States Oils And Fats

Volume 529: debated on Thursday 8 July 1954

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asked the President of the Board of Trade the amount of United States oils and fats imported in 1953–54; whether he will state the provisional amounts that will be imported in 1954–55; and what import restrictions there are upon these commodities.

During the 12 months ended May, 1954, imports of oils and fats from the United States amounted to £5·75 million, of which linseed oil accounted for £2·1 million, lard for £1·6 million and cottonseed oil for £1·3 million. Many oils and fats can be imported without restriction from all sources, and I cannot forecast what purchases private traders will make in the coming year. A number of different import restrictions are still in force for balance of payments reasons for certain oils and fats imported from the dollar area and other non-sterling countries, but we have agreed to purchase from the United States, with funds made available under the Mutual Security Act, butter to the value of $6 million, lard to the value of $21·5 million and cottonseed oil to the value of $11 million.