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Raw Material Sales (Loss)

Volume 530: debated on Tuesday 20 July 1954

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asked the Minister of State, Board of Trade, as representing the Minister of Materials, how much profit or loss was made on the sale of the £125,000,000 stocks of raw materials previously held by the Ministry of Materials after allowing for the stocks retained as a strategic reserve, calculated at the same prices.

Including a provision for interest, administration and storage charges, there will be a loss of the probable order of £25 million. This figure, of course, contains a forecast for the current financial year. Transfers to strategic reserves are made at the market price ruling at the date of transfer.