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Sugar Board (Loss)

Volume 656: debated on Tuesday 27 March 1962

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asked the Minister of Agriculture, Fisheries and Food if the payment to the Sugar Board of £1,095,000 in 1961–62 represents a loss on the transaction by the Sugar Board of that figure, or if unsold stocks of sugar remain.

The figure of £1,095,000 which appears under subhead Q in Class VIII of the Supplementary Estimate for 1961–62 is the estimated loss by the Sugar Board on their purchase and sale of South African sugar, as my agents, in the period 1st January, 1962, to 31st March, 1962, on the basis that all the sugar bought in this period is sold in the same period. Provision is included in the South Africa Bill for this loss to be made good in due course by the Sugar Board out of the surcharge. These transactions arise from the agreement for the purchase of South African sugar which I announced in the House of Commons on 15th November last.