BIG PROFITS FROM SALE OF CHRISTMAS NUTS

Chronicle (Levin), 2 December 1947, Page 3

BIG PROFITS FROM SALE OF CHRISTMAS NUTS

(N.ZJP.A.-

—Reuter.

Caavriaht)

LONDON, Nov. 30. Tiv.i j-'i'i'iil auetious of stocks of nuts liebl by the Fcmd JMinistrv have, it is e.A iumi ed, Peturned a pirofit of over £1,000,000." Two thonsand tons of walnuts and lilberts whieh were anctioned on Monday brought a iirolit of £300,000 to the Ministry, and 1800 tons of Brazil nuts and walnuts sold on Thursday brought a further profit of over £700,000. Owing' to the faet that no other snpplies were] availablp, record liigli prices were pairt !>y deaiers who are laying in stocks of nuts for Ohristmas. Brazil nuts, whieh have been unobtainable in Britain for several years, are expected to retail at 8s to 9s a jiound, compared with ls a jtound bei'ore the war. Walnuts, whieh cost 8d a ])ound before the war, will probably cost over 7s a pound this Christmas. The aefion of the Ministry in liolding stocks and tlien offering limited supplies at auction is being stronglv criticised by retailers, who contend that it imshed prices up out of all reason. .At a Press conference today, the Minister of Food (Mr. Strachev) defended the Ministry 's policy, claiming that the prolit made by the Ministry might weli iiave been made and held by the trade. Currency difticulties had prevented the issue of general import licences to private traders.