asked the Minister for Industry and Commerce if he will make a statement on the price of tea.
Ceisteanna—Questions. Oral Answers. - Tea Prices: Statement.
In recent years Tea Importers, Limited acquired stocks of tea which were bought at prices substantially below the prices which have prevailed in world markets during the present year. The company also made forward contracts early this year for the purchase of the product of certain tea gardens at prices below the current world market prices. As a result of these transactions, the retail prices of tea in this country have been kept at a level lower than similar prices elsewhere.
The future purchases by Tea Importers, Limited this year must be made at world prices and these prices will be relatively higher as compared with past purchases. I am examining the matter fully, and I hope to be in a position to make an announcement shortly.