§ 11. Mr. JOHN WILMOTasked the Secretary of State for the Colonies whether he considered the opinion expressed by the following bodies regarding the tin buffer stock scheme; the council of the Federated Malay States Chamber of Mines, the Singapore Chamber of Commerce, the Federated Malay States Chamber of Commerce, the Straits Settlements Association, the Selangor Miners' Association, and the London Metal Exchange; and whether any and, if so, which of these bodies expressed opposition to the scheme?
§ The SECRETARY of STATE for the COLONIES (Sir Philip Cunliffe-Lister)The answer to the first part of the question is in the affirmative. All the bodies mentioned passed resolutions opposing the buffer stock scheme.
§ Mr. WILMOTWas due consideration given to their point of view when this scheme was introduced?
§ Sir P. CUNLIFFE-LISTERYes, most certainly, due consideration to their point of view and to the very strong opinion expressed by the majority of tin users and, above all, to the great interest which consumers had in the institution of this pool.
§ Mr. WILMOTDo not the bodies which the right hon. Gentleman says expressed opposition to the scheme represent the bulk of the British Empire producers?
§ Sir P. CUNLIFFE-LISTERNo, certainly not. They do not. The majority of producers, I think all over the world, were in favour of this scheme. But what seems to me much more important even than that where you have a Government involved is the interest of consumers, and I know quite well the great importance which consumers, including the United States Government, attached to a plan of this kind.
§ Captain PETER MACDONALDAre not the opponents of this measure speculators on the Stock Exchange who have some representatives in this House?
§ Mr. WILMOTMay I ask your guidance, Sir? If I understood the hon. and gallant Gentleman aright, he made a statement that implied that I myself was a speculator in tin.
§ Mr. SPEAKERI did not hear what the hon. and gallant Gentleman said.
§ Mr. WILMOTMight I be allowed to say that such a suggestion is entirely without foundation.
§ 12. Major NATHANasked the Secretary of State for the Colonies whether the Colonial Office or the Governments of Malaya or Nigeria or the International Tin Committee were informed beforehand of the intention to create the private tin pool; and, if not, when the fact of its existence was first made known to them?
§ Sir P. CUNLIFFE-LISTERThe Colonial Office and the Governments of Malaya and Nigeria were not informed beforehand. I understand from the chairman of the International Tin Committee that the fact that certain companies engaged in tin production had decided to endeavour to stabilise the price of tin by operating on the London Metal Exchange was communicated to him in July. As I have already informed the hon. Member, the chairman was subsequently kept informed of the operations undertaken by the group.
§ Major NATHANDo I correctly understand the right hon. Gentleman to mean July, 1934?
§ Sir P. CUNLIFFE-LISTERLast July.