HC Deb 13 December 1938 vol 342 cc1788-9
27. Mr. Bellenger

asked the President of the Board of Trade whether it is his intention to set up a committee at an early date to inquire into the working of the present company law?

Mr. Stanley

I think that it would be desirable to defer an inquiry into the working of the present company law at least until the Prevention of Fraud (Investments) Bill has been enacted and some experience has been gained of its working.

Mr. Bellenger

May we take that answer to mean that the right hon. Gentleman gives an undertaking that, when that Bill has been passed into law, an inquiry will be set in motion?

Mr. Stanley

I added that we had better wait until more experience had been gained of its working.

Mr. Bellenger

Does the right hon. Gentleman recall the Motion which was passed by this House nearly a year ago which the Government accepted deeming it to be wise to start this inquiry at soon as possible?

Mr. Stanley

I think it will be as soon as possible.

Mr. R. C. Morrison

Will the right hon. Gentleman bear in mind that it will take three years from the time of the setting up of the inquiry before it is in a position to report, and that meanwhile there are some flaws in the present law?

Mr. Stanley

I am aware of the desire of hon. Members in all parts of the House, and I will certainly press on with this inquiry as soon as practicable, but the hon. Member will realise that we have been busily engaged for some months on the Prevention of Fraud Bill, but we still have before us the extremely important Bill dealing with certain aspects of the insurance law which we should like to pass as soon as possible, and these company problems are, on the whole, less urgent than those two with which we are now dealing.

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