§ MR. FIELD (Dublin, St. Patrick)To ask the President of the Board of Trade whether he is aware that, owing to American gambling in warrants in tin in London, a corner was lately formed and the price thereby artificially raised to £203 per ton, thus entailing loss to British manufacturers in Birmingham, the Midlands, and South Wales, and that, owing to the action of a bear clique in London, the corner has collapsed and the price has already declined in a state of panic some £29 per ton, or to £174, thereby again disorganising the whole trade, besides jeopardising the newly developed mining industry in Cornwall; and whether he can state what steps His-Majesty's Government intend to take in order to prevent a recurrence of these gambling operations, with the object of protecting legitimate commerce and home industries.
(Answered by Mr. Lloyd-George.) I am aware that the price of tin in London 1393 rose from £160 5s. per ton at the end of 1905, to £213 at May 15th, 1906. Since that date the price has declined almost continuously, and on June 28th, it stood at £177 15s. Both the rise and fall appear to be due to a combination of causes among which no doubt speculation has been an important factor. Other causes are the state of the world's supply and stocks of tin, and the conditions prevailing in the tinplate trade. I do not consider that any steps could usefully be taken by His Majesty's Government in this matter.