§ MR. WATT (Glasgow, College)I beg to ask the President of the Board of Trade whether his attention has been called to the abuse by directors of companies, and especially of unsuccessful companies, of the power of proxy; and if so, will he introduce legislation either limiting or abrogating that power.
§ MR. LLOYD-GEORGEThe power of voting by proxy has been recognised by the Companies Acts since the first Act of 1862, and, as at present advised, I am not prepared to introduce legislation to abrogate that power. There have, doubtless, been cases from time to time where the power has been abused, but, on the materials at present before me, I incline to the opinion that a greater evil might be created by preventing shareholders from voting on their own affairs unless they were able to be present at the meeting of the Company.