§ Mr. CLYNES
asked the President of the Board of Trade, in view of the number of poor persons deceived by associations failing to pay benefits promised in exchange for fixed contributions, as shown by several recent court cases, whether he proposes to acquire fuller powers to prevent the formation of such associations or arrange for such supervision as will protect the working classes who may join them?
§ The PARLIAMENTARY SECRETARY to the BOARD of TRADE (Mr. H. J. Tennant)
I am fully conscious of the necessity of safeguarding in every possible way the savings of the poor, and in order to check the growth of mushroom companies which in the past have proved unable to pay the benefits promised, a Bill has been introduced in the House of Lords by which it is proposed that all bond investments companies and house-purchase companies should be brought under the laws which have proved so effective in the case of life assurance companies. The Bill, though largely uncontroversial, is, however, a long one, and only the goodwill of all parties can secure its passage.