§ 37. Mr. SHEEHANasked the President of the Board of Trade whether he is aware that within the past few years attempts have been made to float in England the following companies, namely, Fanning Island, Limited, the Central Railway Company of Canada, the Montreal Central Terminal Company, the Collooney, Ballina, and Belmullet Railway and Piers Company; can he say whether the prospectuses of any, and, if so, which of these companies have been filed with the Registrar of Joint Stock Companies; whether his Department exercises any control over foreign companies such as the Central Railway Company of Canada and the Montreal Central Terminal Company, which are incorporated abroad; and, seeing that the Dominion Government and the Agents General of Ontario and Quebec were obliged publicly to correct certain misrepresentations of fact made in the prospectus of the Central Railway Company of Canada, he will consider the advisability of introducing legislation enabling him to protect British investors against unscrupulous promoters of foreign companies?
§ The PRESIDENT of the BOARD of TRADE (Mr. Burns)I am aware that prospectuses were issued by Fanning Island, Limited, in March, 1912, by the Central Railway Company of Canada in July, 1911, and in April, 1914; and by the Montreal Central Terminal Company in June, 1914, but I have no information as to the issue of any prospectus by the Collooney, Ballina, and Belmullet Railway and Piers Company. Fanning Island, Limited, is the only one of these companies which is registered under the Companies (Consolidation) Act, 1908, and is, therefore, the only company which is required to file a prospectus with the Registrar of Joint Stock Companies. The prospectus issued by that company was duly filed with the Registrar. Every company 1696 incorporated outside the United Kingdom which establishes a place of business within the United Kingdom's required by Section 274 of the Companies (Consolidation) Act, 1908, to file certain information with the Registrar of Joint Stock Companies. As at present advised, I do not propose to introduce legislation extending the provisions of Section 274.
§ 38. Mr. SHEEHANasked the President of the Board of Trade whether he is aware that Fanning Island, Limited, promoted by Sir Thomas H. C. Troubridge, Bart., and Mr. C. H. Armstrong, in March, 1912, was incorporated under the Companies (Consolidation) Act, 1908; will he say whether a copy of the prospectus then issued was filed with the Registrar of Joint Stock Companies; and whether this company has filed an annual balance sheet in accordance with the Companies Act, or held any meetings of directors and shareholders?
§ Mr. BURNSFanning Island, Limited, was incorporated under the Companies (Consolidation) Act, 1908, on the 19th March, 1912, and a prospectus dated the 20th March, 1912, was filed with the Registrar of Joint Stock Companies on that day. I have no knowledge who were the promoters of the company. No balance sheet has been filed by the company, and the Registrar of Joint Stock Companies has been informed that the company did not proceed to allotment, and that the subscription money received in respect of applications for shares was returned. In these circumstances it is probable that no meetings of shareholders have been held, but I have no information on this point or as to any meetings of directors.