HC Deb 27 November 1914 vol 68 cc1595-6
Mr. SPEAKER

Message from the Lords.

Lords Amendments received.

Resolved, "That the Lords Amendments to the Trading with the Enemy Act (1914) Amendment Bill be considered forthwith."

Lords Amendments considered accordingly.

Motion made, and Question proposed, "That this House doth agree with the Lords in the said Amendments."

The ATTORNEY-GENERAL (Sir John Simon)

May I, in half-a-dozen sentences, explain that all these Amendments read out seriatim deal only with one point, and that is the point brought to the attention of this House late yesterday on the Report stage by the hon. Baronet (Sir Frederick Banbury) the Member for the City of London, and some other hon. Members. The Bill, as introduced, did not attempt to invalidate transfers, from enemies to neutrals, of shares in British companies retrospectively, but only professed to do so as from the passing of the Bill. It was pointed out, however, in the course of our discussions that it might be possible to devise a method by which they should be retrospectively invalidated from the beginning of the War, providing it protected, of course, persons who hold bonâ fide and for value. That suggestion being made, I proposed, with the general concurrence of this House, an Amendment of that nature, and this Amendment still stands in the Bill as regards every kind of security, except one. The one security to which it cannot conveniently be applied is a share which is registered or inscribed, the reason being that once the register of a company is altered, and a new name substituted, great complication arises if you attempt to change what has already been done. In view of what the hon. Baronet pointed out last night, I have ascertained what is the opinion of the officials at the Stock Exchange, and others specially qualified, and these Amendments have been moved in another place to carry out what is desired and, as far as possible, to meet those special difficulties.

Mr. RAWLINSON

I am much obliged to the right hon. Gentleman for what he has said. I am afraid I pressed my point somewhat strongly, but I am sure this is a matter of the greatest importance to the commercial community, as well as the Stock Exchange community, and I am glad that the Government have seen their way to meet this point.

Question put, and agreed to.