§ 50. Mr. J. HUDSONasked the Prime Minister whether he will consider the 1610 introduction of legislation to prohibit Cabinet Ministers from being shareholders or directors of public companies whose interests are likely to be affected by Cabinet decisions?
§ The PRIME MINISTERNo such legislation, even if practicable, is in my opinion required. The safeguard against any difficulty such as the hon. Member appears to have in mind lies in the traditional standards of public life in this country.
§ Mr. HUDSONIs it the statement of the Prime Minister that it is highly improper, according to the standards of this country, for directors to be at the same time members of the Cabinet, particularly if they are directors of companies which may gain by the decisions of the Cabinet?
§ The PRIME MINISTERFor some years now everyone on joining the Government in any capacity has been obliged to give up his directorships.
Captain BENNIs it not a fact that, when the late Sir Henry Campbell-Bannerman formed his Government in 1905, he required the members of the Government to relinquish their directorships?
§ The PRIME MINISTERThat example has been followed by every successive Government?
§ Mr. HUDSONIs that rule followed at the present time?
§ The PRIME MINISTERYes.
§ Mr. THURTLEIf it is desirable that directors should relinquish their directorships, is it not equally desirable that large shareholders should give up their share holdings?
§ Sir FRANK MEYERIs it not a fact that a Cabinet decision may tend to affect all forms of property, and would not the suggestion of the hon. Member prevent any owner of property becoming a Minister? Does not that show the futility and the ineptitude of the question?
§ Mr. SPEAKERThat may be a matter of opinion.