§ 7. Mr. THURTLEasked the President of the Board of Trade if he is aware that the Duophone and Unbreakable Record Company, Limited, has not held an annual meeting for more than 18 months; and if he is proposing to take any action to enforce the law against this company?
§ Sir P. CUNLIFFE-LISTERThe annual return made to the Registrar of Companies shows whether a company has held a general meeting during the year; and unless a return is made during the year this information is not available until the end of the year. The Duophone 990 Trade what have been the imports of foreign roadstone, setts, and curbs in each of the last five years?
§ Sir P. CUNLIFFE-LISTERIf my hon. Friend will permit me, I will circulate in the OFFICIAL REPORT a table giving the available figures of these imports.
The imports of roadstone, as such, are not separately recorded in the Trade Returns of the United Kingdom.
The following table shows the quantities and declared values of the total imports of the undermentioned descriptions of granite into the United Kingdom consigned from foreign countries during each of the years 1923 to 1927.
Company is bound by law to make its annual return at the end of the present year. It has not been the practice of the Board of Trade to initiate proceedings unless representations are made by a member of the company. No such representations have been made in the present case.
§ Mr. THURTLEIs the right hon. Gentleman aware that this company, since it was floated in the middle of 1926, has not held a single annual general meeting, and is he also aware that Clause 64 of the Companies Act provides that it shall hold a meeting at least within 15 months of its last meeting, and does he propose to take any action on the subject?
§ Sir P. CUNLIFFE-LISTERI think that, if the hon. Gentleman will study the answer which I have given to this question, he will there find a complete answer to the supplementary question.
§ Mr. THURTLENow that the right hon. Gentleman's attention has been publicly drawn to this fact, does he propose to take any action?
§ Sir P. CUNLIFFE-LISTERIf the hon. Gentleman will read the answer which I have given to the House, he will see that I shall only get the return at the end of the current year. In the meantime, if some shareholders—this is the ordinary practice which has always been followed by the Board of Trade—complain before the time that the returns come in that there has been an infringement of the Statute, the Board of Trade will consider what action to take.
§ Mr. A. V. ALEXANDERIs it not important, in view of the wild speculation which has been going on during the last three months in gramophone companies' shares, that the Government should take steps to see that the companies' meetings are properly held?
§ Sir P. CUNLIFFE-LISTERNo. That, if I may say so with respect, is quite irrelevant. All that would happen—
§ Mr. SPEAKERIf that be so, we had better not pursue it.
§ Mr. SAKLATVALADo we understand from the President of the Board of Trade that, if all the shareholders of the company decide to break the law, the Minister is powerless?
§ Sir P. CUNLIFFE-LISTERNo, Sir, the hon. Gentleman should not understand that. It was not what I said.