HC Deb 28 April 1931 vol 251 cc1434-5
32. Mr. WISE

asked the President of the Board of Trade whether he is yet in a position to make a statement concerning the investigation into the Wheeler companies and the steps proposed to be taken by the Board of Trade to protect the interests of individual investors?

33. Sir JAMES SEXTON

asked the President of the Board of Trade whether and when a report will be available on the affairs of the Wheeler companies?

Mr. W. GRAHAM

The investigations are proceeding, but it is not yet possible to make any statement in regard to the affairs either of Arthur Wheeler and Company or of the M.I.G. Trust, Limited.

Mr. A. M. SAMUEL

Will the right hon. Gentleman consider the advantage of having some representative of the Board of Trade present during this investigation, in order to ascertain where there are weaknesses in the Companies Act, so that the Board of Trade can introduce appropriate amendments of the law to prevent the repetition of these losses?

Mr. GRAHAM

That is a separate question, but I have already assured the House that we are in close touch with the investigations, and if the opportunity should arise and it is necessary to do so, I can, of course, get further information.

Mr. SAMUEL

As disasters under limited liability are happening so frequently will not the right hon. Gentleman study this case and consider early amendments of the company law by which they could be prevented?

Mr. GRAHAM

I have already replied in general, and without relation to this case, that there are proposed amendments of the Companies Acts; but the House must understand that pending the outcome of this investigation the Government can make no statement to the House.

Mr. WISE

May we assume that before the assets are distributed—and I understand that they are mostly in the hands of the banks—there will be an opportunity for the House to consider the report, and, if possible, to suggest action.

Mr. GRAHAM

No, obviously, I cannot make any promise to the House regarding the precise steps until I have the result of the investigation. I can only repeat what I said on the last occasion, that in that investigation the interests of all parties, including the class of investors the hon. Member has in mind, will be remembered.

Mr. WISE

I am not sure whether the right hon. Member understood my question. Will he see that the assets are not distributed until the report is available and the whole matter can be considered? I am anxious to avoid action being taken to prejudge that.

Mr. GRAHAM

The House must clearly understand that I am giving no promise this afternoon, but I will bear that point in mind.

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