§ 55. Mr. EDEasked the Chancellor of the Exchequer whether his attention has been drawn to paragraph 386 of the Macmillan report, which states that 284 companies were floated on the public in 1928 for more than £117,000,000, that three years later the market values showed a public loss of £50,000,000, that 70 of those companies had been wound up, and that the capital of 36 others had no value; and whether, in view of the fact that the report records that those 106 companies alone involved the public in a loss of £20,000,000, he will take steps to protect the public by preventing Stock Exchange quotations from being granted in future to industrial companies until remedies outlined in paragraphs 388, 389, and 390 of the Macmillan report have been adopted?
§ Mr. P. SNOWDENI am aware of the statement in the Macmillan report, but I cannot find any suggestion that the procedure suggested in the second part of the question was in the minds of the committee.
§ 6. Mr. EDEasked the President of the Board of Trade if he will so amend the Companies Act that in published accounts the words profit and balance shall be understood to mean the profits and/or balance resulting from trading operations during the period covered by the accounts in which they appear?
§ Mr. W. GRAHAMAs I have already stated, I am not in a position to promise legislation to amend the Companies Act, but my hon. Friend's suggestion has been noted.
§ 56. Mr. MORLEY(for Mr. MARCUS) asked the Chancellor of the Exchequer whether he will compile a record as from 1st January next, and for five years onwards, of every security under the Companies Act, 1929, to which a quotation from that date is granted for the first time by the committee of the London Stock Exchange, and keep for the same period a record of interest and/or dividend paid in respect of such securities, in order to ascertain whether the facilities afforded by the stock exchange for the public flotation of such securities are a source of profit or loss to the investors?
§ Mr. P. SNOWDENNo, Sir.