§ 34. Mr. EDEasked the Home Secretary whether he is aware that a Royal Commission appointed in 1877 recommended that the Stock Exchange should be brought under the control of a charter of incorporation; whether he has considered paragraph 386 of the Macmillan Report; and whether, in view of the statements therein and the need for protecting the commercial, industrial, and investing public from the evils detailed in that paragraph, he will take steps to have the Stock Exchange incorporated?
§ The LORD PRESIDENT of the COUNCIL (Mr. Stanley Baldwin)The reply to the first part of the question is in the affirmative. In reply to the remainder of the question the Macmillan Committee made no allusion to any question of incorporation and the matter does not appear to be one requiring any action by the Government.
§ Mr. EDEMay I ask whether the Macmillan Committee in the paragraph in question referred to the lack of discipline in these matters, whereby what they called "glittering and tawdry prospectuses" had deluded hundreds of thousands? Is it not necessary that the Stock Exchange should be given more disciplinary powers to deal with these matters?
§ Mr. BALDWINI am afraid that there is no charter that can be devised by the wit of man that will prevent the fool and his money from being soon parted.
§ Mr. A. V. ALEXANDERCan the right hon. Gentleman tell us how the fool gets his money?
§ Mr. BALDWINI am the wrong person to whom that question should be asked.
§ Mr. KIRKWO0DIs that not a reflection on Lord Kylsant?