HC Deb 16 March 1932 vol 263 cc272-3
41. Mr. D. GRENFELL

asked the Attorney-General whether he will take steps to make illegal the practice of publishing or submitting false Stock Exchange quotations?

The ATTORNEY-GENERAL (Sir Thomas Inskip)

I can only add to the answer which my right hon. Friend the Lord President of the Council gave to the hon. Member on Thursday last by stating that I am informed that the Stock Exchange Committee have the matter under consideration.

Mr. T. WILLIAMS

Is it the intention of the Attorney-General to call for a report after the Stock Exchange Committee have considered the matter?

The ATTORNEY-GENERAL

I have no power to call for a report from the Stock Exchange Committee.

Mr. WILLIAMS

Does not the right hon. Gentleman think that, in all the circumstances, which are well known to him, he ought to invite them to send him a report?

The ATTORNEY-GENERAL

I am only concerned with the extent of my powers in the first instance. If the hon. Gentleman can inform me as to my power to call for a report from the Stock Exchange Committee, I will consider the matter.

Mr. GRENFELL

Is it not a fact that members of the Stock Exchange are themselves very anxious that something should be done; and, in view of recent pronouncements in the courts, does not the Attorney-General think that it is his duty, and the duty of the Government, to prevent these happenings, which have been described by one of His Majesty's judges in words which were very condemnatory?

The ATTORNEY-GENERAL

The existing law is sufficient to deal with any fraudulent attempts to part people from their money. Whether the internal procedure or machinery of the Stock Exchange requires to be overhauled is a matter for the Stock Exchange Committee.

Sir A. M. SAMUEL

Would not the difficulty be got over if the Stock Exchange were asked to accept a Charter, as was recommended some years ago by a public inquiry, so that they would be able to act only within the limits of the Charter?

The ATTORNEY-GENERAL

I have no doubt that that suggestion will be considered by the Stock Exchange Committee.