HC Deb 01 May 1934 vol 289 cc139-40
28. Mr. BURNETT

asked the President of the Board of Trade whether, for the protection of private investors, he will take steps to ensure that when invitations are made to the public to subscribe to fixed trusts or to units thereof, they should be accompanied by a disclosure of the remuneration, commission, fees, and profits to be obtained by the managers of the trust as distinct from the trustees?

Mr. RUNCIMAN

I have no power to require the disclosure of the information suggested by my hon. Friend.

Mr. BURNETT

Will the right hon. Gentleman bear in mind the danger of possible exploitation by these trusts with a view to taking measures against it?

Mr. RUNCIMAN

I have no power to require a disclosure of these facts.

Mr. JOHN WILMOT

Will the right hon. Gentleman consider the urgent necessity of amending the law relating to industrial and provident societies with a view of preventing that machinery being used for evading the provisions of the Companies Act?

Mr. THORP

Is it not the case that industrial and provident societies are used by co-operative societies?

Mr. THORNE

Yes; and why not?