HC Deb 15 April 1935 vol 300 c1598
41. Mr. CLEARY

asked the President of the Board of Trade whether he will give details regarding the deposits required by his Department from motor insurance companies; and whether he will consider raising the scale of such deposits, in view of recent failures of motor insurance companies?

Lieut.-Colonel COLVILLE

I would refer to the answer which my right hon. Friend gave on the 14th February to the hon. Member for Eccles (Mr. Potter).

Mr. PETHERICK

Will my hon. and gallant Friend make it clear that the Government do not intend to engage in any credit-giving competition with foreign countries, even against those countries which are not in a position to grant trade—

Lieut.-Colonel COLVILLE

The hon. Member is referring to the wrong question.

Mr. JOHN WILMOT

Is the hon. and gallant Gentleman aware of the very grave public misgiving in this matter, and the fact that one of the companies which failed was taken over by another company which, having received additional premiums, itself then failed, and that very great hardship is falling on people owing to the lack of proper regulation of these companies?

Lieut.-Colonel COLVILLE

The whole matter is under the consideration of my right hon. Friend.

Mr. LOGAN

Is the hon. and gallant Gentleman aware of a rumour in the city that about five other companies are likely to fail in the next week?