HC Deb 17 December 1935 vol 307 c1539
33. Mr. KELLY

asked the President of the Board of Trade whether he is aware that the managers or trustees of fixed trusts can control a limited company in which one or more fixed trusts hold a majority of its capital, and that an industrial company will thus be controlled by persons non-accountable to the fixed-trust shareholders as to the purpose of that control, whether for the benefit of the fixed-trust shareholders or for the benefit of the managers or the trustees of the trusts; and will he request the economic advisers of the Government to find a legislative remedy for these developments?

Mr. RUNCIMAN

As the hon. Member for South Shields (Mr. Ede) was informed on 10th December, the question of fixed trusts is engaging the attention of the Committee of the Stock Exchange. Before considering the matter further, I propose to await their conclusions.

Mr. KELLY

Can the Govenment, with all the information at their disposal, not deal with this matter without waiting for the Stock Exchange Commitee?

Mr. RUNCIMAN

We are very glad to have assistance from whatever quarter it comes.

Mr. BELLENGER

Can the right hon. Gentleman say when the Stock Exchange Committee are likely to give him the information he needs?

Mr. RUNCIMAN

I do not think there will be any undue delay.