§ 29. Mr. D. GRENFELLasked the President of the Board of Trade whether he will, in addition to the inquiry with respect to the affairs of Messrs. James and Shakespeare, under Section 182 of the Companies Act of 1929, demand particulars of the connection between the directorate of one of the joint stock banks, the Tobacco Securities Trust, Limited, and the subsidiary Tobacco In 766 vestments, Limited, registered in the Isle of Man, which holds share capital in the Dean Finance Company, Limited, and the firm of Messrs. James and Shakespeare?
§ Dr. BURGINThe attention of the official receiver will be drawn to the matters referred to by the hon. Member, and the question of further action must await his report on the affairs of James and Shakespeare, Limited, under Section 182 of the Companies Act.
§ Mr. GRENFELLCan the hon. Gentleman assist the House by giving an estimate of the time required to complete the inquiries?
§ Dr. BURGINIf the inquiry is to be anything like as complicated as the hon. Gentleman appears to wish to make it, I am afraid it will take longer than would otherwise be the case.
§ Major NATHANDoes the hon. Gentleman think the report will be available before the House rises for the Summer Recess?
§ Dr. BURGINThat is a purely hypothetical question, and I really cannot answer it. I have no idea as to how many matters the official receiver will have to investigate, but, in view of the public importance which has been attached to the matter, he will undoubtedly do his work as expeditiously as it is always done in my Department.
§ Mr. JOHN WILMOTIs the hon. Gentleman satisfied that the powers conferred upon the official receiver under Section 182 of the Companies Act are wide enough to enable him to deal with the matters mentioned in the question?
§ Dr. BURGINI think we had better exhaust the existing powers, such as they are, before we determine how wide they ought to be.
§ 48. Mr. WILMOTasked the Prime Minister whether, in view of the exceptional circumstances connected with the failure of Messrs. James and Shakespeare, Limited, and in view of the heavy losses to innocent persons and the public apprehension caused by the speculations in commodities engaged in by Messrs. James and Shakespeare, he will order a Government inquiry into the whole of the circumstances of this attempted cornering of supplies?
§ Mr. COOPERI have been asked to reply. Until the report of the official receiver has been received, no further steps can be taken.
§ Mr. WILMOTWill the hon. Gentleman reply to the last part of the question?
§ Mr. COOPERMy reply does cover that. It cannot be done until the report has been received.
§ Mr. WILMOTIs the hon. Gentleman aware that this attitude on the part of the government creates the public impression that the Government wish to hush this matter up?