PERSONAL EXPLANATION. (Hansard, 12 March 1935)

Mr. GURNEY BRAITHWAITE

I ask leave of the House to make a personal statement. In the Debate in this House on Thursday last, on the subject of recent dealings in commodities in the City of London, during which there was a good deal of plain speaking, I used the following words: Let us remember also that there is something else which is not in my view worthy. Suppose you know that someone or some group of persons has become heavily involved in pepper, that they are also bulls, or holders of large quantities of tin, and that in order to meet their pepper commitments they will have to realise upon that tin. Knowing these facts you promptly sell short on tin, and having sold short you flood the market with propaganda, pointing out the likelihood of a fall in the price of tin; a propaganda upon which the House may have the guidance and assistance of the hon. Member for North Lambeth (Mr. G. R. Strauss). I ought to add that at that point I produced a document published by the firm of which the hon. Gentleman is a director, which document I believed to be directed to depressing the price of tin. At that moment the hon. Member rose. I gave way to him, and he said this: I have been following the hon. Member during the last minute or two and I gather that he is making certain suggestions as regards my business of selling short on tin, and so on. I have not interrupted him because I did not know whether he was referring to me or not. May I assure him that the facts which he has put before the House are utterly untrue. They have no foundation whatever. If he desires to go on—I know that he does not wish to mislead the House—let me tell him that his facts have absolutely no foundation whatever."—[OFFICIAL REPORT, 7th March, 1935; col. 2192, Vol. 298.] After certain other verbal exchanges, with which I will not weary the House, the hon. Member raised the matter again on a point of Order at a later stage of the Debate, when I said this: The hon. Gentleman has made a categorical statement, and of course in this House we always accept personal statements of that character. If, after reading the OFFICIAL REPORT, the hon. Member considers that I have said anything to his personal detriment or against his interest, or which accuses his firm of any improper conduct, I will take the first opportunity of publicly withdrawing it. I think, however, he will find, on reading my speech, that I have not done so."—[OFFICIAL REPORT, 7th March, 1935; col. 2206, Vol. 298.] I heard by letter yesterday from the hon. Member, and I think I ought to 207 point out to the House that the delay was due to his confusing me with my hon. and gallant Friend the Member for Buckrose (Major Braithwaite). I received yesterday from the hon. Member a letter in which he said that, having read the OFFICIAL REPORT, he still feels that my words contained an imputation of improper conduct. I am not clear that the ethics of the City would regard "bear" operations in tin, or propaganda with a view to depressing the price of a commodity, as improper; but in any case no charge against the firm of which my hon. Friend is a director of selling short was intended. He has assured me that the document which I produced was not issued from any such motive, and I am most anxious that the hon. Member should not labour under any sense of grievance or feel that I have made an unfair attack within the shelter of privilege. In these circumstances I have the greatest pleasure in carrying out the undertaking which I gave the House last Thursday by asking leave to withdraw the allegation of which the hon. Member for North Lambeth complains.