§ 37. Mr. A. V. ALEXANDERasked the President of the Board of Trade whether his attention has been called to the published joint statement of accounts of the 238 National Fixed Investment Trust, Limited, Commercial Fixed Trust, Limited, and the Amalgamated Fixed Trust, Limited, for the year 1935; and whether, as this type of statement is not up to the requirements of the Companies Acts, he can say in what way his Department ensures compliance by these concerns with the regulations under the Companies Acts?
§ Mr. RUNCIMANThe answer to the first part of the question is in the affirmative, but as the companies to which the right hon. Gentleman refers are private companies they are not required, under the provisions of the Companies Act, 1929, to publish their accounts. As I stated in this House on 11th February, the whole question of fixed trusts is to be considered by a departmental committee which is in process of being set up.
§ Mr. BOOTHBYCan the right hon. Gentleman give approximately the date when he expects that report?
§ Mr. RUNCIMANI have referred only to the setting up of the committee. It is proceeding as rapidly as possible.
§ Mr. BOOTHBYWill the right hon. Gentleman bear in mind that there is need for the greatest urgency in this matter?
§ Mr. RUNCIMANI am awaiting answers to the invitations which I have addressed to gentlemen who are being asked to compose the committee. I canont do more than that at the moment.
§ 38. Mr. ALEXANDERasked the President of the Board of Trade whether pending the issue of the report of the proposed committee inquiring into matters relating to fixed trusts, he will issue a general advice to the public not to subscribe to any new fixed trusts which may be floated until the Government has laid down conditions under which such trusts will be allowed to operate?
§ Mr. RUNCIMANNo, Sir.
§ Mr. SHINWELLAs there appears to be some doubt in the public mind regarding these trusts, why is the right hon. Gentleman not prepared to issue general advice?
§ Mr. RUNCIMANBecause I am not prepared to take action until I have received the necessary information.