HC Deb 23 November 1937 vol 329 cc1038-9
57. Mr. Selley

asked the President of the Board of Trade when the promised Bill dealing with property societies will be introduced into the House, in view of the uncertainty in business and financial circles, and especially of the suspense of many small investors whose savings are involved?

Mr. Stanley

The matter is under consideration with a view to early legislation, but I cannot yet name a definite date for its introduction.

Mr. Selley

Is the right hon. Gentleman aware that the delay in legislation has given encouragement to mushroom societies whose financial position should not warrant the protection of the Industrial Provident Societies Act?

Mr. Stanley

There has been no delay. As the hon. Gentleman knows, we are working on the report of the Departmental Committee received in August and this is an extremely complicated subject which requires close consideration before any proposals dealing with it can be translated into legislation.

Mr. Holdsworth

Would the right hon. Gentleman consider introducing interim legislation to prevent further societies being registered under the Friendly Societies Act and taking advantage of the present position?

Mr. Stanley

I do not think there would be any point in introducing interim legislation. I am going on as fast as I can with the consideration of the main Bill, and I hope that without any undue delay I shall be able to present it to Parliament for consideration.

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