HC Deb 23 November 1937 vol 329 cc1025-6
43. Mr. Johnston

asked the President of the Board of Trade whether his attention has been called to the literature being issued by a private company interested in the production of soya beans, inviting investors to invest capital in plots of ground, the production from which is guaranteed to produce minimum annual dividends of 10 per cent. tax free, with absolute security for the capital; whether he will cause an examination to be made of the strength of the assets upon which this guarantee is given; and whether there is in fact any such security?

The President of the Board of Trade (Mr. Oliver Stanley)

I am aware of the invitations referred to by the right hon. Gentleman; these, like the invitations relating to mushroom beds, to which he referred in his question of 9th November, are under consideration in connection with the proposal for legislation to give effect to the recommendations of the Departmental Committee on share-pushing and similar activities. I have at present no power to make the investigation suggested by the right hon. Gentleman.

Mr. Johnston

Is the right hon. Gentleman aware that yesterday, in the Central Criminal Court in London, police evidence was tendered to the effect that a man called Smolensky was importing American share-pushers for the express purpose of selling these shares, and does he not think that pending Government legislation on the subject, he or some other prominent member of the Cabinet should warn potential investors in this country, over the radio, in order to prevent them from being swindled?

Mr. Stanley

I should like to take the opportunity of saying the same thing about soya beans as I said about mushrooms. I am certain anybody who invests money in these concerns is taking a very great risk.

Mr. Johnston

In view of the importance of this matter, would not the right hon. Gentleman take the opportunity, over the radio, as his right hon. Friend the Minister for the Co-ordination of Defence did some time ago, warn investors decisively on this matter, which involves hundreds of thousands of pounds belonging to poor people?

Mr. Stanley

I will consider that.

Mr. Leach

Is the right hon. Gentleman going to take those powers, which he says he now lacks, in his forthcoming Bill?

Mr. Stanley

The hon. Member had better await the Bill which, at the present moment, is still under consideration.