HC Deb 21 November 1938 vol 341 cc1427-8

Considered in Committee under Standing Order No. 69.

[Colonel CLIFTON BROWN in the Chair.]

Motion made, and Question proposed, That, for the purposes of any Act of the present Session to provide (among other things) for regulating the business of dealing in securities, it is expedient to authorize—

  1. (a) the payment out of moneys provided by Parliament of the expenses incurred for the purposes of the said Act by the Board of Trade (including the payment of such remuneration to the members of any tribunal constituted under the said Act to discharge functions in connection with the granting and revocation of licences, and such expenses of the said tribunal, as may be approved by the Treasury), and
  2. (b) the payment into the Exchequer of all fees received by the Board of Trade by virtue of the said Act."—(King's Recommendation signified.)—[Mr. Cross.]

7.29 p.m.

Mr. Lewis

There is one point that I would like to raise before we part with this Resolution. The Committee in what they describe as their principal recommendations, on page 67 of their report, at the end, say: The Board of Trade should appoint a Registrar whose duty should be to keep a register of the names and addresses of registered dealers in stocks and shares and the expenses of the Registrar should be met by fees payable on registration and annual renewals thereof, such fees to he fixed by the Board of Trade from time to time. It is true that the Government have not followed exactly the machinery suggested by the Committee, and I should like to know how far, if at all, that has upset the proposal of the Committee that the fees should cover the expenses. Before we part with the Resolution, we are entitled to be told to what extent the Board of Trade estimate the fees they will receive will cover the expense that they will incur? If the Board of Trade have not yet decided to fix fees at a level which, in their judgment, will be sufficient to cover the expenses, I hope they will reconsider their decision, because there is no doubt that one effect of this Bill will be to give improved status to those outside brokers who will be registered under the Bill. It will certainly help them and will bring them more business if they are able to say: "We are registered and approved by the Board of Trade." In these circumstances it is not unreasonable that they should be required to pay the very moderate expenses which will be incurred by the Board in this matter.

Mr. Stanley

I think my hon. Friend will realise that it would be very difficult at this stage to give any particulars as to receipts or expenditure. It certainly would be our desire, if it were possible so to arrange, to see that the fees covered the expenditure. I am not, however, in a position to say how the system laid down in the Bill will react in regard to making the scheme self-supporting. As regards exemption, that is given once for all, and not yearly, and it is difficult to see how any revenue can be got from it, but, in so far as it is possible, we should aim at making the fees sufficient to meet the outgoing.

Mr. Duncan

Will there be fees for an exemption order?

Mr. Stanley

I should like to consider that.

Question put, and agreed to.

Resolution to be reported To-morrow.