HC Deb 03 February 1955 vol 536 cc1248-9
7. Mr. H. Wilson

asked the President of the Board of Trade whether he is aware of recent trade criticisms of the functioning of the Cotton Futures Market; and whether he will reconvene the Hopkins Committee to inquire into the position with a view to possible further legislation.

Mr. P. Thorneycroft

To the best of my belief the Cotton textile trade shares the Government's view that the Liverpool Futures Market is working satisfactorily.

Mr. Wilson

But has the right hon. Gentleman not seen the statement made by Sir Thomas Barlow in his annual report as Chairman of the District Bank? Did he not see the reference last week- end by a leading member of the Liverpool Cotton Futures Market showing that the market is on far too narrow a basis and that the spot stocks of raw materials are 95,000 bales compared with one million bales before the war; and will he not recognise that there is a case for an urgent inquiry?

Mr. Thorneycroft

I have seen many comments on this matter. I would refer the right hon. Gentleman to the admirable article in yesterday's "Manchester Guardian," which I think contained a very objective and fair account of the situation of the Liverpool Cotton Futures Market and the various problems associated with it.