§ 22. Mr. Stodart
asked the President of the Board of Trade if his attention has been drawn to the recent recommendations of the Law Reform Society for Scotland that the existing law of security on moveables should be amended; if he is aware that such recommendation can be effected by amendment of the Companies Act, 1948; and what action he proposes to take.
§ Mr. J. Rodgers
Yes, Sir. My right hon. Friend is considering with his right hon. Friend the Secretary of State for Scotland how the matter can best be handled.
§ Mr. Stodart
Is my hon. Friend aware that on Tuesday last week his right hon. Friend was singing the virtues of the Scottish people investing in Scottish industry, and is he further aware that in this unanimous report it is stated that the present law of security on moveables does constitute a barrier to such investment? Will my hon. Friend give most urgent consideration to the amendment of the law as speedily as possible?
§ Mr. Rodgers
One of the points being discussed with the Scottish Office is whether the implementation of the recommendations could most appropriately be achieved by amending the Companies Act. That, I think, will cover my hon. Friend's supplementary question.
§ Lady Tweedsmuir
Is my hon. Friend aware that this matter has been under consideration now for many years and before it was before the Law Reform Committee? One of the main examples shown in this report, namely, that relating to the fishing industry of Aberdeen, absolutely proves the fact that a great part of Scottish industry now is under a definite disadvantage compared with 233 English industry owing to the law. Therefore, can my hon. Friend not give an assurance that some provision will be introduced definitely to deal with the point early in the next Session?
§ Mr. Rodgers
The report was published only on 28th June, and have said that my right hon. Friend is already in consultation with the Secretary of State for Scotland on this matter.