§ 22. Mr. Milneasked the President of the Board of Trade whether he will set up a public inquiry into the effects on the public interest of the proposed merger between Rugby Portland Cement and Eastwoods.
§ Mr. N. MacphersonNo, Sir.
§ Mr. MilneIs the hon. Gentleman aware of the increase in the tendency towards monopoly in the first quarter of 1962 in this sector of our economy compared with 1961? If the hon. Gentleman is not prepared to listen to the hon. Member for Blyth in this matter, will he bear in mind what Adam Smith had to say on it in "The Wealth of Nations" namely, that:
People of the same trade seldom meet together even for merriment or diversion but"—
§ Mr. SpeakerOrder. Verbatim quotation is out of order at Question Time.
§ Mr. MilneWill it be in order, Mr. Speaker, for me to send the quotation to the President of the Board of Trade?
§ Mr. SpeakerI am not in a position to stop the hon. Member.
§ Mr. MacphersonIt will be quite unnecessary for the hon. Member for Blyth (Mr. Milne) to send the quotation because I am very well aware of it. The fact is that my right hon. Friend has informed the House that a review is being carried out into both policy and 1137 legislation on monopolies and restrictive practices, which covers this merger among others.
§ Mr. K. LewisDoes not my hon. Friend agree that some of these mergers are a great advantage to industry in that sometimes they help the competitiveness within the industry and assist both the workers and the firms concerned? Is not this case doubly an advantage since it ensures that Rugby Portland Cement will presumably secure the services of my hon. Friend the Member for Ayr (Sir T. Moore) in the take-over bid?
§ Mr. MacphersonQuite naturally, mergers in certain circumstances can be of advantage to the national interest as well as to the interests concerned.