HC Deb 11 December 1968 vol 775 cc396-7
4. Mr. Sheldon

asked the President of the Board of Trade if he will now make a statement on the progress of his discussions regarding the future of the Take over Panel.

Mr. Dell

I have nothing to add to the Answer my right hon. Friend gave to my hon. Friend the Member for Reading (Mr. John Lee) on 3rd Decem ber.—[Vol. 774, c. 422.]

Mr. Sheldon

Is my hon. Friend aware of the extreme disquiet that is being felt among large sections of the investing public, and does he agree that one of the aspects which causes most concern is the estimating of future profits by various companies which are threatened with take-over? Does he further agree that it is nearing the time when his right hon. Friend will need to come to the House for further powers to regulate this as well as other matters concerned with this problem?

Mr. Dell

I think that there are many aspects of this situation which cause concern. I do not want to make any com ment, because we are still in discussions with the Governor of the Bank of England on this whole subject. I merely refer my hon. Friend to the announcement that was made following the visit of the Governor of the Bank of England to my right hon. Friend, when reference was made to the possible reinforcement of these measures by the Board of Trade.

Mr. Barnett

In view of the failure of the present panel to stand up for the rights of the small shareholder against major city interests, does not my hon. Friend feel that it is unlikely that there will be any confidence in a panel consisting of similar type of people.

Mr. Dell

It is the interest of the small shareholder that we have very much in mind in these discussions, but I should emphasise that in our judgment it would be much better if a voluntary system of control could be made to work, and it is to that end that we are currently working.