HC Deb 11 December 1912 vol 45 c473W

asked the Under-Secretary for India whether he is aware that the contract note for silver is so worded, according to the custom of the bullion trade, that the broker employed practically becomes his own principal, and which, being a broker, can equally act as a jobber, thus being in the position to make profits on (he transaction himself as well as earn his commission; and, if so, whether he will consider the desirability of a change in this system in the interests of honest traders and sound finance?


The various firms of bullion brokers use somewhat different forms of contract notes, and the Secretary of State is not prepared to say whether the effect, is as stated by the hon. Member. He will consider whether any change is practicable and desirable in the form to be used in transactions to which lie is a party.

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