§ Mr. FIELDalso asked the Chancellor whether he is aware that so universal has the distrust become in high-class British securities that the leading lawyers, brokers, and other prominent people who have become pre-eminent as the advisers of the investing public, have, during the past few years, not only advised their clients to sell out these securities, but also have recommended them to boycott these for new investments; whether he is aware that under these conditions such advice is playing into the hands of the home and foreign bear operators; and whether he will state what steps the Government propose to take to safeguard the present investors from further depression, as well as to prevent a continuance of such a state of panic in high-class British securities?
§ Mr. LLOYD GEORGEI am aware that it is the practice in certain quarters to decry British securities, and that this is to some extent reflected in their price, but do not think I could usefully take any steps in the direction indicated by the hon. Member.
§ Mr. FIELDfurther asked the Chancellor of the Exchequer whether he is aware that during the past three months a gamble on the London Stock Exchange has taken place in Nigerian tin, Marconis, oils, shipping, certain rails, and other shares which has resulted in losses estimated at several millions; whether he is aware that the liquidation of this gambling owing to these losses has caused many failures amongst all classes and have been the means of forcing sales of Consols, gilt-edged, railway, and other securities to pay up the gambling losses in the former shares; whether he is aware that subsequently a collapse occurred in nearly every security quoted on the London Exchange; and whether the Government will introduce legislation to prevent and modify the existing Stock Exchange system which causes a number of investors to sell out British securities and re-invest in foreign ones in order to protect themselves from such gambling operations on the London Stock Exchange?
264W
§ Mr. LLOYD GEORGEI cannot undertake to propose legislation in the sense suggested.