§ Mr. FIELDasked the President of the Board of Trade whether he was aware, in connection with the Lancashire cotton industry, that in years gone by the Indian cotton imports into Great Britain had been killed by the gambling systems of options and futures in Indian cotton; that these same systems in American and Egyptian cotton in years of corners have paralysed the imports of these growths into Liverpool; that the basis of all imports is a bear sale; that the basis of the spinning industry is a call option; that in consequence, owing to gambling operations in 1911 by so-called Anglo-American and metal syndicates, the markets have been cornered, causing the prospects of the Lancashire cotton industry to be unfavourable before next October; and, considering that these systems of international gambling have been acknowledged at the eight international Cotton Congresses held since 1903 to be the direct cause for artificial high prices, whether he proposes to take any steps to remedy this state of affairs before the Lancashire industry is ruined?
Mr. BUXTONNo doubt abuses may arise in connection with speculative dealings in produce, and such abuses may in certain circumstances have a detrimental effect on industry, but, as at present advised, I do not consider that I can usefully take any action in the matter.