§ Mr. FIELDasked the President of the Board of Trade whether he can state, in reference to the gambling Clause in the proposed new Bankruptcy Bill regarding operations under options, future and warrant contracts in stocks, shares, produce, and metals which are not based upon actual delivery but are only settled by the receipt or payment of differences, whether it is intended to authorise these as honest trading transactions and consequently not to be made a criminal offence in case of either bankruptcy or solvency?
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Mr. BUXTONThe Clause in the Bankruptcy Bill to which reference is made by my hon. Friend is based on the recommendations of the Bankruptcy Law Amendment Committee. It is a penal Clause, and does not purport to authorise transactions of any description.
§ Mr. FIELDasked the President of the Board of Trade whether he is aware that, for a period of seven centuries (1216 to 1844), all time bargains in finance and trade were treated both by common and statute laws as illegal operations and punishable by imprisonment, fines, and public disgrace; that the Inspector-General in Bankruptcy in his Annual Report for 1895 severely condemned all operations under the option and future systems, especially those of unscrupulous insolvent traders; and whether he will say what action, if any, he will take in the matter?
Mr. BUXTONI have not investigated the legal history of the seven centuries mentioned by my hon. Friend, but I have seen the report to which he refers. I am not prepared to take any action in the matter.