HC Deb 13 July 1931 vol 255 cc32-3W
Mr. EDE

asked the President of the Board of Trade what steps he takes to ascertain that the provisions of Leeman's Act, 1867, are strictly observed by persons dealing in the shares and/or stock of bank and discount companies?

Mr. W. GRAHAM

This Act imposed no duty upon the Board of Trade or any other Government Department. Transactions covered by the Act do not come before any Department.

Mr. EDE

asked the President of the Board of Trade (1) whether he will consider the re-enacting of Barnard's Act, 1733, for the greater protection of the investing public in so far as it would apply to dealing in securities for cash settlement;

(2) whether he will take steps to prevent organised bear raids upon securities dealt in on the stock exchanges and to institute regulations similar to those laid down by the Treasury for the opening of the stock exchanges in January, 1915, in so far as they applied to persons being in actual possession of securities before giving instructions for their disposal?

Mr. P. SNOWDEN

I regret I am unable to adopt these suggestions.

Mr. KELLY

asked the President of the Board of Trade (1) whether he will introduce legislation for the London Stock Exchange to be made a statutory body with appropriate safeguards to protect the public against losses due to the methods of the Stock Exchange, so that the public may be entitled to compensation;

(2) If, in view of the losses suffered through manipulations of Stock Exchange securities during recent years, he will take steps to prevent the names of Stock Exchange members being used unless the Stock Exchange is liable for the statements in any prospectus inviting public subscriptions?

Mr. P. SNOWDEN

I cannot undertake to introduce legislation for these purposes.