§ 73. Sir J. Vaughan-Morganasked the President of the Board of Trade what progress he has to report in the inquiries being made by his investigations' board into the practices of auction rings.
§ 74. Mr. Channonasked the President of the Board of Trade if he will make a statement about his inquiry into auction rings.
§ Mr. DellExtensive inquiries have been made, and are continuing. They are unlikely to be completed before Christmas.
§ Mr. Barnettasked the President of the Board of Trade whether he is aware that losses by vendors at auction sales are due primarily to the inadequacy of expert advice on the reserve price rather than the operation of rings; if he will therefore seek powers to appoint a panel of experts to advise vendors on the matter; and if he will make a statement on his inquiry into auction rings.
§ Mr. DellA reserve price based on sound advice is the best assurance that goods will not be sold for less than their true value, but I do not think it would be appropriate to establish Government appointed panels to provide such advice.
As regards the inquiry, I would refer my hon. Friend to the answer I have 134W given today to Questions by the right hon. Member for Reigate and the hon. Member for Southend, West.
§ Mr. Barnettasked the President of the Board of Trade if he will now state arising out of his inquiry into auction rings, in what proportion of auctions rings operate.
§ Mr. DellThe inquiry has not yet been completed, but I do not expect it to provide the information asked for.