§ Mr. Fletcherasked the Secretary of State for Trade and Industry if, in the light of the continuing crisis in the London Metal Exchange and its implications for the financial sector generally and the tin industry in particular, he will make urgent inquiries into the affairs which led to the sudden suspension of the activities of the buffer stock manager and of trading on the Metals Exchange and into the implications for Her Majesty's Government's position as host country to the International Tin Council; and if he will make a statement.
§ Mr. ChannonThe Government are naturally concerned to obtain the fullest possible information which will assist in their aim of securing an orderly return to trading in tin. The Government, and as appropriate the Bank of England, are holding talks with the various parties concerned, and the International Tin Council has met the banks and the London Metal Exchange to discuss possible solutions to the crisis.
The International Tin Council is to resume its meeting on 2 December and will remain in session until it reaches a definitive solution to the current crisis. Her Majesty's Government will continue their efforts to persuade other member countries to state their willingness to meet their obligations in order that a satisfactory solution to the crisis may be found.