Oral Answers to Questions — Stocks and Shares (Transactions).

– in the House of Commons on 14th July 1931.

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Photo of Mr Michael Marcus Mr Michael Marcus , Dundee

21.

asked the President of the Board of Trade whether he is aware that certain brokers have accepted orders to buy stocks and shares; that no such purchases have been carried through; that dividends have been paid by the brokers to the purchasers to make them believe that their orders had been, executed, whereas the money had been used by the brokers for their own purposes, resulting in losses to the purchasers; and if he intends to take action to safeguard purchasers against such practices?

Photo of Mr William Graham Mr William Graham , Edinburgh Central

I regret that for the moment I can make no statement in regard to the affairs of the firm to which my hon. Friend no doubt refers.

Photo of Mr Morgan Price Mr Morgan Price , Whitehaven

43.

asked the Chancellor of the Exchequer whether he is aware that the rules of the London Stock Exchange provide insufficient protection to the public against exploitation by manipulation of paper securities which may or may not have value; and whether he will request the economic advisers of the Government to frame regulations for the flotation of companies, trading, and quotation of shares on the Stock Exchange, and give them the force of law?

Photo of Mr Philip Snowden Mr Philip Snowden , Colne Valley

I fear that I am not satisfied of the utility of my hon. Friend's proposal.