Oral Answers to Questions — General Mortgage Society (Great Britain), Limited.

– in the House of Commons on 1st March 1938.

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Photo of Mr Thomas Johnston Mr Thomas Johnston , Stirlingshire and Clackmannanshire Western

asked the President of the Board of Trade whether he is aware of the extent of the losses suffered by investors in the General Mortgage Society (Great Britain), Limited, now in liquidation; whether any of the directors of this concern have offered to make compensation of any kind to the investors; and whether it is proposed to take any further action against the promoters and exploiters of this concern?

Photo of Captain Euan Wallace Captain Euan Wallace , Hornsey

According to the statutory statement of affairs of the society, the amount invested by the public was £55,388, and I understand that it is probable that most of this amount will prove to have been lost. The answer to the second part of the question is in the negative. As regards the last part, the investigation into the affairs of the Society has not yet been completed, and I cannot, therefore, say what action, if any, will be taken in the matter.

Photo of Mr Thomas Johnston Mr Thomas Johnston , Stirlingshire and Clackmannanshire Western

Can the right hon. and gallant Gentleman inform the House, roughly and approximately, what amount of money the directors of this concern have taken out of it, and as these are persons who have made no offer of compensation, could he give us their names?

Photo of Captain Euan Wallace Captain Euan Wallace , Hornsey

If the right hon. Gentleman will put that question down, I will do my best to give the information.

Photo of Mr Frederick Bellenger Mr Frederick Bellenger , Bassetlaw

Is the right hon. and gallant Gentleman aware who the directors of this society are? Is he aware that they are titled people and that their actions should be investigated very closely?

Photo of Captain Euan Wallace Captain Euan Wallace , Hornsey

I think we are aware who they are, but I could not give their names without notice.

Photo of Mr Frederick Bellenger Mr Frederick Bellenger , Bassetlaw

Well, I could tell you.