British Guiana Building Society.

Oral Answers to Questions — Trade and Commerce. – in the House of Commons at on 4 May 1938.

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Photo of Mr William Lunn Mr William Lunn , Rothwell

asked the Secretary of State for the Colonies whether, in view of the present unsatisfactory position of the British Guiana Building Society, he will recommend the appointment of a committee representative of the Colonial government, the Georgetown Town Council, and the subscribing members of the building society to investigate the question of reconstruction with a view to obviating loss on the part of those least able to bear it?

Photo of Mr William Ormsby-Gore Mr William Ormsby-Gore , Stafford

I understand that proposals have been prepared by the solicitors representing a large body of shareholders and contributors to the British Guiana Building Society, most of whom are members of the poorer and lower middle classes, for the incorporation of a new society and transfer of the assets of the present society to it. I further understand that these proposals will shortly he considered by the liquidator and the members of the society. In the circumstances, I do not consider that the appointment of a committee would serve any useful purpose.

Photo of Mr William Lunn Mr William Lunn , Rothwell

If I put a question later, will the right hon. Gentleman give me the information regarding the position?

Photo of Mr William Ormsby-Gore Mr William Ormsby-Gore , Stafford

Certainly, if the hon. Member will give me time. I understand that the official receiver is acting for the liquidator and that negotiations are going on.