Mr Samuel Samuel: The argument of the hon. Member for Ebbw Vale (Mr. A. Bevan) goes to prove that cooperative societies are not what they claim to be, mutual trading societies. If they were to adopt the principle of putting profits to a fund for the purpose of equalising dividends they would not be following out the original object of the societies. I have always understood that their object was to buy cheaply...
Mr Samuel Samuel: I do not want to dwell upon that, but hon. Members of the Opposition have pointed out the way in which the principle of mutuality operates, and I was saying that the co-operative societies are carrying on business in the same way as a private trader. They cannot claim that they do not make profits and at the same time place them to reserve.
Mr Samuel Samuel: Had those books been submitted to independent auditors?
Mr Samuel Samuel: I want to ask the Chancellor of the Exchequer if he cannot give us some information. He has spoken about speculations in exchange, on which I think he is rather misinformed. I said before that there was very little speculation going on. He says the operations of the Fund would be well known if he gave more information to the House. I should like to inform the Chancellor of the Exchequer that...
Mr Samuel Samuel: Then I take it we shall have to bear the loss.
Mr Samuel Samuel: Subject to realisation.
Mr Samuel Samuel: I propose to confine my remarks as far as possible to the direct proposal to increase this fund which the Government call an Exchange Equalisation Fund, although, as far as I can see, its operations up to the present have had nothing whatever to do with the equalisation of the exchanges. I think I am justified in claiming that the prediction which I made when I opposed the establishment of...
Mr Samuel Samuel: The point I made was that under the law of the United States the export of gold is prohibited, and I wished to know whether, if our Government wanted to ship that gold to England, and put it in the Bank of England, the American Government would allow that to be done.
Mr Samuel Samuel: If in the event of the chairman of the London County Council or any of these gentlemen declining to serve on the board—
Mr Samuel Samuel: I have listened to the discussions upon the Amendments and I feel very strongly upon the whole Bill. I am not going into that, but will confine myself to Clause 1, and point out to the Committee the grave dangers that the nation runs if this Bill should become law, as no doubt it will. I am a London Member, and, as far as London is concerned, I think when I come to criticise this Clause and...
Mr Samuel Samuel: I do not want to go into the details, but as the Minister has challenged the veracity of my statement 1 must say that the facts are as I stated them. Since he has challenged me, I say that I could produce a letter from the Minister of Transport on the subject. Before I left for Egypt last winter, 1 wrote to the Minister of Transport and complained about this appointment, pointing out that...
Mr Samuel Samuel: I fully support my hon. Friends the Member for East Fulham (Sir K. Vaughan-Morgan) and the hon. Member for Lewisham (Sir P. Dawson) in what they have said against the Bill, but I have a complaint to make against the Government, that in 1931, when it was first introduced, it was strenuously opposed by the Conservative party, and, in fighting it, the then President of the Board of Trade made a...
Mr Samuel Samuel: I do not want to contradict the right hon. Gentleman, but, being a practical man of business and with some common sense, I do not think that the Minister of Transport himself had anything to do with it. He would not know until he had made inquiries. I was told that Mr. Bevin, the head of the Transport Workers' Union, was asked to nominate a man for this position in respect of which politics...
Mr Samuel Samuel: Can the hon. Gentleman tell me what is the Labour party?
Mr Samuel Samuel: The man who was nominated by the Transport Workers' Union had no connection with business whatever. He was, no doubt, a very good man, but he was the leader of the Socialist party in Sunderland and used, no doubt, to speak at the street corners and preach Socialism.
Mr Samuel Samuel: When they heard in Sunderland that the gentleman who had represented the Government for about 30 years was not going to be re-appointed the shipowners and the merchants of Sunderland appointed him as their representative. He was the man whom the Ministry of Transport did not re-appoint. I wish, therefore, to point out the great danger of placing powers in the hands of the Department when it...
Mr Samuel Samuel: In my opinion, the Government are making a grave mistake in entering into a business which they do not understand. The exchange business is very complicated. It is not carried on merely for the purpose of exchange, and in this development the Government appear to be ignoring that fact. The exchange business is carried on for the purpose, primarily, of the business world—for the purpose of...
Mr Samuel Samuel: May I ask the Financial Secretary to inform the Committee whether it is the intention of the Government to do a regular exchange business, a legitimate exchange business, or are they going to speculate in different types of exchange?
Mr Samuel Samuel: Will they speculate on the rise or fall in exchange?
Mr Samuel Samuel: I should like sincerely to congratulate the hon. Member who has just spoken. His father was a very dear friend of mine. He will be received in this House for his father's sake, and I hope also for his own sake, with the very best of encouragement from all hon. Members. The Motion which we are discussing is amusing. It certainly shows a lack of a sense of humour on the part of the Opposition,...