asked the President of the Board of Trade if he will make a statement on constitutional and procedural changes in the General Agreement on Tariffs and Trade, consequent on the recent increase in membership; and to what extent Nigeria and other new members of the organisation have accepted the relevant conventions already accepted by Great Britain.

Only Nigeria has acceded fully to the General Agreement since 1957. In doing this she has acknowledged the obligations entered into on her behalf by the United Kingdom before the date of her independence. Argentina Cambodia, Israel, Portugal, Spain, Switzerland and Tunisia are taking part in the work of the Contracting Parties pending full accession; the obligations which they have so far accepted vary from case to case. No constitutional or procedural changes have been made in the General Agreement as a result of the participation of these countries, but the Contracting Parties have established a Council so that closer and more continuing attention can be given between sessional meetings to the problems of international trade.

Is the right hon. Gentleman satisfied that the conventions relating to trade unions are being fully maintained, especially by the new nations? What steps is he taking to make sure that these conventions, rights, liabilities and duties are being, and will be, fully maintained?

I shall have to look into the very important point which the hon. and learned Gentleman has put to me.

asked the President of the Board of Trade what imports of Russian fuel oil have been authorised since February 1958; and how much cement has been exported to the Union of Soviet Socialist Republics during the same period.

In the period from February 1958 to October 1960, 201,733 tons of fuel oil have been imported under licence from the Soviet Union; 3,021 tons of cement were exported to the Soviet Union in the same period.

Is the right hon. Gentleman aware that Russian fuel oil is being imported to this country at a price which is at least £2 a ton lower than the market price? Would not he agree that the cement company involved has pulled a fast one over the Government by exporting a token export of cement in return for fuel oil at dumping prices?

No. The Portland Cement Company received its licence in February, 1958, and it was quite openly entered into. But other licences have not been issued since then.

asked the President of the Board of Trade what proposals he has with regard to the application of Imperial Preference on products from the British Cameroons after the vote to be held there in February, 1961.

Pending the plebiscite, it would be inappropriate for Her Majesty's Government to make any statement.

But how can my right hon. Friend possibly expert people to vote if they do not know what they are voting for? People must know that there is an Imperial Preference of £7 a ton on 3 million bananas? Are they going to forfeit that when they vote in February of next year and price themselves out of the United Kingdom market? Are they to be denied the opening of the Common Market in Europe? They really must know.

I appreciate the difficulty to which my hon. Friend has drawn my attention. But we have the important principle to maintain that we should not appear to be influencing the voters one way or the other by making any prejudgment on this issue.

asked the President of the Board of Trade what military equipment is licensed for export to the Government of the Union of South Africa; and what conditions are attached to its use.

The military equipment listed in the First Schedule of the Export of Goods (Control) Order, 1960, is subject to export licensing control. Export licences do not attach conditions on the subsequent use of the goods.

Has the right hon. Gentleman seen reports that British-provided Saracen tanks are being used by the Government of the Union of South Africa for the repression of the resistance of Africans in Pondoland? Does not he think that we ought to apply conditions which will prevent such military equipment from being used for purposes which are abhorrent to the moral opinion of this country and the world?

If the hon. Gentleman thinks about the matter in its wider context, he will, I think, agree that it would be impossible effectively to enforce conditions on the subsequent use of such goods, although naturally we take into account the situation, so far as we know it to be, at the time of any application for an export licence.

Is the right hon. Gentleman aware that the policy of apartheid is now becoming akin to some form of madness, and that the only way the South African authorities can be brought to their senses is by Great Britain and other countries, who can see the lunacy of this action, taking steps to show that we mean what we say?

I have noted the point made by the hon. Gentleman.

If the Government cannot impose conditions as to the subsequent use to which these weapons can be put, is not the logic of this clear, namely, that they must ban the shipment of arms?

Perhaps I might be allowed to reply to that by putting a question to the right hon. Gentleman: is he proposing that all shipments of arms to all parts of the world should be prohibited if we are unable to secure enforcement of any condition regarding subsequent use? It is because we do not believe that we could accept that condition that we permit exports of arms to take place under licence.

Is the right hon. Gentleman aware that my answer to that question, if I were permitted to answer it, would be that we know what use these weapons are put to in South Africa after Sharpeville, and that, in view of that, there should be special and discriminatory bans on exports of munitions to South Africa.

asked the President of the Board of Trade whether he will now refer the newsprint industry to the Monopolies Commission.

asked the President of the Board of Trade if he will refer the newsprint industry to the Monopolies Commission.

No, Sir.

As the price of newsprint is nearly six times as high as it was prewar, and as one newspaper after another is going out of production because of high costs, is there not a special obligation on the Government at least to take some steps to prevent monopoly practices in this industry?

There might be several reasons for newspapers going out of production, but comparison with prewar prices is rather misleading. The newsprint commonly used nowadays is much lighter than that used pre-war.

Is not the hon. Gentleman aware that democracy is in real danger—

With the hon. Gentleman around it is.

—with free competition in newsprint as dead as mutton? Have not the Government heard about the tie-up between Anglo-Newfoundland and Bowaters? Are not the Government beginning to get concerned about the difficult situation which now prevails?

My right hon. Friend is not aware that the present arrangements are inimical to the public interest.

asked the President of the Board of Trade what action manufacturers and distributors of toys have reported to him to give effect to the advice of the Molony Committee to ensure that the eyes of toy animals are made secure and that lead-based paints are not used in toys.

My right hon. Friend is informed that before the Committee on Consumer Protection made its interim report, leaders of the industry had already advised their members to take all reasonable steps to avoid such hazards as the hon. Member describes. I understand that this advice is being generally followed, not only by manufacturers, but also by importers.

In view of the danger of lead poisoning which has been proved in other toys for children, does not the hon. Gentleman think that there ought to be very definite regulations preventing lead being used which a child may suck and, therefore, harm its health?

As I have said, the trade has already given evidence of having complied with this. I would remind the hon. Lady that the Committee on Consumer Protection referred to this matter as one of the points on which

"we doubt the need for regulation".

asked the President of the Board of Trade whether he has now received evidence from the Molony Committee on the banning of celluloid or other highly inflammable toys; and what action he proposes to take.

My right hon. Friend has not received any further observations from the Committee on this subject, which can best be considered in the context of the main recommendation of the Committee's Interim Report.

Is it not probable that it will be necessary to ban this sort of toy? Should not the hon Gentleman give preliminary notice so that the manufacturers can take other steps?

As I told the hon. Member for Bradford, South (Mr. George Craddock) on 6th December, the President of the Board of Trade is considering with his right hon. Friend the Secretary of State for the Home Department what action he should take on the main recommendation in the Committee's Report.

asked the President of the Board of Trade what has been the expenditure of dollars on the importation from the United States of America of gambling machines, for the last convenient accounting period of not less than one year.

I regret that separate figures for gambling machines are not available.

Is it not time that we had these figures? Is the right hon. Gentleman aware that the police are confiscating machines which are found on non-club premises, thereby demonstrating a direct wastage of dollars? Furthermore, even the provision of a law which enables these machines to be put into clubs is being got round, within the knowledge of hon. Members, by contractors leasing these machines to clubs. Is not this the sort of thing which ought to be the subject of futher investigation by the Department?

This Question relates only to statistics. We will certainly consider the matter, but I should point out that it is very difficult to define a gambling machine as such for statistical purposes, whatever statistics may come out of the machine. Nor would it be correct to assume that these gambling machines are paid for in dollars, as suggested by the hon. Gentleman.

What steps, if any, are taken to prevent children of school age using these machines?

That is not the responsibility of my right hon. Friend.

Rubbish.

asked the President of the Board of Trade whether, in order to enable hon. Members to ascertain whether firms receiving Government financial help are observing trade union conditions, he will publish the names of all firms receiving grants or loans of public money.

No, Sir.

What steps are the Government taking to see that Government money is not put behind non-union firms? How can the unions take these firms to the Industrial Court if they do not know who they are? Can the hon. Gentleman tell me whether the new factory of the Harper Paper Group, recently opened in Blackburn, was opened with Government help, because that firm flatly refuses to allow the printing workers' union to organise its workers and is not introducing trade union conditions?

In answer to the first part of the supplementary question, if the properly negotiated terms are not being observed I cannot see any difficulty involved in workers drawing the matter to the attention of their unions and the unions, in turn, taking the matter to the Industrial Court. In answer to the second part, not only the assistance given under the Local Employment Act but the fact that an application is made is treated as confidential.

What is the real objection to my hon. Friend's suggestion? We know that, under the fair wage clause, if Government money is involved there is this facility. My hon. Friend is not seeking the amount of money paid to each firm. She is asking which firms are receiving it. What principle is involved here which the hon. Member cannot tell us?

The principle involved is that it is confidential to the President of the Board of Trade what firms make application for this assistance. The firm itself can reveal it if it likes. It is confidential for the very good reason that firms would be deterred from making applications for assistance if they thought that this information might be given.

If the Board of Trade will not publish it so that the workers can take appropriate action, will the Board of Trade make full trade union recognition a condition of receiving financial assistance? Is the hon. Gentleman aware that he would be doing nothing new here, because in the lifetime of the Labour Government I can remember a case in South Wales where a factory was refused to a firm which would not give the necessary assurance about trade union recognition?

There are two good reasons for not doing that. First, it is not provided for in the Act and it is not part of my right hon. Friend's function. Secondly, there would be no means of enforcing it.

In view of the unsatisfactory nature of the reply, I beg to give notice that I shall raise the matter on the Adjournment.

asked the President of the Board of Trade if he will introduce legislation to ensure that all cloth marketed as Harris Tweed after January, 1962, is wholly processed and produced in the Outer Hebrides.

No, Sir. This is a matter for the courts.

There is a much wider question than action by the courts involved here. Is the hon. Gentleman aware that this is the blackest unemployment area in the whole of Britain? While we welcome new firms coming in, what is happening is that firms are going out there to do some of their processing, the rest being done elsewhere on the mainland. They are not giving full employment in the area like the "Orb" Mark firms. Therefore, we are asking for some protection for the traditional manufacturing industry in the area.

This is a matter of application of the law and a matter for the courts. It is before the courts at present.

asked the President of the Board of Trade whether he is aware that the Committee of Experts on Wines and Spirits, set up by the Committee of Ministers of the Council of Europe, intends to discuss at its next meeting in April, 1961, the definition and methods of production of whisky and gin, and that the decisions taken by the Committee are likely to result in changes of legislation and, perhaps, of customs duties in many European countries to which the United Kingdom exports these products; and whether he will therefore arrange that the United Kingdom should reconsider its refusal to take part in the work of this Committee.

I understand that detailed agenda for the April meeting have not yet been settled. When they come to hand, I will consider whether any useful purpose would be served by sending an expert to take part in the meeting.

My estimation is that spirits, including whisky and gin, will be discussed at this meeting. If that is so, will my right hon. Friend ensure that a representative to protect the interests of this important section of the British export trade is present at the meeting?

As I have said, we should like to see the agenda first.

asked the President of the Board of Trade whether he has been notified of the proposed closing of a locomotive works at Stockton-on-Tees; and what action he is taking to find a suitable alternative tenant for this Government-financed factory.

Yes, Sir. My right hon. Friend is at present trying to find an alternative tenant.

As this is a Government-financed factory, will the hon. Gentleman make sure that it does not lie idle after the present firm leaves it in February?

We cannot guarantee that at no time will it lie idle, but we shall certainly do our best.

asked the President of the Board of Trade what proposals he has for the further registration of restrictive trading agreements under Section 9 of the Restrictive Trade Practices Act, 1956.

As a result of two Orders made, respectively, in August, 1956, and October, 1957, all agreements to which Part I of the Restrictive Trade Practices Act, 1956, applies became subject to registration. These Orders cover not only such agreements as already exist but any new registrable agreements that may come into existence. There are no further agreements in respect of which an order can be made under the Act.

Is the Minister aware that there is doubt whether this registration procedure is complete and that Members are in difficulty in questioning the President of the Board of Trade on this subject concerning the activities of the registrar? Is the hon. Gentleman aware, in particular, that there is a common price agreement governing the increase in prices of London evening newspapers which, apparently, has not yet been registered? Will he give directions to the Registrar to hold a hearing as to whether that increase is in the public interest?

No, Sir. It is not for my right hon. Friend to give a direction to the Registrar on that matter. It is for the Registrar, if he thinks that he has reasonable cause to believe that such an agreement exists, to call upon the parties by written notice to furnish such particulars.

asked the President of the Board of Trade if he will introduce legislation to control the publication of misleading advertisements in the T.V. Times and other publications.

My right hon. Friend is not convinced that legislation is the appropriate method for dealing with this matter. I have arranged to discuss it with the T.V. Times as well as with the Newspaper Proprietors and the Periodical Proprietors Associations.

Is the Minister aware that we are glad that he has become acquainted with the T.V. Times since our last exchange at Question Time and that we appreciate that he is to have discussions on this point? Does he appreciate that the newspapers generally do not accept these switch sale advertisements and that it is a scandal that the T.V. Times continues to accept them? If I send the hon. Gentleman the transcript of a B.B.C. broadcast on this matter last Sunday, which shows the absolute dishonesty of the switch sale technique, will he read it?

If the hon. Member sends me the transcript, I shall certainly read it.

asked the President of the Board of Trade whether he has reached a decision with regard to the export of the Palliser Cook Journals; and if he will make a statement.

asked the President of the Board of Trade whether he has reached a decision on the application for a licence to export the manuscript log book and journal of Captain Cook.

No decision has yet been reached.

In view of the significance of parts of these journals to New Zealand, will my right hon. Friend give his personal attention to the matter before any licence is issued?

I am very glad to reassure my hon. Friend that my right hon. Friend will look at the matter personally before a decision is taken.

asked the President of the Board of Trade if he will list and name the 16 new industrial buildings and extensions which have been provided in the Durham, North-West, constituency between 1st January, 1950, and 31st October, 1960.

As the list is a lengthy one, I am circulating it in the OFFICIAL REPORT.

Is the Minister aware that a local newspaper report yesterday confirmed that another colliery is to close, affecting 700 men? Does he not realise that the remaining industry in the area—the manufacture of cosmetics and the making of ladies' gloves, underwear and dresses—is not suitable employment for ex-miners or quarrymen? Will the hon. Gentleman inform his hon. Friend the Member for Kidderminster (Mr. Nabarro) that the responsibility is that of the Government and not of Alfred Robens?

That seems to be a rather different question from the one on the Order Paper.

asked the President of the Board of Trade if, in order to help the victims of flood disaster, he will remove the 42 per cent. import duty on carpets and the 17½ per cent. import duty on furniture.

No, Sir.

Why not?

Because there are adequate supplies of home-produced material.

Would my right hon. Friend agree that a far better way to supply the victims of the floods with new carpets would be to get them through Dundee and Kidderminster?

That is just what I was going to say.

Would the Minister not Agree that for manufacturers in this country to take advantage of the distressing conditions resulting from the floods to secure a fortuitous boost in the sales of their carpets is monstrous?

I do not see that they are taking any advantage of the duties, because it is their mission in life to sell carpets. I hope that they succeed in doing so.

Cannot the carpet manufacturers be asked the reduce their prices by 42 per cent.?

asked the President of the Board of Trade what examination he has made into the possibility of scheduling Blyth as a development area under the Local Employment Act.

My right hon. Friend has considered this, but he does not think that the industrial prospects for Blyth at present warrant the inference that high and persistent unemployment is to be expected there. He will continue to watch the position in this as in neighbouring areas.

Does that reply indicate that the President of the Board of Trade is less interested in the situation in Blyth now than he was during the recent by-election campaign?

Not at all. According to a Press report, my right hon. Friend said that he would consider scheduling Blyth as a development area. As I have said, he has considered it, and he will continue to keep it in review.

asked the President of the Board of Trade what action he intends to take in view of the effects of pit closures on employment in the Seaton Valley and Bedlington areas; and what assistance he is prepared to give to local authority development committees to provide alternative employment.

My right hon. Friend understands that the National Coal Board does not expect serious redundancies to arise from these closures; but he is keeping a careful watch on the position in these areas. We would nevertheless be glad to see new industry going to the area and welcome the co-operation of local development committees in seeking to attract it.

Is not the hon. Gentleman aware that prevention of unemployment is better than cure? What will he do to prevent these situations from arising?

As I say, under the Act my right hon. Friend has to keep this matter under careful examination. The present unemployment rate, however, does not warrant his scheduling these areas and he considers that it would be over-pessimistic to anticipate a heavy rate of unemployment in the future. Incidentally, the National Coal Board expects to be able to place those miners Who will be affected by redundancies as a result of mines which are closed.

asked the President of the Board of Trade how often the Board of Trade Advisory Committee, set up under the Local Employment Act, meets.

This Committee meets regularly once a month and more often if the necessity arises.

Will the Minister use his influence to get the Committee to meet more frequently so as to review the backlog of applications, particularly those referring to the Isle of Sheppey?

The Committee is meeting tomorrow and is getting on fast with its task. The House will, I am sure, appreciate that this is a voluntary body and cannot be expected to meet much more often than it is doing.

rose—

asked the President of the Board of Trade what estimate he has made of the effects on overseas trade of the United Kingdom resulting from depletion of the gold reserves of the United States of America.

It is the measures taken by the United States Government to deal with the reduction in gold reserves rather than the reduction itself that may affect trade. Those so far taken should not have any serious effect. My right hon. Friend is watching the situation closely.

In view of many possible dangers which may arise in the next few weeks if there is intensification of the measures already taken by the United States of America, can my hon. Friend assure the House not only that this matter will be kept under continuous review, but that if necessary conversations will be initiated by Her Majesty's Government?

We had better see whether what my hon. Friend portends comes about.

Is there not a danger here of competitive deflation with everybody trying to defend their own gold reserves? Instead of merely watching, will not the Government consult the American and, indeed, the German Governments to see whether we cannot have a policy of lower interest rates all round?

This is not just a matter of interest rates. The satisfactory feature of the present situation is that the United States is not applying measures to tackle its balance of payments problem in such a way as to restrict normal commercial trading.

Would the right hon. Gentleman not agree that instead of the President of the Board of Trade watching, waiting, hoping and praying for a lucky chance to arise and for something to turn up, the Government should take constructive action to shape the course of events and not be satisfied continually with giving these evasive answers which we get all the time from the Box?

It is also undesirable to panic when one is not being particularly hurt.

asked the President of the Board of Trade to what extent hire-purchase restrictions, since inauguration in their present form, have contributed to increase in the export trade of the United Kingdom.

These restrictions were imposed as part of the Government's measures to restrain internal demand. It was not expected that they would have any immediate or direct effect on exports, and I can make no estimate of their effect in this regard.

But would my hon Friend not agree that increasing apprehension is being felt by bankers, businessmen and industrialists in all parts of the country that, far from these credit restrictions assisting exports, they are having exactly the opposite effect and militating against the export trade? Has the time not now arrived when mere should be an urgent reappraisal of present economic policies?

My hon. Friend will recognise that this is a matter which is quite literally continuously under the attention of my right hon. Friend. My hon. Friend must recognise that what is quite certain is—

My hon. Friend should not dictate to me. I will not be dictated to.

May I say that I am sure that my hon. Friend does recognise that what is quite certain is that if the home market gets out of hand then sterling, the balance of payments and exports will suffer?

Is my hon. Friend suggesting to the House now that the home market is out of hand? Is he having no cognisance at all of the fact that there are now hundreds of thousands of industrial workers, notably in the Midlands, who are on a three and four-day week instead of full-time without any appreciable effect upon the export trade at all? Therefore, is not it urgently desirable that there should be a reexamination of present policies?

If my hon. Friend means a change in present policies—

I said "a reappraisal".

Perhaps my hon. Friend will allow me to answer his question. If my hon. Friend means a change, then that change will be made as soon as the Government consider that it is in the public interest to make it. If my hon. Friend is talking about an appraisal, I say that this matter is continuously under the attention of Her Majesty's Government.

Does that mean that we must have actual unemployment before the Government change their policy?

It does not mean that.

asked the President of the Board of Trade if he will state the volume of imports of cotton cloths for the first 10 months of 1960 and for the corresponding period of 1959; and if he will list the countries from which increased imports came.

Imports of cotton cloth amounted to 595 million square yards in the first ten months of 1960 and to 422 million square yards in the corresponding period of 1959. With permission, I will circulate in the OFFICIAL REPORT the names of seventeen countries from which the increases have amounted to 500,000 yards or more.

Is it not clear from these figures that, whatever benefits were expected to accrue to the cotton industry in this country from the agreements with Hong Kong, India and Pakistan, they have not accrued? Why is it considered possible for India, Pakistan and Hong Kong to control the level of the exports of this country when it is not possible for this country to control the total level of imports?

This is a very long supplementary question for me to try to answer. The point is that home production has been well maintained but is limited by the severe and continuing shortage of labour. Imports have risen because of strong demands following the recession in 1958–59. As for import-export control between Commonwealth countries, I suggest that the hon. Member will find on examination that the procedures involved are satisfactory.

Is the right hon. Gentleman not aware that this voluntary agreement with Hong Kong, which has no sanctions behind it, is very shortly coming to an end and that the present indications are that it will not be renewed? Have the Government paid any attention to this fact, or are they merely keeping the situation under constant review until catastrophe occurs?

There is a time for review and a time for action. Imports of piece goods from Hong Kong have declined this year and we are considering what appropriate action to take for the future.

Is not that the point? Is it not a fact that while these Commonwealth countries have reduced exports, countries like Spain have sharply increased exports to this country? Is not the reason for that partly that the Government, at a cost of £30 million to the taxpayer, have carried out a Luddite policy in Lancashire of reducing capacity so that prices have gone up?

The right hon. Gentleman did not pay his usual close attention. I said that part of the difficulty was the continuing shortage of labour which limited home production. I wish that the right hon. Gentleman had referred to that point as well.

asked the President of the Board of Trade how many new jobs will be provided in Dumbarton and the Vale of Leven in the next 12 months.

My right hon. Friend is aware of several firms who are considering establishing themselves or expanding in the area, but as yet he can give no indication of the number of jobs they would be likely to provide or whether they would start recruiting before the end of 1961.

While that reply may be helpful, may I ask whether the hon. Gentleman is aware, in view of the Answer to the previous Question by his right hon. Friend, that there is a factory closing down in Alexandria—the United Turkey Red? If there is a shortage of labour in the cotton industry, why is it not possible to keep this factory employed in the industry so that this need can be met?

That is not a matter for my right hon. Friend. He cannot keep that industry going in Alexandria.

asked the President of the Board of Trade how many Government-sponsored trade centres to display and promote sales of British products have been established in other countries on lines similar to the trade promotion headquarters to be established in London by the Government of the United States of America in the spring of 1961.

Although the Board of Trade has in a few places, and on a very much smaller scale, used displays of this kind, it has taken the view that other methods, such as participation in overseas exhibitions, make better use of available resources. It is, however, as part of the current examination of export promotion, reconsidering whether trade centres of this kind would justify themselves.

Would not my right hon. Friend agree that trade centres of this kind would give really practical assistance to our export trade and would be of more value than exhortations to sell abroad and perhaps even be of more value than restrictions on credit at home? May I express the hope that this point will be taken into consideration?

This is but one form of export trade promotion. There are many others, and we feel that so far the others have been more profitable to all concerned. We will look into this matter, however, as part of our general examination.

asked the President of the Board of Trade what are the purposes for which funds are made available to the Scottish Craft Centre.

Since 1953, grants to supplement the Centre's independent income have been made to it as a body which, under the Industrial Organisation and Development Act, 1947, has been promoting activities conducive to the improvement of industrial design.

While I wholeheartedly support every effort made to develop craftsmanship in Scotland, may I ask whether my hon. Friend is aware that firms which call at this Centre have been refused the names of craftsmen who exhibit there, although these firms may want to help these individuals? Is not this refusal stultifying the very object for which the Centre was set up?

I do not know whether my hon. Friend is aware of it, but the grant covers only one-sixth of the Centre's income. It has to raise the rest itself by sales and commission. Subject to that, I am sure that the Centre would be willing to co-operate with anyone who is seeking to achieve the same objective as itself, which is to make known and to improve the standards of Scottish craftsmanship.

As public funds are being used, would my hon. Friend advise the Centre that it should give the names of the individuals concerned?

I was not aware that it was not doing so in appropriate cases, and I shall be happy to look into the point now that it has been brought to my attention.

Would the hon. Gentleman tell us how many matters his right hon. Friend is looking at, how many he is considering, how many he is continuously considering, and what is the difference between these various activities?

My right hon. Friend continuously examines things which are continuously of public interest and is always willing to look at things that are brought to his attention.

asked the President of the Board of Trade if he will institute a public inquiry into the share dealings of Vactric Limited, now in the hands of the Official Receiver, since 1st April, 1960, with particular reference to put options and short selling.

My right hon. Friend has no powers to institute inquiries into share dealings.

Is my hon. Friend aware that by deliberate intent a "bear" position was exposed in Manchester, involving several hundreds of thousands of shares, and that this has contributed to this company's misfortune? Is it not high time that the casino mentality of a few operators should be exposed?

I should be grateful to my hon. Friend if he would give the evidence on which he bases his statement. The company's affairs are, as he says, now within the jurisdiction of the court and, therefore, my right hon. Friend cannot now appoint an inspector under Section 165.

What is the good of giving information to the Board of Trade if it cannot take any action when it gets it? Would the hon. Gentleman say that when the matter is no longer sub judice the Board will have power to institute an inquiry under the Companies Act? If it cannot, will it ask the Council of the Stock Exchange to inquire into the whole question, in view of the deep concern felt on both sides of the House about the activities to which the hon. Member for Ilford, South (Mr. Cooper) has drawn attention?

The point is that neither my right hon. Friend nor the Stock Exchange has had up to the moment information on which such action could be based, but if such information is forthcoming the Government will certainly consider whether such action can be taken.