AN M.P.'S CONTRACT.

Auckland Star, Volume XLIII, Issue 306, 23 December 1912, Page 5

AN M.P.' S CONTRACT.

SIR S. SAMUEL'S SILVER DEAL. (Received 10.50 a.m.) LONDON, December 22. The "Pall Mall Gazette" considers the failure of the Stuart Samuel Committee to unanimously agree, and its reference of the matter to the Privy Council, has increased the muddle. It it, not a matter for legal pundits, but what a man owed to himself and his constituents. Sir Stuart Samuel (member for the Whitechapel Division) was the subject of serious question in L'urliamont on November 7 from Sir Frederick Banbury. Sir Stuart is partner in the family firm of Messrs Samuel, Montagu, and" Company, through which recently the India Office bought about £2,000,000 worth of silver for coinage of rupees. By an old Statute, 22 Geo. 111., c. 25, no' member may, directly or indirectly, himself or by anyone in trust for him," undertake any contract with a Government Department." Sir Frederick asked when a writ would be issued for the Tower Hamlets. Mr Asquith stated that it was not a matter for the Government, but of ordinary parliamentary law. The Government" as a Government, had no knowledge of such contracts, and the Prime Minister, as an individual, was not informed. Any hon. member, continued Mr Asquith, who entered into such contracts rendered himself liable to "very serious statutory liability." That liability is £500 a day on which the members sits and votes, to be paid to the person —a private individual —who may sue for it. The operation was of a veryusual character. The silver was paid for at the current market price of the day, and commission was h per cent, which, it is announced, worked out at £7,513 on the whole transaction. The average price paid to Messrs Samuel, Montague was 28£ d per ounce, and the present price of silver is 28 13-16 d an ounce. Mr Baker, who is replying for tie India Office in Mr Montagu's absence, stated on Monday that the purchase at the earlier date saved the department a sum of £99,130.