FINANCIAL DEALS

Press, Volume XCVIII, Issue 29010, 26 September 1959, Page 13

FINANCIAL DEALS

Labour Party Disturbed LONDON, September '4 Big private financial deals which haVte slumped and worried thousands of small investors today became an issue in the British general election campaign. Trouble over them involving millions of pounds has pushed the election itself off the front pages of the newspapers. But Labour politicians are now citing them as examples of what can happ'en under the Conservative policy of free enterprise. Conservatives, alarmed by this, quickly pledged that if returned they would examine abuses in the company system. Fraud detectives are at present investigating a building society, which lent millions of pounds, the savings of small investors, to a group of propertydealing companies which have been temporarily banned from stock exchange dealings. The Labour Party’s secretary. Mr Morgan Phillips, told a press conference today that take-over bids could become a social evil—their aim was quick profit, not economic development.

“The interests of minority shareholders and small investors must be adequately protected,” he said.

A Conservative Central Office spokesman replying to Mr Phillips’ comments on take-over bids, said:—“We have always been conscious of a need to keep under review the law relating to this particular kind of activity. We have said we shall appoint a committee to review the Companies Act.” GIVE I'HEM BAXTERS When kiddies catch cold, give them warmth, rest and Baxters Lung Preserver Children iove the flavour. They will appreciate the relief so will you Get better get Baxters Baxters Ltd., Ch. Ch. —Advt