MARCONI SHARES DEAL.

Lyttelton Times, Volume CXV, Issue 16479, 19 February 1914, Page 7

MARCONI SHARES DEAL.

VISCOUNT MURRAY'S EXPLANATION.

AN ERROR OF JUDGMENT,

By Telegraph—Press Assocuvldi—CiDTnght, LONDON, February' 17.

Viscount Murray of ElibanK, after declaring that all his Marconi transactions had already been disclosed, admitted an error of judgment in purchasing American Marconis on his own account tnrough the company. He was not interested in the Post Office contracts. The purchase for tho Liberal Party was also an error of judgment, though he regarded it as a pure investment.

His colleagues were not aware of the purchase. He did not inform Mr P. H. Illingworth, the Liberal Whip, because owing to the scandal ho preferred to bear the responsibility himself. He admitted that his actions were not wise, and expressed regret. Lord motion to set up a committee to inquire into Viscount Murray's transactions was postponed at Lord Lansdowne's suggestion.

(Received February 18, 9.5 p.m.) LONDON, February 18.

The House of Lords was crowded to listen to Viscount Murray's explanation.

Viscount Murray's elaborate apology was also his maiden speech in wie House of Lords. He admitted that both purchases of Marconi shares were an error of judgment, but insisted that neither contained an element of dishonour. One of the Liberal Party's solicitors was the only person acquainted with the transaction. Nobody would have known anything about the transaction but for the failuro of a stockbroker. He resigned the Whipship in February, 1912, before he ever had heard of Marconis, but yielded to Mr Asquith's desire and retained office till the end of the session.

The Marquis of Lansdowne admitted Viscount Murray's frankness. It was unwise to pjsonounce a hasty judgment and he urged the House to act in a judicial spirit. Lord Ampthill postponed his motion.

The Marquis of Lansdowne subsequently convened a meeting of Unionist peers to consider the question of a committee of inquiry.