LETTER ADDRESSED TO ROBERT PEARCE, ESQ., A MEMBER OF THE COMMITTEE,
BY THE DRAUGHTSMEN AND OTHER EMPLOYEES OF MESSRS. VICKERS,
SONS AND MAXIM AND OTHERS.

To Robert Pearce, Esq., M.P.,

House of Commons,

Westminster.

February, 1908.

We the undersigned desire to express ourselves, by this means, as being strongly in favour of any Bill dealing with the systematic alteration of the clock, in order to cause the working day to be adjusted more evenly, between the hours of sunrise and sunset, than is the case at present.

We submit this voting in the hope that others may do likewise, and thus show that the general public are really anxious that such a Bill may become law.

(Signed) A. P. PYNE, Chief Draughtsman,

EDW. H. P. SCANTLEBURY, and 197 others.

SELECT COMMITTEE ON THE DAYLIGHT SAVING BILL.

APPENDIX C.

Paper handed in by Mr. Edward Satterthwaite.

165

MEMORANDUM on the DAYLIGHT SAVING BILL, by the Committee for General Purposes of the Stock Exchange.

1. This Bill, if passed, would inevitably create a dislocation of Stock Exchange business in the chief business centre of the world. The London market is pre-eminent among the Stock Exchanges of the United Kingdom, but in all probability the conditions of this Bill would also adversely affect the business of the Provincial Exchanges. It is proposed, however, to consider the question from a London standpoint only. From its geographical position, aided by other causes, London is the Clearing House of the world in Stock Exchange matters. Business, both for investment and speculation, centres in London from the Continent of Europe, from the United States and Canada, from South Africa, and to a lesser degree from India, Australia and Japan.

Investors and Speculators in these countries find it convenient to send the bulk of their orders to London, where, owing to its central position, they find a ready market.

Speaking generally, it may be said that the bulk of International business is done in three groups of Securities

Foreign Government Securities,

American Railway Securities, and
Mining Securities.

The American and Colonial operator deals almost exclusively in the Securities of his own country, while British and Continental operators deal in all, and there is a free market in all in London.

Placed as it is, London attracts business in American and South African Securities from all parts of the Continent, and in American Securities to a large extent from America itself. The provisions of this Bill would, twice or more in each year, cause an alteration of British time, which would not be current in these countries, and to which their people would not be accustomed. This would inevitably cause irritation, and would tend to business being done direct with the country of origin of the Stock to be dealt in, where such disturbing conditions did not exist, and consequently business would drift away from London.

2. As far as the Western Markets are concerned, the principal centre for Stock Exchange business is New York.

The hours of business there are from 10 to 3, and there being 5 hours difference of time, the London Market, which closes in The Stock Exchange at 4 p.m., is open for 1 hour (3 to 4 p.m.) during the New York session (10 to 11 a.m.). During this hour enormous transactions take place, which are continued in the street after The Stock Exchange is closed.

As shown in paragraph 7, to which attention is particularly directed, this forms a most important part of the business of The Stock Exchange, and the Bill would throw it out of gear during six months of the year, in five of which the two markets would not be open simultaneously.

In times of crisis, such as occurred last Autumn, it would be of urgent importance that the two Exchanges should be simultaneously open for at least some portion of the day.

3. The Committee for General Purposes regret that it is impossible to estimate the relative proportion of Eastern to Western business, nor of the latter to the whole of business of The Stock Exchange, but it may safely be said that the amount of British Capital invested in Western Securities is enormous, and any alteration adversely affecting international dealings would impair the freedom of Markets, and would thus be most detrimental not only to those engaged in Stock Exchange business, but also to those members of the public who have investments or dealings in such securities.

4/5. The difficulty might to a certain extent be obviated by keeping The Stock Exchange open later during the summer months, but this would be extremely inconvenient, as it would practically compel the Markets in other Securities to remain open, and would not allow time for Members to attend to their correspondence and prepare contract notes for the day's business before the departure of the Mails.

It is unlikely that the New York Stock Exchange would be able to adapt itself to London hours by commencing earlier; it already opens at the early hour of 10 a.m., and during the summer months practically the whole business population lives at some distance out of New York, coming in by steamer and train, and it must be remembered that owing to difference of latitude the Summer day in New York is considerably shorter than in London.

6. The effect of the proposal would seem to be that a large proportion of Members and their employees would have to be present 1 hour and 20 minutes earlier, and, in order to deal with the American business, to stay just as late as they do at present.

7. From enquiries at the office of the Anglo-American Telegraph Company, which, with the Commercial Cable Company, has direct access to The Stock Exchange, the Committee learn that the average number of cables received at that office during the hours the New York Stock Exchange is open is 1,000, of which about half are sent or received between 3 and 4 o'clock, messages and their replies being at times received in a very short space of time--viz., 1 to 3 minutes. The number naturally varies with the activity of business, as the enclosed table will show :

NUMBERS OF MESSAGES RECEIVED AND SENT BY THE ANGLO-AMERICAN TELEGRAPH COMPANY.

NOTE.-During this period the Commercial Cable Company's cables were interrupted.

NOTE. These are exclusive of messages sent through the Commercial Cable Company.

8. In conclusion, the Committee desire to point out that while they think the scheme might in some cases be of personal advantage to individuals, both Members and clerks, they are of opinion that it would in very many instances cause longer hours to both, and that its adoption would be detrimental to the business interests of the Institution.

Committee Room,

The Stock Exchange,

9th June, 1908.

R. W. INGLIS,

Chairman.

SELECT COMMITTEE ON THE DAYLIGHT SAVING BILL.

167

APPENDIX D.

Paper handed in by James Arranloe Johnston, of 2, Plowden Buildings, Temple, E.C., Barrister-at-law.

I have examined the Statutes which apply to the United Kingdom and those which apply only to England and Wales for the purpose of ascertaining references to clock time contained in such Statutes. I produce a schedule which I have prepared of such Statutes, with the periods of time referred to in them. This Schedule is as full as I could make it in the time at my disposal, but it may not be exhaustive, and it does not include Statutes which apply only to Scotland or Ireland.

I have also made a note at the end of the schedule relating to similar references which are contained in statutory rules, regulations, and bye-laws.

Period of time referred to.

9 of the clock in the morning. 4 of the clock in the afternoon (Sunday). Before the hour of noon.

10 to 12 of the clock in the forenoon (except Sunday).

8 of the clock in the morning to 5 in the evening. (October to March.)

6 of the clock in the morning to 8 in the evening. (April to September).

6 of the clock in the evening. 9 of the clock in the morning to 6 of the clock in the evening. (Except Sunday).

3 of the clock in the afternoon (Ladyday to Michaelmas.) 2 of the clock in the afternoon (Michaelmas to Ladyday). 5 of the clock in the afternoon. (Ladyday to Michaelmas.) 3 of the clock in the afternoon. (Michaelmas to Ladyday.) 9 of the clock in the forenoon to 1 of the clock in the afternoon (Sunday).

4 of the clock of the afternoon.

8 of the clock in the forenoon to 4 of the clock in the afternoon.

At noon (Monday).

Half-past 1 of the clock in the afternoon (Sunday).

Between the hours of 10 in the morning and 4 in the afternoon. (Except Sundays, Christmas Day, and Good Friday.)

Between the hours of 9 in the morning and 4 in the afternoon.

The hour of 11 in the evening to the hour of 6 in the morning.

Between the hours of 8 in the evening and 6 in the morning.

10 of the clock in the morning to 5 of the clock in the afternoon. (Except Sundays, Christmas Day and Good Friday).

Between the hours of 10 in the morning and 4 in the afternoon. (Except Sundays, Christmas Day and Good Friday.) Between the hours of 10 in the forenoon and 4 in the afternoon.

Between the hours of 10 of the clock in the forenoon and 4 of the clock in the afternoon. (August 26th to September 8th, except Sundays.)

Ditto. (During July and during 14 days after publication of list of voters, except Sundays.)

Ditto (during 14 days after publication of list of voters, except Sundays).

Ditto (August 10th to 31st, except Sundays).

Between the hours of 11 and 3.