§ 57. Sir J. WARDLAW-MILNEasked the Chancellor of the Exchequer whether, in view of the changes in our currency system since the report of the Macmillan Committee was published, he will appoint a further committee to make definite recommendations without delay as to the best means of putting the proposals of the Macmillan Report into immediate operation, and particularly to advise as to the measures necessary to ensure ample supplies of currency for productive purposes; to promote the establishment of an industrial corporation to assist in the financing of existing and new enterprises; and to recommend measures to bring about a rise in wholesale prices?
§ Mr. HORE-BELISHAMy right hon. Friend has no reason to suppose that the present supplies either of currency or of credit are not adequate to provide industry with the necessary means of expansion. It is possible, however, that there would be scope for the formation of a new organisation to facilitate the financing of the smaller enterprises, and I understand that there are several plans for this purpose under discussion in the City at the present time. Questions concerning the level of wholesale commodity prices are constantly engaging the attention of His Majesty's Government, but my right hon. Friend doubts whether any useful purpose would be served by the appointment of a further Committee to make recommendations on the lines suggested by my hon. Friend.
§ Sir J. WARDLAW-MILNEIn spite of the protest of the hon. Member for Gorbals (Mr. Buchanan), may I ask the Chancellor of the Exchequer whether it is not the case that the House has been told, over and over again, that both he and the Government arc extremely concerned as to the necessity for a rise in wholesale prices; but that the House has never had an indication of the steps which the Government propose to take to bring about that desirable measure; and will he not reconsider the desirability of having some committee to assist the Government in their deliberations on this subject?
§ Mr. HORE-BELISHAI think that my hon. Friend will agree, on reflection, that the House has had several, and that the measures taken in regard to agriculture, in particular, are relative to that matter.
§ Sir J. WARDLAW-MILNEDoes the hon. Gentleman consider that that answers the whole point raised in the question?
§ Mr. CRAVEN-ELLISAre the Government satisfied that the credit structure of the country is adequate to financing industries to 100 per cent. capacity?
§ Mr. HORE-BELISHAYes, Sir.
§ Mr. HAMMERSLEYIn reference to the statement that it is proposed in the City to consider a new organisation in respect to the financing of new industries, in small quantities of finance, would the hon. Gentleman say that the Treasury are giving every assistance in connection with new organisations or contemplated organisations?