§ Mr. SUMMERSBYasked the Prime Minister whether his attention has been called to the fact that despite the numerous recent reductions in the Bank Rate, the chief banks of the country have taken no steps to reduce the interest rates charged on overdrafts; and whether he will consider the early introduction of legislation to deal with this matter?
§ Major ELLIOTAs indicated in reply to previous questions on this subject, we should welcome any action that the banks may find it possible to take with a view to enabling trade and industry to take advantage of the present cheapness of money; but I do not think it possible to deal with the matter by means of legislation.