HC Deb 31 August 1914 vol 66 cc360-1
22. Sir J. D. REES

asked whether the-Government has arrived at any conclusion in regard to the extension of the moratorium; and, if so, whether he will indicate what such conclusion is?

Mr. MONTAGU

My right hon. Friend proposes to make a statement as to this on the Adjournment to-day.

Mr. COWAN

asked the Chancellor of the Exchequer whether his attention has been called to an announcement that the Bank of England has given notice to all who may send to it pre-moratorium bill for discount that "in the event of any bill which has been accepted for discount being unpaid and refused reacceptance it must be taken up by the discounter as heretofore," whether this notice is intended as an intimation of a departure by the Government from its policy as stated in the House of Commons, and, if so, whether the new conditions indicated in the notice referred to are intended to apply to all pre-moratorium bills presented at the Bank of England after this date?

Mr. MONTAGU

There is no intention whatever of departing from the policy of the Government, as stated in the House of Commons. The notice was issued in order to expedite the discounting of the bills and to obviate the necessity of getting the bills approved by the bank before they were discounted. If objection is taken to the course pursued the bank is prepared to withdraw the notice, but it must then insist upon the approval in all cases preceding the discounting of the bill.

Mr. PETO

I beg to ask the Chancellor of the Exchequer whether he has received the answers to his questions with regard to the extension of the moratorium from the National Federation of Building Trades' Employers, the Institute of Builders, and the London Master Builders' Association, and whether the building trades are opposed to the extension of the moratorium beyond 4th September; and whether, in the event of any such extension being made, he would consider their request that the building trades should be excluded from such extension in order to enable employment in the building trade to be continued, which the master builders regard as impossible if the moratorium is extended?

Mr. MONTAGU

The answer to the first two parts of the question is in the affirmative. My right hon. Friend is to-day making a statement on the Adjournment with regard to the moratorium.