§ 51. Mr. MOONEYasked the Prime Minister if the banking firm of Morgan Grenfell has been appointed sole purchasing agents for all the British Government Departments' requirements in American manufactured supplies; if he is aware that the house of Morgan, with its financial ramifications in America, is interested in various manufacturing concerns whose productions they favour to the exclusion of firms in whom they are not interested; and, seeing that it is against public policy, and to the British Government's disadvantage in their purchases of war supplies, to give such a sole buying contract over so wide an area as the United States to one financial firm with such direct or indirect industrial interests there, and that this arrangement with Morgan Grenfell is damaging the standing and working to the detriment of numerous British agents representing American interests in England, thus 176 adversely affecting the best interests of traders in this country, will he say what action he proposes to take?
§ Mr. LLOYD GEORGEMessrs. J. P. Morgan and Company were appointed by the Government their sole agents in the United States for Admiralty and War Office requirements with certain exceptions. The arrangement was made to ensure efficiency and economy, and the Government have every expectation that the result will be satisfactory.
§ Mr. MOONEYIs the right hon. Gentleman aware that Messrs. Morgan have refused tenders for the Government, have then bought the goods at the tender price for their own account, and then sold the goods to the Government at a higher price?
§ Sir R. COOPERIs it a fact that this firm are interesting themselves in certain firms in the States?
§ Mr. LLOYD GEORGEI cannot way.