§ 76. Mr. CURRIE
asked the Chancellor of the Exchequer whether the prospectus of the new War Loan contained the usual provisions for the payment of brokerage to financial houses, etc.; whether, in accordance with common practice, solicitors were excluded from participation in the brokerage; whether, notwithstanding this, the Bank of England has agreed to 1953 pay brokerage to a certain solicitor; practising in Scotland; how, if this be so,: the Bank came to select this particular member of the legal profession for such a special concession; whether the action of the Bank in so doing was taken under a misapprehension; whether it will be overruled by the Government; and whether he is aware that the granting of any such special privilege to one solicitor in this way is most unfavourably regarded by the legal profession and others legitimately interested in such matters in Scotland?
§ Mr. McKENNA
The answer to the first two parts of the question is in the affirmative. I understand that the Bank of England informed the particular solicitor in Edinburgh to whom the question presumably refers that commission would be allowed to him in connection with the issue of the 4| per Cent. War Loan, the Bank's statement being based on the assumption, which appeared at the time well founded, that the gentleman in question, although registered as a solicitor, was entirely engaged in financial business. Further inquiries have since been undertaken by the Bank, in view of representations made to it, and if it should prove that the gentleman concerned is or has recently been transacting business as a solicitor, no commission will be paid to him.