§ 61. Mr. MacVEAGHasked the Chancellor of the Exchequer whether the Government will consider the advisability of immediately appointing a Committee to inquire into and report upon the relations of credit to the trade of the country and to the War and the possibilities of extending credit to productive trades, not merely after the War but now; and whether he will keep in mind the fact that the making of the necessary arrangements under such a scheme would involve much time and that the deferring of an inquiry until after the War and until commercial affairs might have become critical would be attended by unnecessary risks?
Mr. ROBERTSMy right hon. Friend has asked me to reply to this question. I entirely agree with the hon. Member as to the importance of avoiding delay in this matter. The late President of the Board of Trade appointed last year a Committee, under the chairmanship of Lord Faringdon, to consider the best means of meeting the needs of British firms after the War as regards financial facilities for trade. The Report of the Committee has been presented to Parliament. Lord Faringdon has been invited to proceed with the formation of an institution on the lines recommended by the Committee, the preliminary steps have been taken, and an institution to be known as the British Trade Corporation will very shortly be formed under Royal Charter. The object of the Corporation will be to afford credit facilities for British trade, especially in cases falling outside the scope of existing banks and banking houses.