HC Deb 05 February 1918 vol 101 cc2100-2
Mr. PETO (by Private Notice)

asked the Chancellor of the Exchequer whether his attention has been called to the numerous amalgamations which have recently taken place between various joint stock banks and to the possible dangers to the commercial community of the concentration of banking business in the hands of a small number of powerful monopolies?

Mr. BONAR LAW

The answer to the first part of the question is in the affirmative. Without expressing any opinion in regard to the suggestion in the latter part, I recognise that the scale on which these combinations have recently been taking place makes the matter one of considerable importance, and, after consultation with my right hon. Friend the President of the Board of Trade, I propose to appoint a. Committee of Bankers, Merchants, and Manufacturers to consider and report to what extent, if at all, it may be desirable in the public interest to interfere with such arrangements. I venture to hope that, pending the Report of this Committee, any further schemes of amalgamation which may be in contemplation will not be Proceeded with.

Mr. G. FABER

Would it not be useful to learn a lesson, at any rate, from our enemies the Germans that big banks have a much wider and stronger force than little ones?

Mr. BONAR LAW

I expressly said that. I expressed no opinion on the general question, but I think it is obvious that it is one that should be examined.

Sir C. HENRY

Does the right hon. Gentleman propose to take any steps in regard to the suggested amalgamation between the London and Westminster Bank and Parr's Bank?

Mr. BONAR LAW

I would rather not express any opinion with regard to one bank.

Sir RYLAND ADKINS

Will the right hon. Gentleman take any similar steps with regard to the amalgamation of shipping companies?

Mr. WING

Will the right hon. Gentleman consider the advisability of extending the scope of the inquiry to a national bank run by the nation in the interest of the nation?

Mr. BONAR LAW

That is an entirely different question, and I should not be at all prepared to deal with it just now.

Mr. BRADY

Will there be any Irish representation on the Committee referred to?

Mr. BILLING

Will the right hon. Gentleman give the House an assurance that anyhow enemy banks will not be allowed to amalgamate?

Mr. BRADY

As there has been an Irish amalgamation, will the right hon. Gentleman say whether there will be Irish representation on the Committee?

Mr. BONAR LAW

The Committee has not been appointed. I shall certainly consider the suggestion made by the lion Member.