HC Deb 05 March 1918 vol 103 c1834
59. Mr. E. DAVIES

asked the Chancellor of the Exchequer whether, in view of the fact that the Committee appointed on the 10th January, and presided over by the Governor of the Bank of England, to inquire into problems in currency and foreign exchanges during the period of reconstruction are only to report on the steps to be taken to bring about the restoration of normal conditions and that the Bank Charter Act, 1844, was one of the normal pre-war conditions and that therefore the effect of that Act is outside the Committee's terms of reference, he can see his way to appoint a small Committee to consider the desirability of forthwith amending or repealing that Act?


The question whether it is desirable to amend or repeal the Bank Act of 1844 is regarded both by His Majesty's Government and by the Committee itself as falling within the terms of reference of the Committee referred to, and will be considered by them in the course of their inquiry.


Can the right hon. Gentleman say whether the question is not sufficiently important to be referred to a separate Committee, on which the Government and the Bank of England need not necessarily be represented?


It is of very great importance, and I certainly think that this Committee is very competent to deal with it. As it happens, the Governor of the Bank gives up his office at the end of this month, and he must in any case look at the question from the point of view of the public interest.

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