§ 60. Mr. FIELDasked the Chancellor of the Exchequer whether he can, state particulars of the amalgamation of banks within the past six months, giving, approximately, the amount of capital so involved; whether the Government have introduced safeguards to prevent a money trust being formed to the disadvantage of the trading community; and whether it is intended to allow such amalgamations to be formed until nearly all the smaller banking concerns are absorbed?
§ Mr. BONAR LAWThe following schemes of amalgamation or purchase have been agreed to:
The Government have introduced the desired safeguards, on lines recommended by the Colwyn Committee, by appointing a special Advisory Committee to consider all schemes before they take effect. I feel sure that the Committee may be relied upon to consider very carefully any future proposal for an amalgamation or purchase scheme before recommending His Majesty's Government to approve it.
- 1. Lloyds, with the Capital and Counties, National Bank of Scotland, and London River Plate. The paid-up capital of the banks concerned amounted to over £9,000,000.
- 2. London City and Midland and London Joint Stock. Capital over £8,000,000
- 3. Barclays and the London Provincial and South Western. Capital nearly £7,000,000.
§ Mr. FIELDAre we to understand that no amalgamations are passed definitely until the Government have considered all the facts?
§ Mr. BONAR LAWYes; I have stated so before. This Advisory Committee will consider all such proposals.
§ Mr. G. TERRELLCan the right hon. Gentleman state the names of this new Advisory Committee who are investigating schemes for bank amalgamations?
§ Mr. BONAR LAWI mentioned them before. I think I remember them, but I would rather not charge my memory They were mentioned in the House.
§ Mr. TERRELLAre they the same as the original Committee which advised upon the subject?
§ Mr. BONAR LAWIf the hon. Member will wait, I will send them to him, or, if he will look up my previous reply, he will see them.