HC Deb 21 October 1918 vol 110 cc434-5
60. Mr. FIELD

asked 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 LAW

The following schemes of amalgamation or purchase have been agreed to:

  1. 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. 2. London City and Midland and London Joint Stock. Capital over £8,000,000
  3. 3. Barclays and the London Provincial and South Western. Capital nearly £7,000,000.
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.

Mr. FIELD

Are we to understand that no amalgamations are passed definitely until the Government have considered all the facts?

Mr. BONAR LAW

Yes; I have stated so before. This Advisory Committee will consider all such proposals.

Mr. G. TERRELL

Can the right hon. Gentleman state the names of this new Advisory Committee who are investigating schemes for bank amalgamations?

Mr. BONAR LAW

I mentioned them before. I think I remember them, but I would rather not charge my memory They were mentioned in the House.

Mr. TERRELL

Are they the same as the original Committee which advised upon the subject?

Mr. BONAR LAW

If the hon. Member will wait, I will send them to him, or, if he will look up my previous reply, he will see them.