§ 32. Major-General Sir NEWTON MOORE
asked (1) the Under-Secretary of State for Foreign Affairs whether British banks desiring to establish branches in the United States have to obtain a licence, are subject to a differential tax on their earnings, and are prohibited from accepting local deposits, while in British Colonies United States banks are treated on the same footing as English banks; (2) the Under-Secretary of State for the Colonies whether American banks are permitted to establish themselves in British colonies on more favourable terms than are extended to British banks in the United States?
§ The UNDER-SECRETARY of STATE for the COLONIES (Lieut.-Colonel Amery)
The facts as regards the position of British banks in the State of New York are substantially as stated, but His Majesty's Government have no information as to the regulations in other parts of the United States. The attention of His Majesty's Government has been drawn to the subject, which is under consideration.