2. Lieut.-Commander HILTON YOUNG
asked the President of the Board of Trade whether there are any powers under which the use of the word "bank" in the name of a company or firm can be restricted or regulated; and, if so, whether any exercise of those powers is contemplated?
The PRESIDENT of the BOARD of TRADE (Sir Robert Home)
The only restriction of the use of the word "bank" in the name of a company or firm is that contained in Section 2 of the Moneylenders Act, 1911, whereby it is enacted that no person shall be registered as a moneylender under any name including the word "bank," or under any name implying that he carries on banking business.
§ Sir FORTESCUE FLANNERY
Can the right hon. Gentleman say if legislation will be introduced dealing with this question?
§ Sir R. HORNE
I shall very carefully consider, especially in view of recent happenings, what legislation will be possible, but I am quite clearly of opinion that it cannot be done by restricting the use of the word "bank." It must be done in regard to such investigations and regulations as may be made with regard to the carrying on of banking business.
§ Sir F. FLANNERY
Assuming that that is the proper policy, do the Government mean to introduce a Bill?