§ 43. Mr. RHYS DAVIESasked the Financial Secretary to the Treasury what is the present position in relation to the sum of £25,000,000 voted by this House in October, 1921, in order to stimulate trade and commerce; what amount out of this sum has been applied for and granted; the number of companies or individuals who have been helped by this fund; and whether the Trade Facilities Advisory Committee propose to submit a Report at an early date?
§ The FINANCIAL SECRETARY to the TREASURY (Mr. Hilton Young)The hon. Member is under a misapprehension in thinking that the House ever voted a sum of £25,000,000, or that there is any fund of the nature he indicates. The Trade Facilities Act authorised the Treasury to guarantee loans raised by borrowers in the market to that amount. 224 Details of the amounts guaranteed up to 31st March last are given in House of Commons Paper 62/1922, of which I am sending the hon. Member a copy. Since that date further guarantees, amounting to £1,752,500, have been given, details of which will appear in the next quarterly statement under Section 1 (5) of the Act. Some of the guaranteed loans have already been placed, and I hope that the borrowers will issue the rest before long. I do not think that the Committee, whose functions are to advise the Treasury, will issue any Report for general publication.
§ Mr. ORMSBY-GOREAre we to understand that the Trade Facilities Advisory Committee has no power of its own authority to approve these guarantees, but that the matter is in every case referred to the Chancellor of the Exchequer, and that he is responsible?