HC Deb 22 May 1924 vol 173 c2399

asked the Chancellor of the Exchequer whether, seeing that Treasury sanction has been given for the absorption of the Guernsey Commercial Banking Company by the Westminster Bank, Limited, and the absorption of Messrs. Child and Company by Messrs. Glyn Mills, he is aware that the organised labour movement of this country has placed on record its concern at the prospect of a huge bank trust; will he state on what grounds these amalgamations were approved of by the Advisory Committee; and if he will state, for the information of the House, the personnel of this committee?


I am aware of the fears to which the hon. Member refers, and as I stated the other day amalgamations of the larger banks are not likely to be viewed with favour. Of the two transactions mentioned in the question one was of quite minor importance and the other tends to strengthen an independent group outside the five big banks. The hon. Member may be assured that all applications for amalgamation are very carefully considered both by the Treasury and the Board of Trade and by the Advisory Committee, the members of which are Lord Inchcape and Lord Colwyn.