HC Deb 14 May 1925 vol 183 cc2032-3
83. Mr. THURTLE

asked the Chancellor of the Exchequer if he will consider the possibility of carrying out the whole of the dollar credit transaction with the Federal Reserve Bank and thus save the 1375,000 commission which it is proposed to pay Messrs. Morgan and Company?

Mr. CHURCHILL

This proposal is quite impracticable. The whole transaction was inter-dependent, and has, moreover, been definitely concluded.

Mr. THURTLE

is the right hon. Gentleman aware that even in financial circles this commission paid to Messrs. Morgan and Co., is considered to be excessive?

Mr. CHURCHILL

I am not aware of that. I have seen a statement in a daily paper to that effect. but I believe that conisdering the service which has to be rendered, namely, the holding of this large sum of money at call for a long period of time, the commission is not at all excessive.

Mr. ERSKINE

Can the right hon. Gentleman say whether the paper in question was the "daily liar?" [HON. MEMBERS: "Withdraw!"]

Mr. SHORT

It was the "Evening Standard."

Mr. SPEAKER

It was a most improper remark to make.

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