§ 52. Mr. JOHNSTONasked the Chancellor of the Exchequer whether he is aware that Scottish banks, which are now practically a London controlled monopoly, have been paying a higher rate of interest upon deposits in London, and discounting bills cheaper in London, than in Glasgow; and, in view of the fact that Scottish trade and industry is financially handicapped by these means, he will consider the introduction of a scheme for extending credit on a national basis?
§ Mr. CHURCHILLI am advised that there is no foundation for the complaint of the hon. Member. I do not know what "scheme of extending credit on a national basis" he has in mind.
§ Brigadier-General CHARTERISCan the right hon. Gentleman say whether the statement in the question is correct? Is it not a fact that one of the principal Scottish banks is not in any form of amalgamation with any of the London banks at all?
§ Mr. JOHNSTONIs the right hon. Gentleman aware of the public statements that are being made by an ex-Shipping 196 Controller, Lord Maclay, and others, giving specific details on which the accusation in this question is based?
Mr. ROY WILSONIs it not a fact that the rates of interest allowed by the Scottish banks in Scotland have always been lower than those allowed by the English banks, and the rates of discount higher, and that there is no change of policy at all?
§ Mr. CHURCHILLCertainly, there is no change of policy. I think the answer to this question to some extent covers the same ground as that to the previous question of the hon. Member; I will carefully examine the matter.