HC Deb 21 June 1927 vol 207 cc1670-1

asked the Chancellor of the Exchequer whether, in view of the proposed transfer of the currency note issue to the Bank of England, and bearing in mind the petition for inquiry into the financial policy pursued by the banks and its relation to trade depression, presented to this House on 31st March, and the similar demand made in the speech of the chairman of the Midland Bank to the shareholders in January last, he will undertake to set up such an inquiry before the House is asked to sanction this step?


I do not think that a further inquiry of the kind suggested would be helpful. The main lines of policy have been laid down in the Report of the Committee on the Currency and Bank of England Note Issues (Command Paper 2393 of 1925), and, as I have already stated, legislative proposals will require to be laid before Parliament in due course before action is taken.


Has the right hon. Gentleman considered the advisability of taking the Crown from His Majesty and handing it over to the Governor of the Bank of England, in addition to the powers he is already getting?