HC Deb 11 February 1930 vol 235 cc212-3
51. Mr. HANNON

asked the Chancellor of the Exchequer whether he can state the details of the scheme completed by the Bank of England, with the approval of the Treasury, to give financial support to a trust which provides credits for consumers for the purchase by instalments of useful and necessary articles; if he has examined the credit survey of the United States Department of Commerce on similar operations in America; and if His Majesty's Government has decided to encourage the extension of credit on this plan in Great Britain?

The CHANCELLOR of the EXCHEQUER (Mr. Philip Snowden)

I was not informed of the details of the scheme, which was of a private character and did not require the approval of the Treasury. I understand, however, that it is designed mainly to assist manufacturers and distributors to develop the sale of their products, and in my opinion it is on that account to be welcomed. The survey mentioned in the second part of the question has not been brought to my attention.

Mr. HANNON

Will the right hon. Gentleman say that this scheme between the Bank of England and the particular interests concerned would help to extend the opportunities for employment in this country if generally adopted?

Mr. SNOWDEN

I think that that may be inferred from the first part of the reply.