51. Mr. REMIER(for Mr. HAMMERS-LEY) asked the Financial Secretary to the Treasury what has been the result of his appeal to the joint stock banks to pass on to industry the benefit of cheap money?
§ Major ELLIOTI think my hon. Friend has misapprehended what was said on previous occasions on this subject. My right hon. Friend has not made, and does not propose to make, any formal appeal to the banks in this matter. He trusts, however, that the banks have taken note of what has been said and will be willing to take such action as they can to facilitate the widest possible extension of the benefits of cheap money.
§ Mr. REMERIs my right hon. and gallant Friend aware that, even although the Bank Rate is so low at present, the trading community stall have to pay five per cent, for loans?
§ Mr. MACQUISTENWill not the right hon. Gentleman permit the trading community to borrow direct from the Bank of England, going past these other banks?