§ 31. Mr. RHYS DAVIESasked the Chancellor of the Exchequer if he can state the amount of money paid by the Government in each of the post-War years in commission to bankers, brokers, and 2002 other agents, respectively, for transactions in Government stocks, and, if possible, the names of the firms to whom such moneys have been paid and the amount in each case?
§ Major ELLIOTAs the answer contains a number of figures, I will, with the hon. Member's permission, circulate it in the OFFICIAL REPORT.
§ Mr. DAVIESWould it be possible for the Treasury to transact this business on their own account without handing money over to third parties?
§ Major ELLIOTI do not think that arises out of the question.
§ Following is the answer:
§ The brokers to the National Debt Commissioners are Messrs. Mullens, Marshall, Steer, Lawford and Company. They are remunerated by a fixed salary borne on the Vote for the National Debt Office Subhead A. Since 1920 the payment has been £2,000 a year. So far as other Government Departments employ brokers from time to time, whether this firm or any other, the remuneration would be by commission. Commission is paid by the Treasury to all bankers and brokers in connection with the issue and conversion of Government securities at rates set out clearly on each prospectus. It is not possible to give details as it is open to every banker and broker in the country to earn commission in this way. The total payments, which vary with the number and importance of the operations, have been since 1924–25 as set out below. Particulars for earlier years would be difficult to compile.
| £ | ||||
| 1924–25 | … | … | … | 333,000 |
| 1925–26 | … | … | … | 73,000 |
| 1926–27 | … | … | … | 183,000 |
| 1927–28 | … | … | … | 710,000 |
| 1928–29 | … | … | … | 306,000 |
| 1929–30 | … | … | … | 640,000 |
| 1930–31 | … | … | … | 161,000 |
| 1931–32 | … | … | … | 19,000 |