HC Deb 15 March 1933 vol 275 cc1965-6
49. Mr. THORNE

asked the Chancellor of the Exchequer why the Government have refused to allow the Stoke-on-Trent Corporation to raise a loan of £500,000; and whether, in view of the utility of the objects of the loan, he will reconsider his decision?

The FINANCIAL SECRETARY to the TREASURY (Mr. Hore-Belisha)

I know of no reason why the corporation should not make an issue provided that, in accordance with the request of my right hon. Friend published in the Press on the 14th January, prior agreement is reached with the Bank of England regarding the amount and date of the issue.

Mr. THORNE

Does not the hon. Gentleman realise that he is inflicting a great hardship on this corporation, because they were about to issue at 98 and he wants to make them issue at 97, which means an addition of £5,000 at 3½ per cent.?

Mr. HORE-BELISHA

I cannot help thinking my hon. Friend is under some misapprehension. He asks if I can state the reason why the Government have refused to allow the Stoke-on-Trent Corporation to raise a loan. My reply is that the Government have not refused.

Mr. THORNE

Simply because they want to issue at 98 and you insist on 97.

Mr. HORE-BELISHA

No. I say that the Government have had no correspondence whatever with the Stoke-on-Trent Corporation.

Mr. COCKS

Are the Bank of England the Government of this country?

Mr. MABANE

Can the hon. Gentleman say whether the Bank of England has objected to this loan being issued?

Mr. HORE-BELISHA

I can only answer the question put to me, whether the Government have refused, and I say categorically that the Government have not refused.

Mr. MABANE

Can the hon. Member reply to my question as to whether the Bank of England has refused?

Mr. HORE-BELISHA

No.

Mr. SPEAKER

The hon. Member had better put a question down.

Mr. HAMMERSLEY

On a point of Order. Would it be in order to put down a question, to ask whether the Bank of England had or had not refused?

Mr. SPEAKER

If the hon. Member puts the question down, I will then see whether it is in order or not.

Mr. THORNE

Is it not a fact that on several occasions I myself and other hon. Members have attempted to put down questions dealing with the Bank of England and have been told by the Clerk at the Table that the Government have no control over them?

Mr. SPEAKER

I should probably say the same thing about this one.