§ 45. Mr. Bellengerasked the Chancellor of the Exchequer whether he is satisfied that it is in the national interest to permit the National Fund to remain in the absolute control of a private banking institution until the assets have accumulated sufficiently to discharge the National Debt; and whether he will take steps to amend the Trust Deed?
§ Sir J. SimonIt was the express intention of the anonymous donor of this fund that it should remain in the hands of private trustees for accumulation. His offer was gratefully accepted by the Government of the day on that condition, and His Majesty's Government are not prepared to act as suggested in the second part of the question.
§ Mr. BellengerDoes the right hon. Gentleman think that the accumulation of tremendous funds of this sort until they 206 reach the magnitude of the National Debt must be against the public interest, particularly when they are administered by private firms only; and will he not take some steps to do what he has done in the case of the other two funds of this nature, and have some sort of Government control over the investment of these funds?
§ Sir J. SimonMy understanding of the matter is that this considerable donation was offered by the gentleman in question on condition that it was held by trustees. I suppose that no one would have desired that his offer should be refused, but I hardly think it is possible first to accept his offer and then to disregard this condition.
§ Mr. BellengerWould the right hon. Gentleman give me an answer on the special point about the public interest? Does he think that the accumulation of these large funds in the hands of private bankers is in the public interest?
§ Sir J. SimonIt does not seem to me that any question of the public interest arises. I can conceive that in some distant future the issue might arise, but this is not a very ancient fund, and I do not think we should be justified in disregarding this condition.