HC Deb 14 November 1939 vol 353 c540
62. Mr. Stokes

asked the Chancellor of the Exchequer whether the taxpayer will derive any benefit from those profits of the steel industry which will accrue to the Bank of England by way of credits granted by the Bankers' Industrial Development Company and the Securities Investment Trust?

Sir J. Simon

The Bankers' Industrial Development Company, in which the Bank of England has an interest, was formed in 1930 to provide the means for financing schemes of reorganisation submitted by the basic industries of the country at a time when it was desirable to supplement the ordinary financial machinery available for this purpose. The company was formed at a time when the Lord Privy Seal in the then Labour Government had this subject under review; it had his approval, and the details of it were announced by him in the House on 15th April of that year. The company replaced for this purpose the Securities Management Trust, which had been formed earlier by the Bank of England. Neither company was formed for the making of profit in the ordinary sense, but in so far as any profits might accrue, they would, of course, be subject to taxation in the ordinary way.

Mr. Stokes

Will the right hon. Gentleman not take steps to secure the publication of the accounts of the Bankers' Industrial Development Company, especially in view of the fact that their authorised capital is £6,000,000?

Sir J. Simon

I should prefer that question to be put on the Paper.