57. Mr. Davidsonasked the Chancellor of the Exchequer whether he is now in a position to publish a full statement of the financial contribution to the national war effort of the Bank of England and the joint stock banks?
§ Captain CrookshankThe Bank of England and the joint stock banks, like other corporations, contribute to the war effort through taxation and by their loans to the Government. I would also add that at my right hon. Friend's request the banks are taking steps to secure that in all proper cases adequate credit is extended to firms engaged on work of national importance, and I am satisfied that they are doing so on reasonable terms.
Mr. DavidsonHave any of these bank contributions been made for a less percentage of interest than before, and have the Bank of England or the joint stock banks contributed in any degree to the interest-free loans?
§ Captain CrookshankThe hon. Gentleman has asked me the same question as that to which I have answered about not disclosing details of interest-free loans.
Mr. DavidsonBut in view of the fact that some of the details have been disclosed, is the right hon. and gallant Gentleman not replying to this part of the question because the reply would not be very satisfactory from die banks' point of view?
§ Captain CrookshankI really must not be accepted as having said anything of the kind. The hon. Gentleman will see the answer which I gave to Question 609 No. 56, and he will see that my right hon. Friend has said that he could not depart from the usual practice of disclosing information. If individuals disclose how much they themselves give, that is another matter, but this is a question of my right hon. Friend disclosing what he has received.
§ Mr. StokesArising out of the original reply, in view of the fact that the loans made by the banks are on the nation's credit, will the right hon. and gallant Gentleman consider making representations to the banks that they should make those loans interest-free?