§ 56. Mr. Stokesasked the Chancellor of the Exchequer whether he will now cause the Bank Rate to be reduced to 1 per cent., and insist on the demolition of the syndicate control of the Treasury discount rate, thereby enabling that discount rate to be reduced to £per cent. with great advantage to the community?
§ Sir K. WoodNo, Sir.
§ Mr. StokesWill the Chancellor explain why he considers it inadvisable to reduce the Bank Rate and to exercise the powers which he undoubtedly possesses to the common advantage?
§ Sir K. WoodI have on many occasions endeavoured to explain the position to my hon. Friend.
§ Mr. StokesI know about all those answers. But would the Chancellor not agree that it would be to the advantage of the Treasury if this kind of syndicate were abolished and a free market allowed?
§ Sir K. WoodIt would be very dangerous for me to agree with my hon. Friend.