HC Deb 18 November 1941 vol 376 c177
51. Mr. Sloan

asked the Chancellor of the Exchequer the sums paid to the banks in commission on the various 2½ per cent. and 3 per cent. loans?

Sir K. Wood

The total commission paid to the banks on 3 per cent. War Loan, 2½ per cent. National War Bonds and 3 per cent. Savings Bonds issued since the commencement of the war amounts to £875,000 which represents commission at the rate of one-eighth of one per cent. on total subscriptions of just over £700,000,000.

Mr. Sloan

Would the right hon. Gentleman tell us what service these sharks are rendering to the nation in return for this gift that is being fed into their capacious mouths?

Sir K. Wood

I cannot accept my hon. Friend's statement. This is not a gratuity but is, as I stated before, for work done by the banks.

Mr. Bellenger

Is this 2s. 6d. per cent. the same as it was pre-war, and, if it is, does the right hon. Gentleman think, in view of the large amount of loans that are being issued, that we could possibly get this work done a little more cheaply in war-time?

Sir K. Wood

I have looked into this matter. My hon. Friend will appreciate that there is a good deal to be done in obtaining subscriptions, and there is a certain measure of out-of-pocket expenses.