§ 52. Mr. Sloanasked the Chancellor of the Exchequer how much commission has been paid to banks and stockbrokers on sums raised in Ayrshire during Salute the Soldier week.
§ The Chancellor of the Exchequer (Sir John Anderson)I regret that the particulars are not available.
§ Mr. SloanWill my right hon. Friend tell us why it is impossible to secure the particulars of those very trivial transactions in the County of Ayr? Will he tell us if it is his intention to secure the figures for us?
§ Sir J. AndersonI am prepared to go into the matter but it is very complicated, because it is difficult to relate payments made to the actual money raised in a particular area.
§ Mr. BuchananIs my right hon. Friend aware that this is a matter of widespread interest? Will he see that Members of Parliament are supplied with the necessary figures, as the question is arousing some interest?
§ Sir J. AndersonI would gladly give the figures if I had them.
§ Mr. BuchananHas he not the machinery at hand, if he cares to use it, to secure that information? Will the right hon. gentleman not take steps to have it done?
§ Sir J. AndersonI can give the rates of commission payable on particular classes of investments but I cannot do what is asked in the Question, which is to give the total amount paid to banks and stockbrokers on sums raised during a particular week.
§ Mr. StokesWould it not be quite easy for the Chancellor to ask the banks to supply the information?
§ Mr. SloanIf I give my right hon. Friend the amount that has been raised in Ayrshire, will he give me the amount of commission paid?
§ Sir J. AndersonNo, Sir, that is just what I cannot do. I know the amount raised in Ayrshire. I am not trifling with the House; I have not the information.
§ 53. Mr. Sloanasked the Chancellor of the Exchequer if he will make arrangements for local authorities who invest their sinking funds and other money in Government loans to invest direct through the Treasury or Post Office and so avoid paying commission to banks.
§ Sir J. AndersonI should not think it desirable to make special arrangements for subscriptions by local authorities as distinct from other subscriptions to War Loans.
§ Mr. SloanIs my right hon. Friend aware that considerable resentment is caused by county councils having to pay commission on investments made to banks and stockbrokers? Can he not evolve a simple scheme whereby the local authorities could make investments direct to the Treasury?
§ Sir J. AndersonThe commissions represent a payment for services rendered, and I do not see any reason for drawing any distinction between one class of investment and another.
§ Sir H. WilliamsIs my right hon. Friend aware that the Post Office charges the B.B.C. no less than 10 per cent. commission for collecting the 10s. wireless licence? Will he abolish such an institution?
§ Rear-Admiral BeamishWill the right hon. Gentleman, if asked a Question, provide the necessary figures in order that we may judge of the magnitude of the matter?
§ Sir J. AndersonI have just said, in reply to previous Questions, that I cannot give figures showing the amount of commission paid.
§ Sir F. SandersonIs it not a fact that no more than one-eighth of 1 per cent. is paid in any circumstances?
§ Sir J. AndersonThe rate varies in different cases but it is very small.
§ Sir Irving AlberyIs it not a fact that the local authorities can lend their money to the Government free of interest and so avoid paying commission?