§ 53. Mr. Asshetonasked the Chancellor of the Exchequer by what powers he is 1721 able to control the activities of the Industrial and Commercial Finance Corporation; and whether these powers extend to an alteration of its memorandum and articles of association.
§ Mr. Glenvil HallMy right hon. Friend has not claimed control. No alteration of its memorandum and articles of association comes into question.
§ Mr. AsshetonIs the right hon. Gentleman aware that the Chancellor of the Exchequer stated in reply to my hon. Friend the Member for Twickenham (Mr. Keeling) on 1st April, that even if it were so he reserved the right to change any arrangements that may have been made; and does the Financial Secretary find it possible to reconcile that with the answer he has just given, or is it perhaps that since that answer was given by the Chancellor on 1st April the position has changed?
§ Mr. Glenvil HallI think there is a difference between the right to change any arrangement and that to take control.
§ Mr. AsshetonI wonder if the Financial Secretary could explain that difference, and whether he could answer my question, which is whether the Chancellor's power extends to an alteration of the memorandum and articles of association?
§ Mr. Glenvil HallI have said that my right hon. Friend did not claim that he could take control, or had control.
§ Mr. KeelingWill the Financial Secretary say whether the Treasury do or do not consider they are bound by the statement of the last Chancellor, that it is not intended that this Corporation shall compete with ordinary market facilities?