§ 60. Mr. Osborneasked the President of the Board of Trade if he is aware that the credit squeeze could be maintained more efficiently and more cheaply by increasing the initial deposit and reducing the number of payments than by keeping a high Bank rate; and if he will appoint a committee to investigate this proposal with responsible hire-purchase finance companies, in view of their wide experience in this matter.
§ Sir D. EcclesNo, Sir. Hire purchase does not play a large enough part in the economy for the Government to base its financial and credit policy on the hire-purchase restrictions.
§ Mr. OsborneWhy is my right hon. Friend the President of the Board of Trade answering a Question concerning the credit squeeze which was addressed to the Chancellor of the Exchequer? Does it now come under my right hon. Friend's Department? Secondly, in view of the fact that the excessive hire-purchase charges tend to put up the cost of living, will my right hon. Friend discuss the matter with responsible hire-purchase people?
§ Sir D. EcclesThe answer to the first part of that question is that the Board of Trade has been responsible for the conditions of hire purchase for some time. Secondly, I am always ready to talk to any of the hire-purchase people about their particular difficulties.