HC Deb 25 January 1962 vol 652 cc395-6
23. Mr. Rhodes

asked the Chancellor of the Exchequer if he will direct the Governor of the Bank of England to submit to him in advance all proposals for the disposal of its property in excess of a value of £250,000.

Mr. Barber

No, Sir.

Mr. Rhodes

Is the Economic Secretary aware that the Bank of England sold this St. Luke's property to the Oddenino Investment Company a comparatively short time ago for £900,000 and that the company sold it a fortnight ago to the L.C.C. for £1,500,000? Would not he agree with a lot of working men that this way of making money is better than working for it?

Mr. Barber

I thought that perhaps this was the point the hon. Gentleman had in mind, so I made inquiries. I am informed by my right hon. Friend the Minister of Agriculture that it was not until some months after the Bank had contracted to sell the site that he was advised that it might be suitable for the Covent Garden Market Authority.