§ 1. Mr. Ridley
asked the Chancellor of the Exchequer if he will seek statutory power to enforce his policy upon the joint stock banks with regard to overdraft levels.
§ Mr. Ridley
Would not it be better if the Chancellor took power before telling other people what to do? Would not it also be easier for the banks if there were not two or three separate Departments, as at present, telling them to do contradictory things, as the Ministry of Agriculture did the other day?
§ Mr. Diamond
There are powers, but it is far better to act on voluntary cooperation. As to giving instructions, instructions are given only by the bank.