§ LORD OGMOREMy Lords, I beg leave to ask the Question which stands in my name on the Order Paper.
§ [The Question was as follows:
§ To ask Her Majesty's Government whether they will take the necessary steps to add the Commonwealth Development Corporation to the list of investments in which British building societies may, if they so desire, invest a portion of their liquid funds and also whether they will take the necessary steps to permit British building societies to enter into joint projects with the Commonwealth Development Corporation in the development of building societies in those parts of the Commonwealth where the Commonwealth Development Corporation is entitled to operate.]
THE LORD PRIVY SEAL (EARL JELLICOE)My Lords, the noble Lord's suggestions would seem to require an order made under Section 58 of the Building Societies Act 1962 by the Chief Registrar of Friendly Societies, with the consent of the Treasury. At their request the building societies have discussed this possibility with the Chief Registrar. These discussions are still at a preliminary stage, and no definite proposals have been made. I am sure that the Chief Registrar and the Treasury would give careful consideration to any specific request by the societies for additional powers of the kind which the noble Lord proposes.
§ LORD OGMOREMy Lords, while thanking the noble Earl for that Answer, may I ask him, first, whether he is aware that the building societies have assets of over £10,500 million and that those assets are rising rapidly? Secondly, may I ask him whether he is aware of the splendid work which the Commonwealth Development Corporation has done in developing housing societies in the Commonwealth without any help from building societies in this country, because building societies have not been able to assist the Commonwealth Development Corporation in this important work?
EARL JELLICOEMy Lords, the answer to both of the noble Lord's questions is, Yes. But there are a great number of considerations and, possibly, difficulties, both legal and technical, involved. Whether or not they can be resolved, we must await definite proposals put by the building societies to the Chief Registrar. They have not been put up to the present.
§ LORD SHEPHERDMy Lords, the noble Earl said that the Chief Registrar and the Treasury would give careful consideration to a proposal. May we take it that there would be sympathetic consideration if an approach were made by the building societies, bearing in mind the urgent need for housing within the Commonwealth?
EARL JELLICOEMy Lords, I can certainly assure the noble Lord that the reception of the approach would be sympathetic. Whether the results would be sympathetic would of course depend upon the approach.
§ LORD ROYLEMy Lords, does the noble Earl remember that when what is now the Building Societies Act was passing through Parliament in 1962, some of us in another place moved an Amendment along exactly these lines, and that the noble Lord, Lord Brooke of Cumnor (as he now is), resisted it with exactly the same arguments as the noble Earl is now using?
EARL JELLICOEMy Lords, I always have very great respect for my noble friend's argumentative powers, but I must confess, in answer to the noble Lord, Lord Royle, that I was not aware of that particular incident in history. I shall 813 immediately look it up and try to produce some new arguments, if necessary. But I am not resisting this proposal and the Government are not resisting it; we are awaiting definite proposals.