§ Mr. ROWLANDSasked the Chancellor of the Exchequer whether he is aware that the interest charged by the Stock Exchange to their clients on certain pre-moratorium securities ranges at rates considerably over 8 per cent, notwithstanding the fact that the joint stock banks only charge the Stock Exchange 5½ per cent.; and, seeing that it is now considered reprehensible to profiteer on business owing to the War, will he use the influence of the Treasury to reduce these rates which are being demanded on securities where further margins of 10 per cent, have been supplied on the close of the moratorium?
§ Mr. BONAR LAWThe maximum rate chargeable between member and member in cases where 10 per cent. margin or difference has been provided is 7½ per cent., and this is only charged in the case of securities not quoted in the Official List, such as the majority of mining shares, which the joint stock banks do not in the ordinary way accept as security. I am informed that the committee of the Stock Exchange have ruled that any 207W further charge by way of remuneration to the broker for his expenses and continued risk must be a reasonable one, and they have undertaken to adjudicate in, any case of dispute. It is always open to any client who thinks these rates too high to pay for the securities.