§ Mr. W. GRAHAMasked the Chancellor of the Exchequer whether his attention has been called to the preliminary arrangements for the affiliation of the Clydesdale Bank in Scotland with time London Joint City and Midland Bank, Limited; whether he is aware that the recent dividends of these banks have been at the rate of 18 per cent. per annum; that the prices of their shares have risen very considerably within recent times; and that the combined reserves and balances at the end of the last financial year were over £9,000,000; whether, in view of this and other large banking amalgamations within recent times, together with the information contained in the Report of the Colwyn Committee, there is now grave danger of a financial trust in this country; and, if so, whether the Government are prepared to deal with it by legislation or other method in order that the community as a whole may be protected?
Mr. CHAMBERLAINI am aware of the facts referred to in the earlier parts of the question. The proposal for the affiliation of the Clydesdale Bank with the London Joint City and Midland Bank is now under the consideration of the Advisory Committee on Bank Amalgamations, appointed on the recommendation of the Colwyn Committee. I do not share 599W the hon. Member's view that there is now grave danger of a financial trust in this country, but the course of events will be carefully watched. I would add that some amendment of the law dealing with banking is desired by bankers, and probably required by the public interest. The subject is now being considered by the Board of Trade.