§ Mr. T. JOHNSTONasked the Chancellor of the Exchequer if he will lay upon the Table a memorandum on the incep- 2283W tion, operation, and financial results of the Australian Commonwealth Bank; if he is aware that it has kept down the rate of interest., facilitated trade and commerce, and accumulated huge reserves; and if he will consider the inception of a similar nationally-owned banking system in this country?
§ Mr. BALDWINThe hon. Member will find information on this subject in the annual reports of the Bank and in the Commonwealth Bank Acts, 1911 and 1920. I do not think it is possible to attribute to a single cause, such as the existence of a particular State bank, the wide results to which the hon. Member refers. In any case conditions in this country are entirely different. In general I agree with the view adopted by the experts of all countries at the Brussels and Genoa Conferences that State interference in banking is likely to be detrimental.