§ Mr. ROWLANDSasked the Chancellor of the Exchequer whether he is aware that, notwithstanding the Treasury agreement with the Stock Exchange in regard to pre-moratorium business, the Stock Exchange Committee increased the rates of interest on stocks being carried over when the Bank Rate was raised, but on the last lowering of the Bank Rate the Stock Exchange have made no corresponding decrease in their rates; and whether, seeing that this acts unfairly on the public who were promised corresponding advantage from the Stock Exchange when the Treasury saved them from ruin in 1914, he will endeavour to procure from the Stock Exchange fair and equitable treatment to the public?
§ Mr. BONAR LAWI understand that the rate charged by the Joint Stock Banks when the Bank Rate was above 5 per cent. was less than the maximum of 1 per cent. above the current Bank Rate which they are entitled to charge under the scheme, and that this rate (being still within the maximum) was not reduced by the Joint Stock Banks to stockbrokers when the reduction of the Bank Rate took place. The2594W Stock Exchange, therefore, held that they were not in a position to reduce their rates to their clients. Any rates less than the maximum chargeable under the scheme are, of course, a matter for arrangement between the parties concerned and the Treasury has no locus standi for interfering provided the maximum is not exceeded.