§ Sir SAMUEL ROBERTSasked the Chancellor of the Exchequer whether the Treasury have now made final arrangements with the Bank of England as to their various banking and other charges, both during and after the War; and, if so, what such arrangements are?
Mr. CHAMBERLAINIn pursuance of negotiations conducted by my predecessor and as announced by the Governor at the meeting of the Bank Court on Thursday last, the Bank of England has agreed to pay over to the Exchequer the entire excess profits for the five years ending 28th February, 1919, thereby contributing420W towards the cost of the War the whole of the excess profits which have resulted from the War conditions not only in respect of services performed for the Government, but in respect of the business of the Bank generally. The House will recognise this action as being in accordance with the Bank's high traditions. I am still in communication with the Bank in regard to arrangements as to the future.