§ Mr. HASLAMasked the Secretary to the Treasury whether the recommendations of the Treasury Committee having reference to the subject of bank amalgamations have been carried into effect; whether sanctions have been given for further amalgamations since 3rd June, 1918; whether statutory provision has been made to deal with the question of bank amalgamations; and, if not, whether it is the intention to introduce such measure?
§ Mr. BALDWINPractical effect has been given to the recommendations of Lord Colwyn's Committee on Bank Amalgamation by the appointment of an Advisory Committee consisting of Lord Colwyn and Lord Inchcape. On the advice of this Committee the Treasury have sanctioned certain amalgamations since June, 1918. The question of what alterations in the law are required is now under consideration by the President of the Board of Trade.
§ Mr. NEWBOULDasked the Chancellor of the Exchequer whether the amalgamation of lange banking interests in this Country has created a banking monopoly or money trust; and, if so, whether he will take such steps as may be necessary to protect the public interests by securing Treasury control of the fixing of rates of interest and discount by securing access to the Clearing House for new enterprises, and by making the Bank of England a purely national bank?
Mr. CHAMBERLAINThe answer to die first part is in the negative; and the second part therefore does not arise. All proposals for amalgamation are carefully considered by the Advisory Committee consisting of Lord Inchcape and Lord Colwyn before being approved by His Majesty's Government.