§ Mr. FORRESTasked the Chancellor of the Exchequer what are the functions of the Banks Amalgamation Committee; who are its members; how many times it has met during 1925; whether any report of its work is made to this House; and what is the annual cost incurred in connection with it?
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§ Mr. CHURCHILLThe function of the Advisory Committee on Bank Amalgamations is to advise the Treasury and the Board of Trade on proposals for banking amalgamations, including proposals under which one bank would acquire a controlling interest in another. The members are Lord Inchcape and Lord Colwyn, and they considered one application during 1925. The committee's work is limited to making recommendations to the two Departments, and there is no published report. The costs incurred are confined to a few shillings on postage and stationery.
§ Mr. FORRESTasked the Chancellor of the Exchequer how many applications have been made to him during 1925 for permission to amalgamate banks; how many of these were granted; how many refused; and how many are still under consideration?
§ Mr. CHURCHILLOne such application has been made and allowed. None are under the committee's consideration. As I have already stated, further amalgamations with the larger banks would not in principle be regarded with favour by His Majesty's Government.