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Stock Exchange (Interest Charges)

Volume 154: debated on Tuesday 30 May 1922

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asked the Chancellor of the Exchequer if he is aware that in 1914 the committee of the Stock Exchange gave an undertaking to the then Chancellor of the Exchequer that, in return for the assistance which the Government had given them, they would hand to their clients any reduction in the rate of interest on the pre-War carry-over account as and when it took place; and, seeing that they increased their rate of interest when the bank rate went up and made no decrease now the, bank rate has gone down, will he consider what action can be taken to see that the undertaking which he obtained from the Stock Exchange should be carried out?

I have nothing to add to the answer given to the hon. Member by the Financial Secretary to the Treasury on the 10th instant, except to say that the debtors concerned have now had a very long period in which to settle their accounts and that it is most undesirable that these accounts should remain open longer than absolutely necessary.