Oral Answers to Questions — McGRIGOR'S BANK.

Part of the debate – in the House of Commons on 24th November 1922.

Alert me about debates like this

The UNDER-SECRETARY of STATE for WAR (Lieut.-Colonel Guinness):

The War Office have no legal liability whatever for any banking business conducted by Army agents, nor are they In any way responsible for such business. The Government, however, recognises a moral claim on behalf of those whose accounts directly originated through Army connection with the firm as agents, and a supplementary Estimate will be laid with the object of giving them substantial relief, estimated at 10s. in the £ in addition to the existing assets. No guarantee of the stability of Army agents as bankers could be given by the War Office without extensive powers of control, and such guarantee and control would, in the opinion of the Army Council, be contrary to the public interest. The two existing Army agents— Messrs. Cox and Messrs. Holt—both publish audited balance sheets from which the public can judge the strength of their position. The Army Council see no reason whatsoever for departing from their custom of employing these firms as their agents. I should be glad if my Hon. Friend would repeat the second part of his Question to the Chancellor of the Exchequer early next week.