New Clause. — (Repeal of s. 36 of 8 and 9 Geo. V, c. 15.)

Part of Orders of the Day — Finance Bill. – in the House of Commons on 8th July 1924.

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Photo of Mr Fredric Wise Mr Fredric Wise , Ilford

I rise to ask the Chancellor of the Exchequer as to one matter. I cannot help thinking that, if there were any alteration made, it would affect the fiduciary issue more than any of the other issues. In regard to the Bank of England the fiduciary issue is now about £246,000,000, which is very near the maximum figure fixed by the Cunliffe Committee. If you had more money in the banks I think that you would not be so near the limit which was fixed by the Cunliffe Committee. I only put that technical point before the Committee in this way, that it might possibly assist in bringing more depositors to the bank, and in that way with a cheaper cheque and more deposits we should not be so near the limit of the fiduciary issue which was suggested by the Cunliffe Committee.