Government Stocks (Insurance).

Oral Answers to Questions — Trade and Commerce. – in the House of Commons on 17th February 1942.

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Photo of Mr Richard Acland Mr Richard Acland , Barnstaple

asked the Chancellor of the Exchequer whether he will terminate the arrangement whereby large Government stocks are now insured by private insurance companies, in view of the fact that America's entry into the war has invalidated the agreement which was held to justify the departure from pre-war practice?

Photo of Mr John Llewellin Mr John Llewellin , Uxbridge

I have been asked to reply. In my view the reasons for this arrangement are not affected by America's entry into the war, and I am unable to accept my hon. Friend's suggestion that it should be terminated.

Photo of Mr Richard Acland Mr Richard Acland , Barnstaple

Can my right hon. and gallant Friend tell us any way in which the public gains by this expenditure of money, time and effort?

Photo of Mr John Llewellin Mr John Llewellin , Uxbridge

It gains because it keeps in being these large insurance companies which mean so much to us in invisible exports.

Photo of Mr Richard Acland Mr Richard Acland , Barnstaple

I beg to give notice that I shall raise this matter on the Adjournment.