Mr Maurice Macmillan: I must first ask the indulgence of the House towards my maiden speech, and I am sure that in the circumstances the right hon. Member for Huyton (Mr. H. Wilson) will forgive me if I do not follow him in respect of most of his argument, though I am happy to agree that on neither side of the House do we consider that this scheme is in any way a panacea and that the point is that we cannot afford...
Mr Maurice Macmillan: Would my hon. Friend consider adjusting the amount deducted from National Assistance of recipients' small savings with a view to encouraging people to continue saving, even though they are on National Assistance, in view of the fact that at the moment it is more profitable for them to spend their savings and draw extra National Assistance when they have spent them?
Mr Maurice Macmillan: It is, I think, quite a frequent convention that when a Member addresses this House he should say that he does not intend to follow the previous speaker. I prefer to break that convention because I wish to follow the right hon. Gentleman the Member for Blyth (Mr. Robens) in what he said about raw materials. My right hon. Friend the Paymaster-General mentioned the competition between...
Mr Maurice Macmillan: May I take it that this is an expression of opinion from the Opposition Front Bench that nationalisation is no longer a point of policy?
Mr Maurice Macmillan: I intervene in this debate not only because of my sympathy with the case but because I agree with my hon. and learned Friend the Member for Northwich (Mr. J. Foster) that the definition of political asylum is in this country still too narrow. I agree with him, too, in accepting that even his extended definition cannot cover this case. Thirdly, I agree with him and with hon. Gentlemen opposite...
Mr Maurice Macmillan: I know that the hon. Member for Bilston (Mr. R. Edwards) will forgive me if I do not follow him in detail upon the subject that he knows so well—the part played by the trade unions in working towards the European Free Trade Area. It would be a bold man who tried to follow him on that subject. It is always pleasant when hon. Members on this side of the House can agree with hon. Members...
Mr Maurice Macmillan: In view of the fact that the problems facing smaller factories are very largely physical, may I ask my hon. Friend not to forget to give any assistance that might be possible for them, especially financial assistance?
Mr Maurice Macmillan: The hon. Member for Gloucester (Mr. Diamond) will, I hope, forgive me if I do not follow him, especially down some of the Stock Exchange and financial by-paths with which his familiarity is greater than mine. I did not intend to intervene in this debate since, unfortunately, I was not able to be present yesterday and, therefore, missed a great deal of some of the more important things that...
Mr Maurice Macmillan: asked the Chancellor of the Exchequer why, in laying down the proportion of total assets held as free reserves by building societies in order to qualify for trusteeship status, he selected 1½ per cent. as the initial and 2½ per cent. as the ultimate minimum.
Mr Maurice Macmillan: Does not my right hon. Friend agree that it will be extremely difficult for building societies to raise their reserve ratio from 1½ per cent, to 2½ per cent. without either postponing a reduction in mortgage rates or even raising mortgage rates, or at least retarding their rate of growth?
Mr Maurice Macmillan: It is 23.3 per cent.
Mr Maurice Macmillan: I hope that the hon. Member for Hayes and Harlington (Mr. Skeffington) will forgive me if I do not follow him closely except to point out that although the Government may be able to control interest rates to some extent the building societies are entirely governed as to the rate at which they lend money by the rate at which they borrow it. I would also point out that it is not only the ...
Mr Maurice Macmillan: I thank the hon. and learned Member. I saw that, but I did not see any evidence that the smaller societies did, in fact, have a higher than average proportion, except that that seemed to be the general feeling in the movement. The Minister mentioned that when the question of allowing trustees to invest in industry was concerned it was widely accepted that there should be a criterion of size....
Mr Maurice Macmillan: I do not propose to detain the Committee for very long, particularly after the very able argument of the hon. Member for Manchester, Openshaw (Mr. W. R. Williams) about the rights and uses of small societies. For various reasons, which I think are perfectly obvious, I cannot quite go along with him in thinking that the qualifications for membership of the Building Societies Association must...
Mr Maurice Macmillan: I hope that the Committee will forgive me if I refer briefly to a matter which was raised by the hon. Member for Dunbartonshire, West (Mr. Steele), since the society involved has its headquarters in my constituency. I have been in touch with the society. The inquiries which it is making are still proceeding and therefore there is not a great deal that I can say, except to give one or two...
Mr Maurice Macmillan: I beg to move, in page 2, line 29, after "direct", to insert: Provided that, subject to subsection (3) of this section (a) the rate of interest thereon so payable shall be less than the rate charged by a building society on a mortgage under this Act by not more than one half of one per cent.;(b) the rate of interest charged by a building society on a mortgage under this Act shall not exceed...
Mr Maurice Macmillan: The hon. Member has slightly anticipated my argument. I was about to come to the position of various societies under the present arrangements as set out in the White Paper. If I may correct the hon. Member, this does not apply only to societies which are not members of the Building Societies Association, since there is no reason why a building society should not charge a lower rate than...
Mr Maurice Macmillan: I should like to thank the Minister for his explanation. I see his difficulty, though, with respect, I do not think it is as great as he himself thinks. Since this is an unprofitable activity on the part of building societies, and in so far as it benefits them at all, it benefits them by increasing their business generally, and not by making profits out of this operation in particular; it is,...
Mr Maurice Macmillan: I apologise for taking up even more time on the subject of rates of interest, but I do so because I share the view of my hon. Friend the Member for Crosby (Mr. Page) about the importance of the principle involved. We all accept the practical difficulties of altering arrangements set out in the White Paper, since this is an agreed scheme. I am not very sorry that the Clause must go forward...
Mr Maurice Macmillan: I am sure that in welcoming the Bill as a whole we all congratulate the Minister on what he has done to help people to buy their own houses and to improve their homes up to the minimum standard. Perhaps it is as well that I should be out of order if I told my right hon. Friend that I thought that he could have improved his method of achieving the first of those objects. Alas, the house...