Mr Frederick Pethick-Lawrence: My right hon. Friend apologised for his lack of technical knowledge in expounding the terms of the Bill. I think I am only expressing the views of the House when I say that his exposition of a very difficult technical subject left little to be desired. It was clear and cogent and I am glad that those who have more expert knowledge than I, including the hon. Member for South Croydon (Sir H....
Mr Frederick Pethick-Lawrence: I think the right hon. Gentleman has explained the Bill. It is merely to tidy up what was left a little uncertain in the main Bill, and, so far as I am concerned, I hope it will be given a Second Reading and speedily become law.
Mr Frederick Pethick-Lawrence: May I ask the Leader of the House whether he can tell us the Business for next week, and also whether he has any statement to make in regard to the future hours of sitting?
Mr Frederick Pethick-Lawrence: I would like to ask the right hon. Gentleman whether the statement he has just made indicates that it is a considered decision of the Government, that the hours should be from 2.30? I was given to understand that the Government would propose 2 o'clock. If the Government are proposing 2.30, will the alternative proposal of 2 o'clock be left to a free vote of the House?
Mr Frederick Pethick-Lawrence: I would like to be quite clear on this point. If it is not a Government Motion, but a Motion of the Leader of the House, will the Government Whips be put on in favour of the hour of 2.30, or will the decision between 2 and 2.30 be left to a free vote?
Mr Frederick Pethick-Lawrence: We are approaching the end of this historic Debate. Originally, the Government only intended it to last for two days, but I am quite sure that the Foreign Secretary will agree with me that, having heard the greater part of this Debate, the third day has been fully worth while. We had a Debate yesterday which rose to a very high level, and I think I may say, with the agreement of all sections...
Mr Frederick Pethick-Lawrence: I understand that it is the desire of the Committee that we should take this opportunity to discuss the relationship between the new Financial Corporations announced by the Chancellor of the Exchequer about five weeks ago and the national financial system, and I propose to follow that course and, during my speech, to put certain questions to the Chancellor of the Exchequer, to which I hope he...
Mr Frederick Pethick-Lawrence: I do not care what means the Chancellor uses provided that that consideration enters at some point. It may enter into the charter of these organisations that they are to use this discretion. It may enter, not through them but through the Capital Issues Committee, because there will be two sieves in considering applications, the sieve of the Corporations and the sieve of the Capital Issues...
Mr Frederick Pethick-Lawrence: I agree that this is going rather too far, but I feel that I have explained the point, to the effect that things appear to me to have gone a long way in the direction we desire.
Mr Frederick Pethick-Lawrence: I should like to point out that I did not say that I wanted these Corporations to have equity participation, and I should not like the Committee to think so. I asked which was going to be the case, and in doing so, I was not expressing an opinion but seeking one.
Mr Frederick Pethick-Lawrence: This is of supreme importance. I have never suggested, or imagined, that the Chancellor of the Exchequer would be responsible for any of what we might call the day-to-day, or even the week-to-week, policy of the Corporations, but the question to which I was devoting my attention was that of the fundamental matters of policy to which his attention will be given. One question was, whether these...
Mr Frederick Pethick-Lawrence: The House is indebted to the Chancellor of the Exchequer for a lucid statement with regard to this somewhat complicated Measure, and it was none the worse, if I may say so, for not having occupied a very great deal of time. So far as I am concerned I propose to emulate the Chancellor in that healthy competition on brevity which I hope, Mr. Speaker, will gain your good graces, as you said...
Mr Frederick Pethick-Lawrence: I am very glad to hear that, and I need not proceed with the point. As long as the Chancellor is quite clear about that, my people will be satisfied, but they expressly asked me to put the point. I think the Chancellor will admit that it is implied rather than stated. There is no provision in the Bill which mentions boats. If there is any ambiguity, perhaps the Chancellor will make it quite...
Mr Frederick Pethick-Lawrence: My hon. Friend is entitled to raise that point when the time comes. I was not expressing a party opinion on it, and we shall see how the Debate goes. My hon. Friend will be able to express his point of view when the time comes, and, no doubt, those who sit with him will be able to do so.
Mr Frederick Pethick-Lawrence: Has the Minister given any indication to the medical authorities that he himself will support these particular proposals, with his colleagues in the Government?
Mr Frederick Pethick-Lawrence: I think the Committee is aware of the fable of the wind and the sun. We have had the rude wind—I am not using the word in any offensive sense——of the Financial Secretary, and I appeal to the Chancellor of the Exchequer to come out with the sunshine of his smile and meet the wishes of the Committee. I am not going to make a long speech because that is really the gist of what I wished to...
Mr Frederick Pethick-Lawrence: Surely, in the last resort one can deal with an individual interest by compensation, but one cannot deal with a public interest by compensation.
Mr Frederick Pethick-Lawrence: When the Prime Minister is considering the matter, will he bear in mind that there are other large centres of population, including the City of Edinburgh, where the same difficulty arises?
Mr Frederick Pethick-Lawrence: I would like to ask the Chancellor of the Exchequer two questions with regard to that statement. The first question, which perhaps should be addressed to the Leader of the House, is—I am aware that the time at our disposal between now and the Dissolution is exceedingly short—Will there be any opportunity for the House to discuss the proposal? The second question is one that I would like...
Mr Frederick Pethick-Lawrence: Does that not mean that up to £50,000, a company whose objects are quite worthless from the national point of view can borrow money from one of these Corporations, when much more worthy objects are being ruled out by the shortage of money?