Part of the debate – in the House of Commons am ar 25 Gorffennaf 1922.
Major BROWN:
The observations of the hon. Gentleman the Parliamentary Secretary are rather unsatisfactory. I confess I am not persuaded by his argument. It seems to me that what the hon. Member for Hampstead wishes to do is to impose some limitation and some safeguard on the way our credit is involved. It is true that experts deal with this money aspect, but so far as I can see, this money is raised more or less by and with our consent, possibly after Orders have been laid on the Table. At all events, when the ordinary invester knows that this is in some way connected with the, Houses of Parliament, he will think probably that his money has got a Government guarantee. To that extent we are responsible to see that the investors are not misled. I submit that my hon. Friend, in proposing the limitations he seeks to, is in the right. I am not qualified to speak of the matter technically, but I think this House ought to see whether we should not pay more attention to the safeguards, so that people may not be misled in thinking that money invested under an Act of Parliament has a Government guarantee. I quite understand the attitude of my hon. Friend the Parliamentary Secretary, but what Government Office has not always objected to any limitation being placed on its powers? I press again, therefore, the point of view of the hon. Member who moved the Amendment, and express my regret at the answer given by the representative of the Government.