§ 47. Mr. Stokes
asked the Chancellor of the Exchequer whether he is aware that banks holding certain American securities on behalf of their depositors, and in the names of the depositors, have parted with those securities without any reference to their true and lawful owners; and whether it was with his authority that this action has been taken?
§ Sir K. Wood
Yes, Sir. A full statement in this matter was made in my reply of 18th July last to my hon. Friend the Member for Colchester (Mr. Lewis).
§ Mr. Stokes
Does not the Chancellor consider that this action of the banks will have a very bad effect, the result of which will be that people will remove their securities because they are no longer in safe keeping?