§ 49. Mr. Teeling
asked the Chancellor of the Exchequer why, when the Hong Kong and Shanghai Bank, the Chartered Bank of India and the Mercantile Bank of India, all British banks, are allowed in Japan the same powers and status as are Japanese banks, the Bank of Tokyo and the Fiji Bank now opened in London for six months are not allowed the same rights as English banks to deal in foreign exchange and to handle securities.
§ Mr. Boyd-Carpenter
I am aware that these banks wish, in due course, to secure appointments under the Exchange Control Act, 1947. Such appointments involve wide responsibilities on behalf of Her Majesty's Treasury and before making them, therefore, we should want to be satisfied that the banks concerned had had adequate practical experience in London.