HC Deb 04 July 1963 vol 680 c78W
39. Mr. Callaghan

asked the Chancellor of the Exchequer to what extent the Bank of England recognises as prime bills of exchange those accepted by merchant bankers who are not members of the Accepting Houses Committee.

Mr. du Cann

This is a matter within the day-to-day administration of the Bank of England for which they are responsible. I am informed, however, that it is a matter dependent on the standing of the particular merchant bank in question and the nature and volume of the bills offered.

40. Mr. Callaghan

asked the Chancellor of the Exchequer whether the Bank of England is consulted by the Accepting Houses Committee when it receives an application for membership.

Mr. du Cann

It was stated in evidence before the Radcliffe Committee on the working of the monetary system by the Chairman of the Accepting Houses Committee that before any new member was admitted there were private talks with the Bank of England; but also that the Committee were their"own masters" in whom they would elect.