HC Deb 26 February 1863 vol 169 cc854-5

Order for Second Reading read.

MR. LYGON

said, he rose to express a tope that a postponement of the second reading would be agreed to, in consequence of the absence of the hon. Member for Buckingham (Mr. Hubbard) who took great interest in its proposed enactments.

THE CHANCELLOR OF THE EXCHEQUER

said, the Bill had been in the hands of Members a considerable time, and he did not think the neglect of an hon. Member to be in attendance was a good reason for the proposed postponement.

SIR HENRY WILLOUGHBY

said, the preamble confined the Bill to those savings banks which wished to wind up; but the clauses referred to all savings banks in the kingdom, and would affect the regulations of some of the best of the old banks, restraining the transfer of the accounts of minors, unless it were shown to the satisfaction of the directors that there was good reason for the transfers, such as the advancement of the minor, emigration purposes, and so on, which restrictions had been found to act very favourably to the interests of the younger depositors.

THE CHANCELLOR OF THE EXCHEQUER

said, that if any attempts had been made to discredit the old savings banks by persons over whom the Government had no control, the Government could do no more than regret the circumstance; but, if otherwise, the Government would express a regular official opinion on such conduct in conformity with that expressed by the hon. Baronet. He could not accede to the demand to limit the operation of the Bill to cases of the deposits of minors in savings banks about to wind up. He proposed that minors should be allowed to transfer their accounts backwards and forwards between the old savings banks and the Post Office savings banks, because the principle was laid down that there should be perfect freedom of choice for all persons between one class of banks and another. It was not a question of drawing out the money altogether, but of the transfer of money between establishments sanctioned by law and approved by the policy of the State.

Bill read 2°, and committed for Monday next.