§ Order of the Day for the Second Reading read.
§ THE FIRST COMMISSIONER OF WORKS (VISCOUNT PEEL)My Lords, under the Bankers (Ireland) Act, 1845, six Irish bankers were given the right to issue private notes. They could issue these notes pound for pound against any legal tender cover held by them, and further against securities within the limits of the maximum fiduciary issue fixed for each bank. The situation has now been disturbed by the fact that the Irish Free State is about to issue a currency of its own, and accordingly we are compelled to legislate for the situation in Northern Ireland, for otherwise the fiduciary issue, which is £6,354,000, would, of course, be far too large for the requirements of Northern Ireland. Negotiations have taken place between the Treasury and these banks, and an arrangement has been reached limiting the fiduciary issue. The fiduciary issue of each bank is set out in the Schedule and I need not read the figures to your Lordships. You will see that the total amount is £1,634,000. I think that the Bill is its own recommendation. An arrangement has been made that has been generally agreed to, and I think that I need do no more than move the Second Reading of this Bill.
§ Moved, That the Bill be now read 2a.—(Viscount Peel.)
§ On Question, Bill read 2a, and committed to a Committee of the Whole House.