§ Mr. Grenfellwished to know from the right hon. gentleman opposite, whether any and what arrangements had been made for paying to the Bank of England part of the sum of 5,000,000l., which, under the recommendation of the parliamentary committee that sat in the last session on the affairs of the Bank, was to be put in an immediate train of payment. According to his recollection, the arrangement agreed to on that occasion was, that a sum amounting to 5,000,000l. should be paid between the months of July last and April; but as some misunderstanding had taken place on this subject, he should be obliged to the right hon. gentleman if he would favour him with correct information.
The Chancellor of the Exchequersaid, the House would do him the justice to recollect, that, when the discussion of the affairs of the Bank took place, he stated, that the necessary arrangement for raising a sum of money for the service of the year rendered it unlikely that any very early payment could be made to the Bank, unless that body chose to afford the usual accommodation with respect to the loan, by which they would be enabled to repay themselves a very large sum. They had, however, declined that accommodation, and the benefits they would have derived from it. He had, notwithstanding, to state, that a very considerable sum had been paid, to the Bank of England; and arrangements had been formed, by the operation of which, the directors of the Bank were satisfied, that the sum of 5,000,000l. would be paid by the time pointed out by parliament. He therefore saw no reason for altering or encroaching on the system of arrangement which parliament had 515 deemed it advisable to adopt with respect to the Bank.