Mr. Grenfellwished to ask the chancellor of the exchequer a question, regarding the remuneration which the Bank of England were to receive for managing this transaction. Had the right, hon. gentleman made any compact with the Bank, regarding that remuneration? If the Bank were to have the same remuneration as it had for managing loans, it would be entitled to 800l. out of every million which passed through its hands. When they recollected that the sum of money now to be dealt with, was somewhat more than 150,000,000l., they would see that any per centage would afford the Bank a considerable profit.
The Chancellor of the Exchequersaid, that no agreement had yet been made as to the rate of remuneration the Bank should receive for its services, in the accomplishment of the proposed plan. The degree of trouble it would have, must, of course, depend upon the number of dissents: the question of remuneration must, therefore, be left open to future consideration. He certainly thought it but just and equitable, that a clause 895 should be inserted in the bill, entitling that corporation to some compensation for their trouble.
Mr. Grenfellagreed in the last proposition of the right hon. gent., but it was fit to take a little into view the great profits the Bank derived from the public. For the management of the national debt, as it was called, which meant only the payment of the half-yearly dividends, the Bank received 270,000l. a year. Independently of this, they had always in hand an average balance of four millions of the public money, for which a service was performed so very inadequate to the interest of this money, that he was confident it might be safely performed by private bankers for 10,000l. a year.
§ Mr. Humesaid, that during the whole war, the Bank had taken a great deal too much out of the public purse, and, in the present state of the country, it ought to lend its aid gratuitously. The Bank of Ireland charged nothing for what it did, while the Bank of England obtained not less than 340,000l. a year. He was of opinion, that 150,000l. would more than remunerate the Bank for all the trouble to which it was put for the service of the country.
§ The House having resolved itself into a committee on the bill,
Mr. Grenfellmoved, the omission for the present, of the clause empowering the lords of the Treasury to remunerate the Bank. Some terms ought first to be made with the directors, and on a future day the chancellor of the exchequer might be prepared to state them.
The Chancellor of the Exchequersaid, that the circumstance of the degree of labour being as yet unascertainable, was, in his opinion, a reason for adopting the clause, subject to the future approbation of parliament.
§ The committee divided: For retaining the clause, 76. Against it 39.