BANK OF SCOTLAND. (Hansard, 6 September 1831)

Mr. Herries
rose to move for copies of the Charter of the National Bank of Scotland, and for certain papers which were connected with the subject. He apprehended no opposition would be made to his Motion. His object in seeking to obtain a copy of the charter was, to call the attention of the House to some defects of omission in that document, which he thought admitted of an easy remedy. For example, he thought the responsibility of the principals in the bank, not sufficiently secured, as he would explain to the House on a future occasion. The right hon. Gentleman concluded with moving for a copy of the Charter granted to the National Bank of Scotland, and the papers—including the opinions of the Law Officers of the Crown—relating thereto.

The Lord Advocate
said, that no objection existed on the part of the Government to the production of the documents moved for by the right hon. Gentleman. The Charter granted only the power of suing and being sued through the Company's authorised officers—an arrangement which he would endeavour to show was 1201 the best, in a national point of view, which the Law Officers of the Crown could, under the circumstances of the case, have sanctioned.

Mr. Hume
wished to know what course the right hon. Gentleman meant to pursue, when he had obtained the papers?—whether to alter the Charter, or move for its repeal?

Mr. Herries
had no intention to infringe on the Charter, or to make any alterations, other than that of supplying some deficiencies in its details, to which he would shortly call the attention of the House.

Mr. Maberly
thought, the principle of suing and being sued through the bank's officers a good one, but he hoped that Ministers would in no way lend themselves to bestowing upon any Company a monopoly.

§ Mr. John Campbell
said, as the law at present stood in England, partners escaped from individual liability; it would, therefore, be a great benefit, if similar Charters could be granted in this country.

§ Sir Edward Sugden
said, that every Government was bound not to grant particular privileges to one person at the expense of another. Nothing was more common than for Companies to start up, with a supposed capital of three or four millions, of which, probably, only about five per cent had been paid up, yet they deceived the public by putting up "sanctioned by Act of Parliament," while the sanction only was, to sue and be sued by their proper officers; the public were, therefore, liable to be imposed upon. Government should take care, that all capital should be paid up in the shares of Companies, to whom they granted Charters.