§ Colonel Percevalwished to put the question to the Chancellor of the Exchequer, of which he had given the right hon. Gentleman notice yesterday. It related to the unusual time Exchequer Bills had been very recently kept at the office. They had been sent in for exchange on the 11th of June, and had not been delivered until yesterday, being, therefore, a detention of twelve days. He was informed that this was about three times the period for which they were ordinarily kept. It might occasion great inconvenience to parties who wished to raise money for temporary purposes, and he had been told that, had the detention occurred for twelve days prior to the 11th of June, the consequences might have been most disastrous to the monied interest. He hoped that such a circumstance would not be allowed to occur again.
The Chancellor of the Exchequerreplied, that he had directed a reference to be made, first to ascertain the facts since the year 1825; and next to discover the peculiar circumstances that had occasioned the irregularity, An account had, therefore, been 1133 prepared, with which he was furnished; and on this authority he would state, that the hon. and gallant Member had been misinformed in some particulars. The delay was usually in proportion to the number of Exchequer Bills to be exchanged. In 1829, the exchange took place in September, and there was an interval of twelve days between the delivery of the bills into, and the delivery of them from, the Exchequer. In 1830, the interval was eleven days; and the same in 1831, 1832, and 1834. He would now explain the peculiar circumstances which occasioned the delay in this instance. The time occupied depended upon the number of Exchequer Bills to be exchanged. In 1829, when it occupied twelve days, the number was 14,500; but, in the recent operation, they were at least one-third more—viz., 22,457. The increase in the number was to be accounted for in this way—that a much larger number of Exchequer Bills of 100l. and smaller denominations had been issued for public works and other purposes of the same kind. He was quite ready to admit the expediency of dispatch, for the sake of public convenience; and without imputing any undue procrastination, which had not in fact occurred, it would be his duty in future to take care that as much expedition as possible should be used.
Colonel Perceval was satisfied with the answer.