HC Deb 26 April 1838 vol 42 cc622-3
The Chancellor of the Exchequer,

in moving for the re-appointment of the Committee on Joint-stock Banks, reminded the House of the circumstances under which that Committee had originated; and that it was not at all intended to be a Committee adverse to Joint-stock banking companies, but to inquire into the existing state of the law with a view to the improvement of the system. The Committee pursued their labours with great pains and industry during the first year, and the several members thereof were indefatigable in the discharge of their duty. It was revived in the course of last year, but owing to the circumstances which led to the close of the Session, no report was made. He moved for the revival of the Committee in the same spirit that he originally proposed it. The subjects for inquiry were the same—namely, the state of Joint-stock banks; the relation between those banks and the public; the transactions of the Bank of England in connexion with the several branch banks in this country; the effect they might produce on the circulation, and their bearing on the whole system of Joint-stock banks. The House had provided a remedy for the case of difficulty which had arisen in consequence of clergymen holding shares in Joint-stock banks; but that remedy was only temporary, because it was deemed incon- venient and injudicious to attempt to settle the question by piecemeal. That point, therefore, was reserved for consideration. In fact the object of his present motion was merely to cause the resumption of a task which was still incomplete. His hon. Friend, the Member for Kilkenny, had given notice that he would move to add to the end of the motion, the words, "also into the state of banking in England generally, the fluctuations in the amount of currency, and the causes thereof, since December, 1833." He would suggest to his hon. Friend, as he did on a former occasion, the propriety of bringing on his amendment on a future day in the shape of an instruction to the Committee. He would not say a single word now on the merits of that proposition, because he thought it would lead to no result if he entered partially into such an important discussion, but he would simply observe, that many hon. Gentlemen who were disposed to take part in it were not present. He would, therefore, first move for the appointment of the Committee, and he would take care to settle with his hon. Friend the day on which his proposition should be brought forward.

Motion agreed to. Committee to be nominated on a subsequent day.