§ On the Question that the Savings Banks Bill, which had been read a third time, do pass,
§ Mr. Humeproposed two Clauses, to the following effect:—
That whenever the sum standing in the name of any depositor shall amount to one hundred and fifty pounds, principal and interest included, that henceforth no interest shall be payable on such deposit.1653Clause (after 20th November 1844, Trustees not to receive, from any present or future depositor, any sum or sums, exceeding twenty pounds in any one year.)The hon. Member said, that his object was to confine the provisions of the Savings Bank Act to those small depositors for whose benefit it was originally intended. Large depositors placed their money in those hanks as a profitable investment of capital, and would withdraw it at once if they saw any more profitable way of employing it. He looked upon this Bill as defective in many respects, but still he considered it as an improvement upon the former state of the law, and hoped for further improvement next Session.
§ Clauses brought up and read a first time.
§ On the Question that the Clauses be read a second time,
§ The Chancellor of the Exchequerconsidered the Clauses altogether inexpedient, and defended the policy of allowing deposits of sums larger than 20l., and up to 30l. This rule was found of great advantage to sailors, who received their pay in a lump of more than 20l., and if they had not such means of deposit as the Savings-Banks afforded, they would run the chance of being plundered of it by some of the worst characters to whose society they were exposed. He objected to the second Clause, on the ground that the Act contemplated the extension of its provisions to a higher class of depositors than those who now sent in small sums.
§ Mr. Aglionbyconcurred in the view taken of the Clauses by the hon. Member for Montrose, and contended that the original Savings Banks were intended to benefit mechanics and others of the humbler classes by encouraging the deposit of small sums.
§ Mr. Divettconsidered that the persons whose deposits amounted to 150l. were exactly those kind of industrious depositors whom the Bill was intended to serve. It would be hard to deprive them of interest.
§ Clauses negatived. Bill passed.