Mr. EWAETasked the Chancellor of the Exchequer "whether it was intended to give the Bank of England authority (under the 5th section of the Bank Charter Act) to increase its issue on securities (beyond the prescribed basis of 14,000,000l.) in consequence of the void caused in the circulation by the recent failure of private banks (or joint-stock banks) of issue?"
§ The CHANCELLOR of the EXCHEQUERreplied, that no application had been made from the Bank of England for permission to extend its issues in that way, and therefore Government had not exercised its discretion on that point.