§ MR. OLIVEIRAsaid, he wished to make an inquiry of the right hon. Baronet the Chancellor of the Exchequer, with reference to the Order in Council of the 7th day of December last, now laid upon the 1407 table of the House, authorising an additional issue of bank-notes by the Bank of England, to the extent of £475,000, pursuant to the 5th section of the 7 & 8 Vict., cap. 32, what arrangement had been made between the Government and the Bank of England to carry into effect the provision of the 9th section of the said Bank Charter Act, which requires the Bank of England to allow the public the profits derived from any additional securities beyond the stipulated amount of £14,000,000, fixed by the Act, after deduction of expenses?
THE CHANCELLOR OF THE EXCHEQUER,in reply, said that the Bank Charter Act defined the principle of the arrangement between the Government and the Bank of England. The compensation on account of the profits of the additional securities would be carried out when the year had elapsed. It would be the duty of the Government to make arrangements with the Bank with respect to the amount to be paid on the account.