§ Order read, for resuming Adjourned Debate on Question [24th April], "That Mr. Speaker do now leave the chair."
§ Question again proposed.
§ Debate resumed.
§ MR. VANCE
said, he should move that the Bill be committed that day three months. The Bill proposed to do away with a security granted to shareholders by the Banking Act of 1844, which required that a change should take place in the direction of banks from lime to time. That provision of the law had worked no inconvenience in the case of the banks of England or Ireland; on the contrary, it had proved a great safeguard in both instances. The Act of Sir Robert Peel did not compel directors to retire by rotation, for the old and experienced directors might remain, while the younger ones could retire. The hon. Baronet opposite (Sir J. Shelley), however, the framer of the Bill, would alter that, and allow all the directors to retain their seats year after year—there were, in fact, to be no retirements at all. Having seen the disasters to which banks were exposed under the management of self-elected directors in the case of the Tipperary Bank, and also in that of a Yorkshire bank with which he was acquainted, he should call upon the House not to permit such a dangerous innovation, but to let the law remain as it was.
Amendment proposed, to leave out from the word "That" to the end of the Question, in order to add the words "this House will, upon this day three months, resolve itself into the said Committee," instead thereof.
§ SIR JOHN SHELLEY
said, he would 1063 only observe that the Bill was not intended to do away with the system of the directors retiring, the only change which it would effect was to render those who retired re-eligible, which the existing law did not allow.
§ Question, "That the words proposed to be left out stand part of the Question," put, and agreed to.
§ Main Question put, and agreed to.
§ Bill considered in Committee.
§ House resumed.
§ Bill reported, without Amendment.