BANK OF IRELAND (CONSOLIDATED FUND).—RESOLUTION. (Hansard, 10 February 1865)

§ THE CHANCELLOR OF THE EXCHEQUER

Sir, the effect of the Resolution which I have now to propose is that remuneration of the Bank of Ireland for management of the Public Debt in Ireland should be paid out of the Consolidated Fund after the 6th of April, 1865. Upon this Resolution, also, there will be founded a Bill, and that Bill has two objects. The first is to introduce into the arrangements between the Government and the Bank of Ireland those regular and approved principles which have been applied in the arrangements between the Government and the Bank of England—that is to say, instead of taking service from the Bank and placing a privilege against it as a set off, the Bank of Ireland will in future receive payment in money from the State for whatever services it performs. But it is not for a mere rectification of accounts alone that the Bill is introduced. That is all, indeed, which is involved by the Resolution. But the nature of the Bill is best explained by the correspondence which has been laid upon the table, and was circuculated yesterday morning. It will be noticed that the Bank of Ireland has applied to the Government urging that they are insufficiently remunerated for their services, and that changes have taken place in the state of public accounts, kept by the Bank, which are of such a nature as to entitle them to ask for a modification of their existing arrangements. Upon examination, I find that the allegations of the Bank of Ireland are well founded, and that the demand for an additional charge on the public is just and reasonable. I will not trouble the House with details, unless difficulties should arise on any stage of the Bill, because if any Gentleman spends ten minutes in reading the correspondence which has taken place, he will become entire master of the subject; but the practical effect of the Bill will be this—that while, on the one hand, the interest on the loan from the Bank of Ireland to the State will be reduced to the same rate as is paid 157 on the loan from the Bank of England, we shall, on the other hand, pay a regulated sum to the Bank of Ireland for the management of that portion of the National Debt which has its seat in Ireland, and the Bank of Ireland will receive between £4,000 and £5,000 from the State more than it does now. The public will, of course, be burdened to that extent; but those who have given attention to the correspondence will see that the claim made by the Bank of Ireland is a fair and just claim, and I am bound to say, without disparagement to the Bank of England, which well knows how to conduct all its business in a first-rate manner, I am not aware that the Government have, in respect to any body of any description with which they have relations, greater reason for satisfaction, and for acknowledging the fairness and fidelity with which all the requisite duties are performed, than they have in the case of the Bank of Ireland. The right hon. Gentleman concluded by moving the following Resolution:— That it is the opinion of this Committee that the remuneration to the Bank of Ireland for management of the Public Debt in Ireland should be paid out of the Consolidated Fund of the United Kingdom of Great Britain and Ireland from and after the 6th day of April, 1865. After a few words from Sir HENRY WILLOUGHBY,