LEAVE. FIRST READING. (Hansard, 8 February 1875)

§ MR. GOSCHEN
, in moving that the Chairman be directed to move the House, that leave be given to bring in a Bill to amend the Bankers Act, said, he might, perhaps, be allowed, as the title of the Bill did not carry any explanation with it, to state its general effect. No English bank that had the right of issuing bank-notes could come to London, or set up a branch within 65 miles of London, without sacrificing its issues. On the other hand, there was no provision to prevent the Scotch banks—and it was believed to be a casus omissus in the legislation of 1844–5—from coming to London, although they did not thereby forfeit the right of issue. The anomaly had been witnessed in actual operation, because the National Provincial Bank of 141 England had sacrificed its issues in order to come to London, while the Scotch banks need not do so, although they were able to bank in the North of England under conditions forbidden to English banks. He did not take up this question as a question of banks against banks; but in the public interests it was undesirable that the bank monopoly should increase in value. The Scotch banks already enjoyed considerable privileges, and if they were allowed to trade in London, while the English banks could not increase their issues, the value of the monopoly would be increased, and it would be more difficult to deal with it by future legislation, if the House should feel inclined to do so at a future time; therefore, on that ground it appeared to him and others that something should be done. He would explain the Bill in detail on the second reading.

§ THE CHANCELLOR OF THE EXCHEQUER
inquired whether the Bill was intended to include Ireland?

§ MR. GOSCHEN
said, that the Bill as it was drawn touched the Scotch banks only, but he believed it might be made to include Ireland. He should be prepared to deal with that question if it were found desirable to raise it.

§ MR. ANDERSON
said, that if the Scotch banks crossed the Border they did not bring their note issue with them. There was no objection to the English banks going into Scotland if they pleased—in fact, they did so, and traded there as they wished—and for that reason he should oppose the Bill.