§ Order for Consideration, as amended, read.
§ Bill, as amended, considered.
§ Clause 4 (Registration anew of unlimited company as limited company).
§ MR. SAMPSON LLOYD moved, as an Amendment, the insertion of words at the end of the clause, providing that limited companies might come within the provisions of the Act.
§ THE CHANCELLOR OF THE EXCHEQUERsaid, as there was no objection to them, he would not object to the insertion of the words proposed, although he thought they were unnecessary.
§ Amendment agreed to; words added.
§ Clause, as amended, agreed to.
§ Clause 5 (Establishment of reserve liability company).
§ MR. COURTNEY moved an Amendment, to insert at end of the clause, a provision, giving power to banking companies, in cases where no increase of nominal capital may be resolved upon, to determine that a portion of the uncalled capital should not be called up, except in the event of the companies being wound up.
§ SIR JOSEPH M'KENNAobjected to the Amendment.
§ SIR ANDREW LUSKthought that it was reasonable.
§ THE CHANCELLOR OF THE EXCHEQUERsaid, that the proposition of the hon. Member for Liskeard was a reasonable one, and would increase, and not diminish, the security of the shareholders. He had, therefore, no hesitation in accepting it.
§ Amendment agreed to; words added.
§ Clause 10 (Audit of accounts of banking companies).
§ MR. COURTNEY moved, as an Amendment, the insertion of words providing for the annual audit of the accounts to limited banks, already regis- 956 tered, as well as to those about to be registered.
§ Amendment proposed, in page 5, line 37, after the word "company," to insert the word "whether."—(Mr. Courtney.)
§ Question proposed, "That the word 'whether' be there inserted."
§ THE CHANCELLOR OF THE EXCHEQUER, in assenting to the Amendment, pointed out that its result would be to carry the effect of the Bill beyond the bounds originally intended. He had no objection in point of principle to the Amendment; but he should like to hear what hon. Members, representing the banks, had to say on the subject, as he should not like to take them by surprise in accepting it.
§ SIR JOSEPH M'KENNAwould wish to say, that whilst it was an open question whether this was the best occasion to select for legislation on the point, he did not think that the Amendment would affect existing banks unfairly.
MR. C. BECKETT-DENISONquestioned the propriety of passing a provision of that kind in a thin House. If such an Amendment were accepted at that late stage of the Bill, many hon. Members who were now absent would think that the Government had broken faith with them.
§ MR. RYLANDSendorsed the opinion of the hon. Member opposite (Mr. C. Beckett-Denison) that however good the principle of the Amendment might be, and they all approved of it, it was undesirable to introduce it into the Bill in its present stage, seeing no Notice had been given of it.
MR. ASSHETON CROSS, although strongly in favour of the principle of the Amendment, did not think that the present was a favourable time for introducing it. As some surprise and astonishment would be caused by its adoption, he would suggest that the hon. Member for Liskeard would be doing good service if he introduced a Bill of a single clause next Session to carry out his object.
§ Amendment, by leave, withdrawn.
§ Other Amendments made.
§ Bill read the third time, and passed.