§ SIR STAFFORD NORTHCOTEasked the First Lord of the Treasury, Whether the Government have any information as to the correctness of a statement that certain of the Scotch Banks have resolved to re-register themselves under the provisions of "The Companies Act, 1874?"
MR. GLADSTONESir, since the last Question was put to me on this subject I have received a letter from Mr. Mackenzie, who is the manager of the Commercial Bank of Scotland, the senior 1469 among the associated banks, enclosing a minute of the meeting of the representatives of the seven banks. Perhaps I had better read the resolution that was come to at that meeting. It was this—
After full conference it was unanimously agreed that the directors of the seven banks should recommend their managers to adopt the principle of limited liability, and that all necessary steps be taken by each bank for registering under the Companies Acts of 1872 and 1879 as a limited bank; and in order to perfect the necessary arrangements for effecting the said object, and that the whole of the banks may enter on business on the same day, or as near the same day as possible, the said banks remit to their managers and to the directors to consider all the necessary details, and, with the assistance of Mr. Brodie as general agent of the unlimited banks, who will communicate with the law agents of the representatives, to mature all the requisite arrangements and report.