HC Deb 17 June 1892 vol 5 cc1495-6

COMMITTEE.

Considered in Committee.

(In the Committee.)

Clause 1.

MR. SEXTON (Belfast, W.)

I see this Bill includes the Bank of England. Up to the present moment the House has not had one syllable of explanation with regard to the Bill. I ask for some light on the Bill.

*THE CHANCELLOR OF THE EXCHEQUER (Mr. GOSCHEN,) St. George's, Hanover Square

I have already said that we have made an arrangement with the Bank of Ireland similar to that made with the Bank of England. The Bill has been sent over to Ireland, and every opportunity afforded for the study of its details.

MR. SEXTON

Will the right hon. Gentleman say what is the reduction of the rate of interest due from the public to those banks, and by what amount the remuneration of these banks is to be altered?

*MR. GOSCHEN

The total amount by which the remuneration to the Bank of Ireland will be diminished, including the diminution in the rate of interest on' the Government Debt, is over £7,500. The interest is reduced by one quarter per cent. on the debt, the amount of which will be found in the Bill. Then there are two items of £600, and this £1,200—one-half of which is in connection with the altered scale of payment to the Bank for managing the Public Debt—and the reduction of the quarter per cent. in the interest on the Debt to the Bank make up the total diminution in the remuneration of the Bank.

MR. SEXTON

Is the effect of the Bill to lessen the charge upon the public?

*MR. GOSCHEN

Yes, Sir; I stated that the charge upon the public connected with both banks is diminished by a sum between £52,000 and £53,000.

Committee report Progress; to sit again upon Monday next.