§ SIR T. LEA (Londonderry S.)I beg to ask the First Lord of the Treasury what is the authorised note circulation of the banks of issue in Ulster, and also of the banks in the other three Provinces; what is the average additional circulation of those banks against coin held; and if such circulation, under the provisions of the Government of Ireland 907 Bill, would be under the control of the Irish Parliament, to tax or supersede in favour of a paper currency monopoly by a State bank.
§ MR. W. E. GLADSTONEI have applied for the information asked for in this question, and it is as follows: The banks having their head offices in Ulster have an authorised note circulation of £836,130. Their average actual circulation during the mouth of January last exceeded their authorised issue by £928,551. The banks having their head offices in other parts of Ireland have an authorised issue of £5,518,364. Their average actual circulation during the same month fell short of their authorised issue by £1,196,146. The Irish Legislature is prohibited under the Irish Government Act from passing any law with respect to legal tender, that being a matter which is held to be of Imperial concern. Subject to this restriction, and subject also to the provisions of Clause 4 for the protection of property, my impression is that the Irish Parliament would have authority to deal with the question of the issue of bank notes.
§ SIR T. LEAMay I ask whether it is the intention of the Government to place any limitation on the issue of paper currency by any future Irish Government, or upon their power to constitute such issue a legal tender in Ireland?
§ MR. W. E. GLADSTONEThe important part of that question depends upon the question of what constitutes legal tender. That is already completely settled and disposed of by the provision in the Bill which would prevent an Irish Parliament dealing with the question of legal tender.