§ MR. JOHN REDMONDI beg to ask Mr. Chancellor of the Exchequer if, taking the average daily balances over the financial year 1903–4, he can state approximately the total balance held by the Bank of Ireland, from day to day, on the head of Imperial Revenue and of other Irish Government moneys in respect of which no interest was allowed by the Bank to the State.
§ MR. AUSTEN CHAMBERLAINThe average daily balance on the Exchequer account at the Bank of Ireland in the financial year 1903–4 was approximately £662,000. The average total of the balances on the last day of each month in that year of the other accounts of public moneys on which no interest is allowed by the Bank was about £1,193,000. I have already explained that the benefit derived from the use of these balances constitutes the Bank's remuneration for the work entailed by the Government accounts, and was also taken into consideration in 1892 when the Bank's remuneration for management of the public debt was last fixed.
§ MR. JOHN REDMONDBut is there any reason why the Bank of Ireland should have a monopoly of this business?
§ MR. AUSTEN CHAMBERLAINYes, because they keep all the Government accounts and because of the relations which exist between the Government and the Bank.