§ MR. VINCENT KENNEDY (Cavan., W.)
I beg to ask the Secretary to the Treasury, whether he is aware that joint stock banks in Great Britain are entitled to refuse to negotiate notes of the Bank of England; and whether, in view of frequent inconvenience to the public, he proposes to introduce legislation to deal with it.
§ THE FINANCIAL SECRETARY TO THE TREASURY (Mr. MCKENNA,) Mon-
778 mouthshire, N.
I am aware that the joint stock banks are not under legal obligation to cash notes of the Bank of England, and I do not think it would be possible to impose such an obligation upon them. A Bank of England note is legal tender, but it would be impossible to require a joint stock bank to keep a cash reserve to change all the Bank of England notes that might be presented to it.