§ MR. FLYNN (Cork, N.)I beg to ask the Secretary to the Treasury whether he is aware of the custom pursued by the Bank of England, and of other banks in London, to charge commission on the exchange of Bank of Ireland, National Bank, or other Irish bank notes; is he aware that this practice has been extended to Irish banks doing business in London on the exchange of their own notes for cash; and whether he will state if this custom is the result of a Bank of England regulation or an inter-bank arrangement, or, if not, upon what statute law it is founded.
§ THE FINANCIAL SECRETARY TO THE TREASURY (Mr. HOBHOUSE,.) Bristol, E.The holder of such a note is not entitled to claim payment in Great Britain. If a London bank obliges him by cashing a note, I understand that it usually makes a charge of 1d. to 2d. for doing so. I am not aware of any statutory enactment either authorising or prohibiting such a charge.
§ MR. FLYNNIs the hon. Gentleman aware that this is a charge of 1d. in the £, and does he know that banks in London are debarred from negotiating these notes although willing to do so?
§ MR. HOBHOUSEI am not aware of any statutory Act either authorising or prohibiting such a charge.
§ MR. FLYNNIs the hon. Gentleman aware that the bank say they are debarred from doing so by the action of the Bank of England?
§ MR. HOBHOUSESo far as I am aware it is not a fact that the Bank of England interferes in the matter at all. They make what charge they like. There is no statutory power one way or the other.