§ MR. J. MACVEAGH (Down, S.)I beg to ask Mr. Chancellor of the Exchequer whether he is aware that the Bank of England wrote off, on 28th October, a sum of £14,055, on account of bank notes issued by the Bank of 1777 England but not presented for repayment; whether this is the total value of bank notes not presented in the period dealt with; how many years this figure covers; whether he can state the annual value of deposit accounts and unclaimed balances which revert to the Bank of England; whether these sums are appropriated by the Bank of England, and, if so, on what grounds; and whether he proposes to cause inquiry to be made into the extent to which these practices prevail in the Bank of England and joint stock banks.
§ MR. LLOYD-GEORGEThe sum of £14,055 was written off on the 10th instant from the total of notes issued from the Issue Department of the Bank of England, in accordance with Section 6 of the Bank Act, 1892. That sum represents the value of the notes which, on 28th October, had been issued for more than forty years, and had not been presented for payment or previously written off. With regard to the remainder of the Question, I do not think that I can usefully add anything to the replies which I have already given to the hon. Member on the subject of unclaimed bank balances.
§ MR. J. MACVEAGHAre we to understand that this sum covers a period of forty years?
§ MR. LLOYD-GEORGEYes, that is so.
§ MR. J. MACVEAGHWell, that is wrong. Is the right hon. Gentleman aware that these sums are being periodically written off by the Bank of England, and does he mean to suggest that it is forty years since the Bank of England last wrote any off?
§ MR. LLOYD-GEORGEIf my hon. friend will wait until he has the Answer in writing he will see that is not the Answer I made.
§ MR. J. MACVEAGHI have got it in writing here.