§ Mr. FLYNNasked the Chancellor of the Exchequer whether he is aware that in 1845, when Sir Robert Peel introduced his Bank Currency Bill, there were eight banks of issue in Ireland, whilst now there are only six, notwithstanding the greatly increased volume of banking business within the past 70 years; and whether, when he is relieved from the pressure of work on the Finance Bill, he will give his attention to the bank-note issue system in Ireland, with a view to meeting the demand of the Irish commercial classes for a readjustment of the system on a basis more suited to the circumstances of the country?
§ The FINANCIAL SECRETARY to the TREASURY (Mr. Charles Hobhouse)It is the case that at the time of the introduction of the Banking (Ireland) Bill there were eight banks of issue, and that this number has now been reduced to six, but as the privileges of the two banks which have disappeared have been transferred under section 11 of that Act to the banks with which they were amalgamated, their disappearance has not affected the aggregate authorised circulation of bank-notes in Ireland. As at present advised, my right hon. Friend has no reason for thinking that the existing law relating to the issue of bank-notes is not adequate to the commercial and currency requirements of Ireland, but any representations which may be made to him on the subject will receive his careful consideration.
§ Mr. FLYNNIs the hon. Gentleman aware that with the withdrawal of the two banks referred to the bank-note issue for circulation in Ireland is considerably less than 70 years ago, and will he consider the propriety of establishing a small Committee, Departmental or otherwise, to inquire into the anomalies of the present system?
§ Mr. HOBHOUSEI have already said my right hon. Friend is willing to receive any representations, and he will give them very careful consideration. If the hon. Member has any further information, and he will forward a communication in the form of a letter to the Chancellor of the Exchequer, it will receive the most full and careful consideration.