§ Mr. GILLETTI beg to move, in page 4, line 39, at the end, to insert the words, "and a copy of every agreement so made shall be presented to Parliament."
This Clause deals with the profits of the note issues to be paid to the Treasury. I should like to ask for some information as to what it is estimated the total expenses of the note issue will be under the new circumstances. It used to be put down at about £6,000,000, and the expenditure borne by the Board of Inland Revenue amounted to something like £350,000. I want to know if we can have any indication as to what it is expected that the expenses will be so that we may have some idea as to what the income will be. We want to know whether the profits will remain as much as they were before. I move this Amendment in order that we may be made acquainted with the agreement which has been made, and the actual terms that have been arranged with the Bank of England. I do not see why the Committee should not be informed as to what are the actual conditions, and that is the reason why I am moving this Amendment.
§ Sir L. WORTHINGTON-EVANSThis Amendment provides that a copy of every agreement so made shall be presented to Parliament. May I point out that the actual result is put before Parliament, because it comes into the finance accounts, and therefore is subject to the ordinary criticisms of the House of Commons. The agreement contemplated under this Clause is one come to by the parties concerned, and it accounts for the expenditure and the profits. Really this will be an agreement of accounts
| Division No. 131.] | AYES. | [10.21 p.m. |
| Adamson, Rt. Hon. W. (Fife, West) | Buchanan, G. | Greenall, T. |
| Adamson, W. M. (Staff., Cannock) | Cape, Thomas | Grenfell, D. R. (Glamorgan) |
| Alexander, A. V. (Sheffield, Hillsbro') | Charleton, H. C. | Griffiths, T. (Monmouth, Pontypool) |
| Ammon, Charles George | Cluse, W. S. | Groves, T. |
| Attlee, Clement Richard | Connolly, M. | Grundy, T. W. |
| Baker, J. (Wolverhampton, Bilston) | Cove, W. G. | Hall, G. H. (Merthyr Tydvil) |
| Baker, Walter | Cowan, D. M. (Scottish Universities) | Hamilton, Sir R. (Orkney & Shetland) |
| Barr, J. | Davies, Rhys John (Westhoughton) | Handle, George D. |
| Batey, Joseph | Day, Harry | Hayday, Arthur |
| Broad, F. A. | Duncan, C. | Hayes, John Henry |
| Bromley, J. | Gibbins, Joseph | Henderson, Right Hon. A. (Burnley) |
| Brown, Ernest (Leith) | Gillett, George M. | Henderson, T. (Glasgow) |
| Brown, James (Ayr and Bute) | Graham, D. M. (Lanark. Hamilton) | Hirst, G. H. |
§ between the accountants on the one side, and the accountants on the other, and it is an agreement which is not capable of being laid before Parliament in the sense of a written document. The result will come before Parliament in the finance accounts, and therefore this Amendment seems to be entirely unnecessary. The hon. Member asked me a question about the expenses. I may say that the expenses are likely to be a little more because better paper will be used for the issue, but the Government expect that the net result will be a gain of £250,000 a year. The whole of the net profit on the issue of fiduciaries will be payable to the Government.
Mr. GILLETDoes that mean that we shall be told that the net receipts are £6,000,000, or that we shall be told that the receipts are so much and the amount paid to the Bank is so much? Does it mean that particulars will be given or only the final result?
§ Sir L. WORTHINGTON-EVANSI am not quite sure what form it takes in the accounts, but I am certain that if the hon. Gentleman, seeing the form of the accounts, wants to ask questions, he will not fail to elicit the information for which he has asked.
§ Mr. GILLETTThere is no information given at the present time, as far as I know.
§ Sir L. WORTHINGTON-EVANSOh, yes, there is.
§ Mr. GILLETTNot in the accounts.
§ Sir L. WORTHINGTON-EVANSYes; I understand that it is given in the financial account.
§ Question put, "That those words be there inserted."
§ The Committee divided: Ayes, 112: Noes, 216.
| Hirst, w. (Bradford, South) | Parkinson, John Allen (Wigan) | Stewart, J. (St. Rollox) |
| Hollins, A. | Pethick-Lawrence, F. w. | Sullivan, Joseph |
| Hore-Belisha, Leslie | Ponsonby, Arthur | Sutton, J. E. |
| Hudson, J. H. (Huddersfield) | Potts, John S. | Thorne, W. (West Ham, Plalstow) |
| John, William (Rhondda, West) | Purcell, A. A. | Thurtie, Ernest |
| Johnston, Thomas (Dundee) | Richardson, R. (Houghton-le-Spring) | Tinker, John Joseph |
| Jones, J. J. (West Ham, Silvertown) | Ritson, J. | Tomlinson, R. P. |
| Jones, Morgan (Caerphilly) | Rose, Frank H. | Varley, Frank B. |
| Jones, T. I. Mardy (Pontypridd) | Runciman, Rt. Hon. Walter | Viant, S. P. |
| Kelly, W. T. | Saklatvala, Shapurji | Wallhead, Richard C. |
| Kennedy, T. | Scurr, John | Watson, W. M. (Duntermline) |
| Kenworthy, Lt.-Com. Hon. Joseph M. | Sexton, James | Watts-Morgan, Lt.-Col. D. (Rhondda) |
| Kirkwood, D. | Shaw, Rt. Hon. Thomas (Preston) | Wellock, Wilfred |
| Lawson, John James | Shinwell, E. | Welsh, J. C. |
| Lee, F. | Short, Alfred (Wednesbury) | Wheatley, Rt. Hon. J. |
| Lindley, F. W. | Simon, Rt. Hon. Sir John | Whiteley, W. |
| Lunn, William | Sitch, Charles H. | Wilkinson, Ellen C. |
| Mackinder, W. | Slesser, Sir Henry H. | Williams, T. (York, Don Valley) |
| Malone, C. L'Estrange (N'thampton) | Smillie, Robert | Wilson, R. J. (Jarrow) |
| Maxton, James | Smith, H. B. Lees- (Keighley) | Windsor, Walter |
| Montague, Frederick | Smith, Rennie (Penistone) | Young, Robert (Lancaster, Newton) |
| Murnin, H. | Snell, Harry | |
| Oliver, George Harold | Snowden, Rt. Hon. Philip | TELLERS FOR THE AYES.— |
| Palln, John Henry | Stamford, T. W. | Mr. Charles Edwards and Mr. A. Barnes. |
| Paling, W. | Stephen, Campbell |
| NOES. | ||
| Acland-Troyte, Lieut.-Colonel | Edmondson, Major A. J. | Kindersley, Major G. M. |
| Ainsworth, Lieut-Col. Charles | Edwards, J. Hugh (Accrington) | King, Commodore Henry Douglas |
| Albery, Irving James | Elliot, Major Walter E. | Knox, Sir Alfred |
| Alexander, E. E. (Leyton) | Ellis, R. G. | Lamb, J. Q. |
| Applin, Colonel R. V. K. | Fanshawe, Captain G. D. | Leigh, Sir John (Clapham) |
| Ashley, Lt.-Col. Rt. Hon. Wilfrid W. | Fielden, E. B. | Little, Dr. E. Graham |
| Astbury, Lieut.-Commander F. W. | Forestier-Walker, Sir L. | Lloyd, Cyril E. (Dudley) |
| Baldwin, Rt. Hon. Stanley | Forrest, W. | Locker-Lampson, Com.O. (Handsw'th) |
| Balniel, Lord | Foster, Sir Harry S. | Loder, J. de V. |
| Barclay-Harvey, C. M. | Fremantie, Lieut.-Colonel Francis E. | Looker, Herbert William |
| Barnett, Major Sir Richard | Gadie, Lieut.-Col. Anthony | Lougher, Lewis |
| Beamish, Rear-Admiral T. P. H. | Ganzoni, Sir John. | Lucas-Tooth, Sir Hugh Vere |
| Bellairs, Commander Carlyon | Gates, Percy | Luce, Major-Gen. Sir Richard Harman |
| Bennett, A. J. | Gilmour, Lt.-Col. Rt. Hon. Sir John | Lynn, Sir R. J. |
| Berry, Sir George | Gower, Sir Robert | MacAndrew, Major Charles Glen |
| Bethel, A. | Grace, John | Macdonald, Sir Murdoch (Inverness) |
| Betterton, Henry B. | Graham, Fergus (Cumberland, N.) | Macdonald, R. (Glasgow, Cathcart) |
| Birchall, Major J. Dearman | Grant, Sir J. A. | MacIntyre, Ian |
| Bourne, Captain Robert Croft | Grattan-Doyle, Sir N. | McLean, Major A. |
| Bowater, Col. Sir T. Vansittart | Greaves-Lord, Sir Walter | Macmillan, Captain H. |
| Bowyer, Capt. G. E. W. | Greene, W. P. Crawford | Macnaghten, Hon. Sir Malcolm |
| Brass, Captain W. | Grenfell, Edward C. (City of London) | MacRobert, Alexander M. |
| Brocklebank, C. E. R. | Grotrian, H. Brent | Maitland, A. (Kent, Faversham) |
| Brooke, Brigadier-General C. R. I. | Gunston, Captain D. W. | Makins, Brigadier-General E. |
| Broun-Lindsay, Major H. | Hacking, Douglas H. | Marriott, Sir J. A. R. |
| Brown,Brig.-Gen.H.C.(Berks, Newb'y) | Hall, Lieut.-Col. Sir F. (Dulwich) | Mason, Colonel Glyn K. |
| Bull, Rt. Hon. Sir William James | Hall, Capt. W. D'A. (Brecon & Rad.) | Meller, R. J. |
| Burman, J. B. | Hamilton, Sir George | Meyer, Sir Frank |
| Burton, Colonel H. W. | Hammersley, S. S. | Mitchell, S. (Lanark, Lanark) |
| Butt, Sir Alfred | Harland, A. | Monsell, Eyres, Com. Rt. Hon. B. M. |
| Cadogan, Major Hon. Edward | Harrison, G. J. C. | Nelson, Sir Frank |
| Carver, Major W. H. | Harvey, G. (Lambeth, Kennington) | Newman, Sir R. H. S. D. L. (Exeter) |
| Cassels, J. D. | Harvey, Major S. E. (Devon, Totnes) | Oakley, T. |
| Cayzer, Maj.Sir Herbt.R.(Prtsmth, C) | Haslam, Henry C. | O'Connor, T. J. (Bedford, Luton) |
| Cecil, Rt. Hon. Sir Evelyn (Aston) | Headlam, Lieut.-Colonel C. M. | Oman, Sir Charles William C. |
| Chamberlain, Rt. Hon. N. (Ladywood) | Henderson, Capt. R. R.(Oxf'd, Henley) | Penny, Frederick George |
| Christle, J. A. | Henderson, Lieut.-Col. Sir Vivian | Perkins, Colonel E. K. |
| Churchman, Sir Arthur C | Heneage, Lieut.-Colonel Arthur P. | Peto, G. (Somerset, Frome) |
| Cochrane, Commander Hon. A. D. | Henn, Sir Sydney H. | Pilcher, G. |
| Colfox, Major Wm. Phillips | Hennessy, Major Sir G. R. J. | Power, Sir John Cecil |
| Colman, N. C. D. | Hills, Major John Waller | Pownall, Sir Assheton |
| Conway, Sir W. Martin | Hilton, Cecil | Preston, William |
| Cooper, A. Duff | Hoare, Lt.-Col. Rt. Hon. Sir S. J. C. | Price, Major C. W. M. |
| Cope, Major William | Holbrook, Sir Arthur Richard | Raine, Sir Walter |
| Couper, J. B. | Hope, Capt. A. O. J. (Warw'k, Nun.) | Ramsden, E. |
| Courtauld, Major J. S. | Hopkins, J. W. W. | Reid, D. D. (County Down) |
| Craig, Sir Ernest (Chester, Crewe) | Howard-Bury, Colonel C. K. | Rice, Sir Frederick |
| Crookshank, Col. C. de W. (Berwick) | Hudson, Capt. A. U. M. (Hackney, N.) | Richardson, Sir P. W. (Sur'y, Ch'ts'y) |
| Crookshank, Cpt. H. (Lindsey, Gainsbro) | IIiffe, Sir Edward M. | Roberts, Sir Samuel (Hereford) |
| Curzon, Captain Viscount | Inskip, Sir Thomas Walker H, | Rodd, Rt. Hon. Sir James Rennell |
| Dalkeith, Earl of | Jackson, Sir H. (Wandsworth, Cen'l) | Ruggles-Brise, Lieut.-Colonel E. A. |
| Davidson, Major-General Sir John H. | James, Lieut-Colonel Hon. Cuthbert | Russell, Alexander West (Tynemouth) |
| Davies, Maj. Geo.F.(Somerset,Yeovil) | Jephcott, A. R. | Rye, F. G. |
| Davies, Dr. Vernon | Jones, Sir G. W. H. (Stoke New'gton) | Salmon, Major I. |
| Dean, Arthur Wellesley | Joynson-Hicks, Rt. Hon. Sir William | Samuel, A. M. (Surrey, Farnham) |
| Drewe, C. | Kennedy, A. R. (Preston) | Samuel, Samuel (W'dsworth, Putney) |
| Sandeman, N. Stewart | Sugden, Sir Wilfrid | Williams, A. M. (Cornwall, Northern) |
| Sanders, Sir Robert A. | Tasker, R. Inigo. | Williams, Com. C. (Devon, Torquay) |
| Sassoon, Sir Philip Albert Gustave D. | Templeton, W. P. | Williams, Herbert G. (Reading) |
| Savery, S. S. | Thom, Lt.-Col. J. G. (Dumbarton) | Wilson, R. R. (Stafford, Litchfield) |
| Sheffield, Sir Berkeley | Thompson, Luke (Sunderland) | Windsor-Clive, Lieut.-Colonel George |
| Shepperson, E. W. | Thomson, F. C. (Aberdeen, South) | Withers, John James |
| Skelton, A. N. | Thomson, Rt. Hon. Sir W. Mitchell- | Wolmer, Viscount |
| Smith, R. W. (Aberd'n & Kinc'dlne, c.) | Titchfield, Major the Marquess of | Womersley, W. J. |
| Smith-Carington, Neville W. | Tryon, Rt. Hon. George Clement | Wood, B. C. (Somerset, Bridgwater) |
| Somerville, A. A. (Windsor) | Vaughan-Morgan, Col. K. P. | Wood, E. (Chest'r, Stalyb'dge & Hyde) |
| Sprot, Sir Alexander | Ward, Lt.-Col. A.L. (Kingston-on-Hull) | Wood, Rt. Hon. Sir Kingsley |
| Stanley, Lieut.-Colonel Rt. Hon. G. F. | Warner, Brigadier-General w. W. | Worthington-Evans, Rt. Hon. Sir L. |
| Stanley, Lord (Fylde) | Warrender, Sir Victor | Yerburgh, Major Robert D. T. |
| Stanley, Hon. O. F. G. (Westm'eland) | Waterhouse, Captain Charles | Young, Rt. Hon. Sir Hilton (Norwich) |
| Steel, Major Samuel Strang | Watson, Rt. Hon. W. (Carlisle) | |
| Storry-Deans, R. | Wells, S. R. | TELLERS FOR THE NOES.— |
| Streatfeild, Captain S. R. | White, Lieut.-Col. Sir G. Dairymple. | Captain Margesson and Captain |
| Wallace. |
§ Clause ordered to stand part of the Bill.