Mr. SAMUELI beg to move, in page 5, line 43, at the end, to add the words,
(2) A bank in Scotland or Northern Ireland may hold the coin and bank notes by reference to which the amount of the bank notes which it is entitled to have in circulation is limited at such of its offices in Scotland or Northern Ireland, respectively, not exceeding two, as may from time to time be approved by the TreasuryI will formally move, this Amendment and leave my hon. Friend the Under-Secretary of State -for Scotland to say a word or two about it.
§ Major ELLIOTThis is one of the Amendments to which my right hon. Friend, the Secretary of State for War, has referred to as being short Amendments that would not take up much time. It simply deals with Irish banks and the Scottish banks, to enable them to make some arrangement with regard to their depots or head offices. In the case of the Scottish banks, one bank, the Union Bank, has power to keep notes in two offices. It has that power under the Act of 1914, which is being repealed. We desire to preserve that power for the Scottish banks. As that power under the Act of 1914 is being repealed we 1384 desire to preserve it for the Scottish banks, and we shall make it operative for the other banks, as well as the Union Bank, and they may keep the notes in the two offices which shall be agreed by the Treasury. These matters have been discussed with both the Scottish and Irish banks, and I think that there is a measure of agreement.
§ Amendment agreed to.
§ Clause, as amended, ordered to stand part of the Bill.