Mr. SAMUELI beg to move, in page 2, line 29, at the end, to insert the words:
Provided that where by virtue of this sub-section a bank is required to reduce its fiduciary note issue the reduction may be effected at any time with the period of six months next after the commencement of this Act by such stages as the Treasury may approve.When the Bill came up for Second Reading the hon. Member for Down (Mr. Reid) raised this matter, and the Amendment meets the point that my hon. Friend then raised. It will be necessary to empower the Treasury to give breathing space for the first six months after the commencement of the Act. This Amendment will meet the wishes of my hon. Friend.
§ Mr. J. JONESI cannot claim, like some of those who have preceded me in this discussion, that I am a financial expert. My knowledge of gold is due to the lack of it. But in so far as this particular proposition is concerned, I would like to know why it is that Northern Ireland is mixed up with the Bank of England. The Bank of England, of course, has been called the Bank of England for so long that people have almost begun to believe in it. It is not the Bank of England.
§ The CHAIRMANThere is nothing about the Bank of England either in this Clause or in the Amendment.
§ Mr. JONESI quite understand that you never know what they really do mean until you get the Chairman to explain. But so far as I am concerned and representing an English constituency, I would like to know exactly what this fiduciary
| Division No. 139.] | AYES. | [1.7 a.m. |
| Acland-Troyte, Lieut.-Colonel | Brass, Captain W. | Cooper, A. Duff |
| Albery, Irving James | Brocklebank, C. E. R. | Cope, Major William |
| Alexander, E. E. (Leyton) | Brooke, Brigadier-General C. R. I. | Couper, J. B. |
| Applin, Colonel R. V. K. | Broun-Lindsay, Major H. | Courtauld, Major J. S. |
| Ashley, Lt.-Col. Rt. Hon. Wilfrid W. | Brown, Ernest (Leith) | Cowan, D. M. (Scottish Universities) |
| Balniel, Lord | Bullock, Captain M. | Craig, Sir Ernest (Chester, Crewe) |
| Barclay-Harvey, C. M. | Burman, J. B. | Crookshank, Col. C. de W. (Berwick) |
| Barnett, Major Sir Richard | Cayzer, Maj. Sir Herbt. R.(Prtsmth.S.) | Crookshank, Cpt. H.(Lindsey, Gainsbro) |
| Beamish, Rear-Admiral T. P. H. | Christie, J. A. | Curzon, Captain Viscount |
| Betterton, Henry B. | Cochrane, Commander Hon. A. D. | Dalkeith, Earl of |
| Birchall, Major J. Dearman | Colfox, Major Wm. Phillips | Davidson, Rt. Hon. J. (Hertford) |
§ —I do not know whether it is running for the Derby or whether it is a new name for greyhound racing.
§ The CHAIRMANThe purpose of this Amendment is to give the Irish banks a six months' run.
§ Mr. JONESI thank you very much for that correction. I hope by the time they have had a six months' run they will have run their course. Then we shall have a chance of altering the situation. We have the Bank of England. Now we are going to give the Bank of Ireland—
§ The CHAIRMANI cannot help suspecting that the hon. Member is introducing a certain sense of humour into the situation, but he must address himself to the argument whether they are to have a six months' run or not.
§ Mr. JONESSo far as some of us are concerned, we cannot understand all this business. We do not believe in banks being run in the interests of private financiers against the interests of the great mass of the people, and this is all that this means.
§ The CHAIRMANThe hon. Member knows that it is possible for me to direct him to resume his seat, and I must ask him, if he does not wish that unhappy incident to result, to address himself to the question as to whether banks are to have six months' run or whether they are to reduce their issue at once.
§ Mr. JONESIf I had my way, I would run them out of existence at once. You can call it what you like, but there is no Bank of England.
§ The CHAIRMANThe hon. Member must keep to the Amendment.
§ Question put, "That those words be there inserted."
§ The Committee divided: Ayes, 150; Noes, 58.
| Davies, Maj. Geo. F. (Somerset, Yeovil) | MacAndrew, Major Charles Glen | Shepperson, E. W. |
| Dean, Arthur Wellesley | Macdonald, Sir Murdoch (Inverness) | Skelton, A. N. |
| Drewe, C. | MacIntyre, Ian | Smith, R. W. (Aberd'n & Kinc'dine, C.) |
| Edmondson, Major A. J. | McLean, Major A. | Smith-Carington, Neville W. |
| Edwards, J. Hugh (Accrington) | Macmillan, Captain H. | Somerville, A. A. (Windsor) |
| Elliot, Major Walter E. | Macnaghten, Hon. Sir Malcolm | Stanley, Lieut.-Colonel Rt. Hon. G. F. |
| Fanshawe, Captain G. D. | MacRobert, Alexander M. | Stanley, Lord (Fylde) |
| Foxcroft, Captain C. T. | Maitland, A. (Kent, Faversham) | Stanley, Hon. O. F. G. (Westm'eland) |
| Fraser, Captain Ian | Margesson, Captain D. | Steel, Major Samuel Strang |
| Freemantle, Lieut.-Colonel Francis E. | Mason, Colonel Glyn K. | Storry-Deans, R. |
| Gadie, Lieut.-Col. Anthony | Meller, R. J. | Sugden, sir Wilfrid |
| Ganzoni, Sir John | Merriman, Sir F. Boyd | Thompson, Luke (Sunderland) |
| Gilmour, Lt. Col. Rt. Hon. Sir John | Monsell, Eyres, Com. Rt. Hon. B. M. | Thomson, F. C. (Aberdeen, South) |
| Gower, Sir Robert | Moore-Brabazon, Lieut.-Col. J. T. C. | Thomson, Rt. Hon. Sir W. Mitchell- |
| Graham, Fergus (Cumberland, N.) | Nelson, Sir Frank | Titchfield, Major the Marquess of |
| Grant, Sir J. A. | Newman, Sir R. H. S. D. L. (Exeter) | Tomilnson, R. P. |
| Greene, W. P. Crawford | Oakley, T. | Tryon, Rt. Hon. George Clement |
| Hacking, Douglas H. | O'Connor, T. J. (Bedford, Luton) | Vaughan-Morgan, Col. K. P. |
| Hall, Lieut.-Col. Sir F. (Dulwich) | Penny, Frederick George | Ward, Lt.-Col. A. L. (Kingston-on-Hull) |
| Hammersley, S. S. | Perkins, Colonel E. K. | Warner, Brigadier-General W. W. |
| Hannon, Patrick Joseph Henry | Peto, Sir Basil E. (Devon, Barnstaple) | Warrender, Sir Victor |
| Harland, A. | Peto, G. (Somerset, Frome) | Waterhouse, Captain Charles |
| Harrison, G. J. C. | Pilcher, G. | Watson, Rt. Hon. W. (Carlisle) |
| Hartington, Marquess of | Preston, William | Wells, S. R. |
| Harvey, G. (Lambeth, Kennington) | Price, Major C. W. M. | |
| Haslam, Henry C. | Raine, Sir Walter | White, Lieut.-Col. Sir G. Dairymple- |
| Headlam, Lieut.-Colonel C. M. | Ramsden, E. | Williams, A. M. (Cornwall, Northern) |
| Henderson, Capt. R. R. (Oxf'd, Henley) | Reid, D. D. (County Down) | Williams, Com. C. (Devon, Torquay) |
| Hennessy, Major Sir G. R. J. | Richardson, Sir P. W. (Sur'y, Ch'ts'y) | Williams, Herbert G. (Reading) |
| Hills, Major John Waller | Roberts, Sir Samuel (Hereford) | Windsor-Clive, Lieut.-Colonel George |
| Hilton, Cecil | Ruggles-Brise, Lieut.-Colonel E. A. | Womersley, W. J. |
| Hope, Capt. A. O. J. (Warw'k, Nun.) | Russell, Alexander West (Tynemouth) | Wood, B. C. (Somerset, Bridgwater) |
| Hopkins, J. W. W. | Rodd, Rt. Hon. Sir James Rennell | Wood, E. (Chest'r, Stalyb'dge & Hyde) |
| Inskip, Sir Thomas Walker H. | Salmon, Major I. | Wood, Rt. Hon. Sir Kingsley |
| Kennedy, A. R. (Preston). | Samuel, A. M. (Surrey, Farnham) | Worthington-Evans, Rt. Hon. Sir L. |
| Kindersley, Major Guy M. | Samuel, Samuel (W'dsworth, Putney) | Yerburgh, Major Robert D. T. |
| King, Commodore Henry Douglas | Sandeman, N. Stewart | |
| Knox, Sir Alfred | Sanders, Sir Robert A. | TELLERS FOR THE AYES.— |
| Lamb, J. Q. | Sandon, Lord | Captain Bowyer and Captain |
| Lucas-Tooth, Sir Hugh Vere | Sassoon, Sir Philip Albert Gustave D. | Wallace. |
| Luce, Maj.-Gen. Sir Richard Harman | Sheffield, Sir Berkeley |
| NOES. | ||
| Adamson, Rt. Hon, W. (Fife, West) | Hirst, W. (Bradford, South) | Saklatvala, Shapurji |
| Adamson, W. M. (Staff., Cannock) | Hollins, A. | Shaw, Rt. Hon. Thomas (Preston) |
| Alexander, A. V. (Sheffield, Hillsbro') | Hudson, J. H. (Huddersfield) | Sitch, Charles H. |
| Batey, Joseph | Jenkins, W. (Glamorgan, Neath) | Slesser, Sir Henry H. |
| Brown, James (Ayr and Bute) | John, William (Rhondda, West) | Stephen, Campbell |
| Buchanan, G. | Johnston, Thomas (Dundee) | Sullivan, J. |
| Charleton, H. C. | Jones, J. J. (West Ham, Silvertown) | Sutton, J. E. |
| Dalton, Hugh | Jones, T. I. Mardy (Pontypridd) | Thurtle, Ernest |
| Day, Harry | Kelly, W. T. | Tinker, John Joseph |
| Edwards, C. (Monmouth, Bedwellty) | Kirkwood, D. | Varley, Frank B. |
| Gibbins, Joseph | Lawson, John James | Watson, W. M. (Dunfermline) |
| Gillett, George M. | Lindley, F. W. | Watts-Morgan, Lt.-Col. D. (Rhondda) |
| Graham, D. M. (Lanark, Hamilton) | Lunn, William | Wellock, Wilfred |
| Grenfell, D. R. (Glamorgan) | Mackinder, W. | Weish, J. C. |
| Grundy, T. W. | Malone, C. L'Estrange (N'thampton) | Whiteley, W. |
| Hall, F. (York., W.R., Normanton) | Maxton, James | Wilkinson, Ellen C. |
| Hayday, Arthur | Murnin, H. | Williams, T. (York, Don Valley) |
| Henderson, Right Hon. A. (Burnley) | Oliver, George Harold | Windsor, Walter |
| Henderson, T. (Glasgow) | Paling, W. | |
| Hirst, G. H. | Parkinson, John Allen (Wigan) | TELLERS FOR THE NOES.— |
| Mr. Hayes and Mr. B. Smith. |
§ Clause, as amended, ordered to stand part of the Bill.
§ CLAUSES 2 (Restriction on putting in circulation notes issued out of the United Kingdom), (3) (Issues of notes against coins), and (4) (Short title, construction and commencement) ordered to stand part of the Bill.
| Division No. 140.] | AYES. | [1.17 a.m. |
| Acland-Troyte, Lieut.-Colonel | Barclay-Harvey, C. M. | Brocklebank, C. E. R |
| Albery, Irving James | Barnett, Major Sir Richard | Brooke, Brigadier-General C. R. J. |
| Alexander, E. E. (Leyton) | Beamish, Rear-Admiral T. P. H. | Broun-Lindsay, Major H. |
| Applin, Colonel R. V. K. | Betterton, Henry B. | Brown, Ernest (Leith) |
| Ashley, Lt.-Col. Rt. Hon. Wilfrid W. | Birchall, Major J. Dearman | Bullock, Captain M. |
| Balniel, Lord | Brass, Captain W. | Burman, J. B. |
§ Bill reported; as amended, considered.
§ Motion made, and Question put, "That the Bill be now read the Third time."
§ The House divided: Ayes, 147; Noes, 58.
| Cayzer, Maj. Sir Herbt. R. (Prtsmth, S.) | Hopkins, J. W. W. | Sandeman, N. Stewart |
| Christie, J. A. | Inskip, Sir Thomas Walker H. | Sanders, Sir Robert A. |
| Cochrane, Commander Hon. A. D. | Kennedy, A. R. (Preston). | Sandon, Lord |
| Colfox, Major Wm. Phillips | Kindersley, Major G. M. | Sassoon, Sir Philip Albert Gustave D. |
| Cooper, A. Duff | King, Commodore Henry Douglas | Sheffield, Sir Berkeley |
| Cope, Major William | Knox, Sir Alfred | Shepperson, E. W. |
| Couper, J. B. | Lamb, J. Q. | Skelton, A. N. |
| Courtauld, Major J. S. | Lucas-Tooth, Sir Hugh Vere | Smith, R. W. (Aberd'n & Kinc'dine, C.) |
| Cowan, D. M. (Scottish Universities) | Luce, Maj.-Gen. Sir Richard Harman | Smith-Carington, Neville W. |
| Craig, Sir Ernest (Chester, Crewe) | MacAndrew, Major Charles Glen | Somerville, A. A. (Windsor) |
| Crookshank, Col. C. de W. (Berwick) | Macdonald, Sir Murdoch (Inverness) | Stanley, Lieut.-Colonel Rt. Hon. G.F. |
| Crookshank, Cpt. H. (Lindsey, Gainsbro) | MacIntyre, Ian | Stanley, Lord (Fylde) |
| Curzon, Captain Viscount | McLean, Major A. | Stanley, Hon. O. F. G. (Westm'eland) |
| Dalkeith, Earl of | Macmillan, Captain H. | steel, Major Samuel Strang |
| Davidson, Major-General Sir John H. | Macnaghten, Hon. Sir Malcolm | Storry-Deans, R. |
| Davies, Maj. Geo. F. (Somerset, Yeovil) | MacRobert, Alexander M. | Sugden, Sir Wilfrid |
| Drewe, C. | Maitland, A. (Kent, Faversham) | Thompson, Luke (Sunderland) |
| Edmondson, Major A. J. | Margesson, Captain D | Thomson, F. C. (Aberdeen, South) |
| Edwards, J. Hugh (Accrington) | Mason, Colonel Glyn K. | Thomson, Rt. Hon. Sir W. Mitchell- |
| Elliot, Major Walter E. | Meller, R. J. | Titchfield, Major the Marquess of |
| Fanshawe, Captain G. D. | Merriman, Sir F. Boyd | Tomlinson, R. P. |
| Foxcroft, Captain C. T. | Monsell, Eyres, Com. Rt. Hon. B. M. | Tryon, Rt. Hon. George Clement |
| Fraser, Captain Ian | Moore-Brabazon, Lieut.-Col. J. T. C. | Vaughan-Morgan, Col. K. P. |
| Fremantle, Lt.-Col. Francis E. | Nelson, Sir Frank | Ward, Lt.-Col. A.L. (Kingston-on-Hull) |
| Gadie, Lieut.-Col. Anthony | Newman, Sir R. H. S. D. L. (Exeter) | Warner, Brigadier-General W. W. |
| Ganzoni, Sir John | O'Connor, T. J. (Bedford, Luton) | Warrender, Sir Victor |
| Gilmour, Lt.-Col. Rt. Hon. Sir John | Penny, Frederick George | Waterhouse, Captain Charles |
| Gower, Sir Robert | Perkins, Colonel E. K. | Watson, Rt. Hon. W. (Carlisle) |
| Graham, Fergus (Cumberland, N.) | Peto, Sir Basil E. (Devon, Barnstaple) | Wells, S. R. |
| Grant, Sir J. A. | Peto, G. (Somerset, Frome) | White, Lieut.-Col. Sir G. Dairymple- |
| Greene, W. P. Crawford | Pilcher, G. | Williams, A. M. (Cornwall, Northern) |
| Hacking, Douglas H. | Preston, William | Williams, Com. C. (Devon, Torquay) |
| Hall, Lieut.-Col. Sir F. (Dulwich) | Price, Major C. W. M. | Williams, Herbert G. (Reading) |
| Hammersley, S. S. | Raine, Sir Walter | Windsor-Clive, Lieut.-Colonel George |
| Hannon, Patrick Joseph Henry | Ramsden, E. | Womersley, W. J. |
| Harland, A. | Reid, D. D. (County Down) | Wood, B. C. (Somerset, Bridgwater) |
| Harrison, G. J. C. | Richardson, Sir P. W. (Sur'y, Ch'ts'y) | Wood, E. (Chest'r, Stalyb'ge & Hyde) |
| Hartington, Marquess of | Roberts, Sir Samuel (Hereford) | Wood, Rt. Hon. Sir Kingsley |
| Harvey, G. (Lambeth, Kennington) | Rodd, Rt. Hon. Sir James Rennell | Worthington-Evans, Rt. Hon. Sir L. |
| Headlam, Lieut.-Colonel C. M. | Ruggles-Brise, Lieut.-Colonel E. A. | Yerburgh, Major Robert D. T. |
| Henderson, Capt. R. R. (Oxf'd, Henley) | Russell, Alexander West (Tynemouth) | |
| Hennessy, Major Sir G. R. J. | Salman, Major I. | TELLERS FOR THE AYES.— |
| Hills, Major John Waller | Samuel, A. M. (Surrey, Farnham) | Captain Bowyer and Captain |
| Hilton, Cecil | Samuel, Samuel (W'dsworth, Putney) | Wallace. |
| Hope, Capt. A. O. J. (Warw'k, Nun.) |
| NOES. | ||
| Adamson, Rt. Hon. W. (Fife, West) | Hollins, A. | Sitch, Charles H. |
| Adamson, W. M. (Staff., Cannock) | Hudson, J. H. (Hudderefield) | Slesser, Sir Henry H. |
| Alexander, A. V. (Sheffield, Hillsbro') | Jenkins, W, (Glamorgan, Neath) | Smith, Ben (Bermondsey, Rotherhithe) |
| Batey, Joseph | John, William (Rhondda, West) | Stephen, Campbell |
| Brown, James (Ayr and Bute) | Johnston, Thomas (Dundee) | Sullivan, J. |
| Buchanan, G. | Jones, J. J. (West Ham, Silvertown) | Sutton, J. E. |
| Dalton, Hugh | Jones, T. I. Mardy (Pontypridd) | Thurtle, Ernest |
| Day, Harry | Kelly, W. T. | Tinker, John Joseph |
| Edwards, C. (Monmouth, Bedwellty) | Kirkwood, D. | Varley, Frank B. |
| Gibbins, Joseph | Lawson, John James | Watson, W. M. (Dunfermline) |
| Gillett, George M. | Lindley, F. W. | Watts-Morgan, Lt.-Col. D. (Rhondda) |
| Graham, D. M. (Lanark, Hamilton) | Lunn, William | Wellock, Wilfred |
| Grenfell, D. R. (Glamorgan) | Mackinder, W. | Welsh, J. C. |
| Grundy, T. W. | Malone, C. L'Estrange (N'thampton) | Whiteley, W. |
| Hall, F (York, W. R., Normanton) | Maxton, James | Wilkinson, Ellen C. |
| Hayday, Arthur | Murnin, H. | Williams, T. (York, Don Valley) |
| Henderson, Right Hon. A. (Burnley) | Oliver, George Harold | Windsor, Walter |
| Henderson, T. (Glasgow) | Parkinson, John Allen (Wigan) | |
| Hirst, G. H. | Saklatvala, Shapurji | TELLERS FOR THE NOES.— |
| Hirst, W. (Bradford, South) | Shaw, Rt. Hon. Thomas (Preston) | Mr. Hayes and Mr. Paling. |
§ Bill accordingly read the Third time, and passed.
§ The remaining Orders were read, and postponed.