RAILWAYS—THE CURRENCY. (Hansard, 19 February 1847)

§ LORD ASHBURTON
moved for the following returns:— Account of the Capital or Stock authorized to be raised by any Railway Companies by any Acts passed during the Two last Sessions of Parliament, of the Amount of Money actually so raised, and of the Amount remaining to be paid: Also, Account of the Sums authorized to be borrowed by all Railway Companies under the Powers given them by any Acts of the Two last Sessions of Parliament: Also, Account of all Sums borrowed by all the several Railway Companies from the Period of their Commencement to the present Time; distinguishing each Year, and stating the Amount of such Debt still outstanding; stating also the Rate of Interest at which such Sums were borrowed, and the several Periods when the Money so borrowed is promised to be repaid: Also, Account of the Amount which each of the several Railway Companies have still Power to borrow by their several Acts of Parliament: Also, Account of the proposed Amount of Capital, and of the proposed Power of borrowing, of all Railways of which Notice has been given to the Railway Commissioners, of Bills intended to be presented to Parliament during the present Session: Also, Account of the value of all Gold and Silver Coin and Bullion in the Bank of England, and of the Bank Notes in Circulation, exclusive of the Notes held in reserve in the Banking Department, at the several Periods when the Returns are 210 made public, from the 1st January 1846 down to the latest Period: Also, A Monthly Return of Public Securities held by the Bank of England, during the same Period: Also, Return of the Amount of discounted Bills by the Bank of England, during the same Period: And also, Return of all Investments by the Bank of England in the Bonds, Debentures, or other Engagements for borrowing Money of any Railway Company; stating the Periods of such Investments, the Rate of Interest at which they were made, the Periods of promised Repayment, and the Sums still remaining due to the Bank.

§ The EARL of CLARENDON
said, that with respect to the first set of returns relating to railways, there was no objection to the noble Lord's Motion; nor in reference to the second set was there any objection to the return of the value of the gold and silver coin in the Bank, &c., for that was information which was already made public. With respect, however, to the three other returns relating to the Bank of England, he hoped the noble Lord would not press for them. He was not there making any objection on the part of the Bank; but his noble Friend must see tha it would be prejudicial even to such an establishment as the Bank of England to publish such information. His noble Friend's experience and knowledge in banking affairs, must point out to him the injustice of compelling the Bank of England to publish an account of their proceedings in private transactions, and to lay themselves bare to the rivalry of joint-stock and other banks from which the same information was not required. It was notorious that this sort of information had been refused by the directors to the proprietors. During the discussion of the Bank Charter Act, ample care was taken to secure the publication of all the information which was thought necessary; but Parliament did not require the nature of the securities to be made known, because that might affect other parties as well as the Bank — those parties, for instance, whether merchants or manufacturers, to whom, being in distress, the Bank might have lent money. His noble Friend had not brought forward any charge against the Bank of England for mismanagement; and he therefore trusted that their Lordships would not assent to what would amount to a departure from the Act of Parliament regulating the Bank of England.

§ LORD ASHBURTON
said, it was impossible to observe the effects produced on 211 the currency, without being, at least, anxious to ascertain the latent causes; and if the information he asked for could be given without any injury to the Bank of England, it would be bad grace in that establishment to withhold it. He would not press for the production of any papers which his noble Friend opposite might object to lay before their Lordships; but he presumed that, instead of the monthly returns of Exchequer-bills, there would be no objection to a monthly return of the public securities in the Bank of England.

§ LORD MONTEAGLE
observed, that his noble Friend (Lord Ashburton) would not be justified in drawing any inference injurious to the directors of the Bank of England from the refusal to produce all the papers for which he had moved. Certain periodical returns were obligatory upon the Bank; but he (Lord Monteagle) thought it would be at least imprudent to call for any other returns from the Bank, to which there might be objection, unless the necessity of the case was overwhelming; and he must confess that he did not think such necessity now existed.

LORD BROUGHAM
had no doubt the Bank would not object to the production of the returns for which his noble Friend had moved. If any inference did arise from the non-production of these returns, it was possible that the Bank might graciously come forward and volunteer to produce them; and if that were the case, he dared say his noble Friend would be quite satisfied. The withdrawal of the present Motion would not prevent the Bank from volunteering these returns; and if they were not afforded, he (Lord Brougham) would have a lurking suspicion that the directors agreed with the noble President of the Board of Trade, and that there was some reason for objecting to their production.

§ LORD ASHBURTON
hoped it would not be supposed that he had cast any reflection whatever on the directors of the Bank of England, who were most honourable in their transactions, and for whom it was impossible for any one to entertain greater respect than he did. His object in asking for this information was merely to ascertain to what extent the agency of the Bank had been carried in the operations to which he had on a former occasion referred.