§ Order of the Day for the Third Reading read.
§ LORD MONTEAGLE,in moving the third reading of this Bill, said that it had no relation to those excellent institutions the penny savings banks, which had been established with most beneficial effect, they did not within the category of those aimed at by this Bill, because the money was invested, through the medium of the branch banks, in the public securities, as was required by law. Persons interested in them, therefore, need not apprehend any inconvenience from this measure. On the contrary, they should be glad to see it passed, as there were a number of pretended savings banks of a most unsafe character which would be affected by its provisions. One bank he had heard of raised money by shares, engaging to pay 4 per cent to the shareholders, and 3| per cent to the depositors. Any one in the slightest degree acquainted with these matters must know that it was utterly impossible that these professions could be realized. The Bill proposed to allow these banks a certain time to wind up their affairs; but if, after that period, such banks persevered in acting in a manner so injurious to the ordinary savings banks, they would under this Bill be liable to punishment for a criminal act; and it was to be hoped that they would take warning, and not by their obstinacy expose themselves to such punishment.
§ Bill passed, and sent to the Commons.