HC Deb 07 November 1912 vol 43 c1450W

asked the Chancellor of the Exchequer whether some arrangement will be made, either by amendment to the National Insurance Act or otherwise, whereby the dealing with halfpence by the banks in Ireland in the payment of labourers' wages, by reason of the operation of that Act, can be dispensed with, as the introduction of halfpence into the accounts of banks would not only cause delay and dislocation of business, but would also raise difficulties in the clearings of cheques?


The requirements of the National Insurance Act will no doubt lead to an increased circulation of halfpence in Ireland, but I see no reason why this should lead to such modification of banking practice as is contemplated in the question. As the hon. Baronet is probably aware, there is a very large circulation, not only of halfpence, but also of farthings, in London for the purposes of retail trade, yet the London banks experience no difficulty in excluding fractions of a penny both from their accounts and from the cheques drawn upon them.