§ Mr. HANNONasked the Financial Secretary to the Treasury whether an account is kept relating to loss sustained by the public upon the destruction of bank and currency notes through fire and accident or other causes; and if he will state the gain to the Issue Department of the Bank of England which arose in this way during the years 1932 and 1933?
§ Mr. HORE-BELISHAThe records available relate of necessity only to cases in which the alleged total destruction of a note is notified to the Bank of England. As regards the latter part of the question, under Section 7 of the Currency and Bank Notes Act, 1928, £1 and 10s. notes not presented for payment within 20 years are written off; notes for higher values are written off after 40 years. Such writing-off does not, however, deprive a holder of his right to present the note for payment at a subsequent date. The net profits which accrued to the Treasury on this account during the years 1932 and 1933 under Section 6 of the same Act were just under £2,000 for the two years together.