It seems necessary to explain that the Bank Charter does
not abso- lately expire in the present year, but that there is this year a "break in the lease," as it were : if notice of termination be given, on behalf of the public, any time between the 1st of August next and the 1st of Fe- bruary 1845, the charter will fall in one year thereafter ; if such notice be not given before the lot of February 1845, it cannot be given at all, and the charter will go on till 1855. The clause in the Act, by which the procedure is regulated, runs thus- " And be it further enacted, that upon one year's notice, given within sir months after the expiration of ten years from the 1st day of August 1834, and upon repayment by Parliament to the said Governor and Company, or their successors, of all principal money, interest, or annuities, which may be due from the public to the said Governor and Company at the time of the expira- tion of such notice, in like manner as is hereinafter stipulated and provided, in the event of such notice being deferred until after the 1st day of August 1855, the said exclusive privileges of banking, granted by this Act, shall cease and determine at the expiration of such year's notice. And any vote or resolution of the House of Commons, signified by the Speaker of the said House in writing, and delivered at the public office of the said Governor and Company, or their successors, shall be deemed and adjudged to be a sufficient notice."
In the coming session, therefore—for there will be no other opportu- nity—the House of Commons must decide whether notice shall be given, or the advantage of the " break" be forfeited.
Previous page
