The House of Commons had an extra sitting this morning,
for the purpose of resuming the consideration of the Bank Charter Bill in Committee. The remaining clauses were passed, with unimportant
amendments ; as was also an additional clause, proposed by Sir JOHN CAMPBELL, the object of which is to declare that the monopoly of the
Bank does not prevent the establishment of banks of deposit in the Metropolis consisting of any number of partners. Several amendments were moved in the course of the debate, and earnestly advocated by the opponents of the Bank monopoly. Mr. MARK Pitifurs and Mr. T. Arrw000 wished that the 6th clause should be so amended as to exempt bills of four months from the operation of the Usury Laws,—three
months being the limit allowed by the clause. No reply was made to the arguments of these gentlemen ; but the amendment does not appear to have been adopted. Several amendments were proposed to clause 7th, which regulates the mode and the periods at which statements of the Bank accounts, their issues, bullion, deposits, &c., should be made. Mr. CAYLEY proposed an alteration, which would have the effect of giving Parliament a more direct control over the operations of the Bank, and limiting the power and responsibility of the Directors. This was op- posed by Mr. GROTE, Lord ALTHORP, Mr. WARBURTON, and other members, and was finally withdrawn. Mr. STJSUTT then moved, that the detailed weekly accounts rendered by the Bank to Governmtnt should be published at the end of each quarter. This was opposed by Lord ALTHORP; who thought that Mr. Strutt's plan was the very worst that could possibly be adopted— He certainly thought there would be great advantages in having the accounts published one week under the other : but the objection urged to that plan by the Bank was a strong one,—that circumstances might occur in one particular week which would give the public a very erroneous impression of the real state of affairs. For instance, early in the present session the foreign exchanges were in our favour ; but a great capitalist having occasion to make remittances abroad, drew out from the great a million sterling at once. Had it simply been pub- lished a week afterwards that so large a diminution of the treasure of the Bank had taken place in one week, people might have been led to believe that the foreign exchanges had turned against us ; and thus the greatest embarrassment and confusion would have been occasioned in the commercial affairs of the country.
Mr. Strutt's proposition, Lord Althorp said, would in a great mea- sure lie open to the same objection. Mr. WARBURTON, Mr. SCROPE, and Mr. GROTE spoke strongly in favour of more frequent publication of the accounts. Mr. WARBURTON admitted that inconveniences might sometimes arise from the mode of weekly publication, but thought that the balance decidedly preponderated the other way. Mr. &Rom de- nied that the quarterly publications would convey the information which was wanted— In the course of the quarter, the fluctuations might vary from twenty millions to thirty millions, and yet the average might remain the same at the end of the quarter. Could any man say that that was a proper check, or any checkat all P Every man in business, he maintained, had aright to know what those operations were which regulated the prices in the markets; and.more- over, the publication would give the country a moral control over the Bank. This amendment, however, was also withdrawn. Mr. Gacaz then moved, that a weekly series of accounts should be published, coming up to a day three months antecedent to the day of .publication. Upon this amendment the House divided ; when it was rejected by 41, to 20, and the original clause was agreed to. Clauses 8th, 9th, 10th, and 11th, were agreed to. On clause 12th being put, Sir JOHN WROT- TESLEY spoke as to the great inconvenience from the length of time during which the Stocks were closed while the accounts were making up by the Bank. This arose in part from so many fractions of a.pound being allowed ; and he thought that if no fraction lower than 2g. were allowed, and a new coin of that amount, to be called a Prince, were to be issued, much of the difficulty would be got over. Alderman THOMP- SON said, that the time during which Consols were dosed, namely, six weeks, was not too long, considering the vast amount of business that was done.
The number of transfers at the Bank in one year was 286,572, and the amount of stock transferred was 304,218,791/. The number of new accounts opened in the same period was 34,656. The daily average of transfers for the year was 1,069. The dividend warrants paid amounted to 279,7511. ; of which 87,1761. were received by persons whose dividends amounted to less than five pounds half-yearly.
Clauses 12th, 13th, and 14th, were agreed to. The additional decla- ratory clause, relative to the establishment of banks with an unlimited number of partners within sixty-five miles of London, was then agreed to, after some strenuous opposition on the part of Alderman TROMP- sox. Sir JOHN WItoTTEsLEY, during the discussion on this clause, took occasion to make the following remarks respecting the small at- tendance of members in the House.— That clause was so important, that he was impressed with a feeling of awe upon it, seeing the state in which the House then was. That Parliament had been elected under the impression that all monopolies should cease. By looking at the public papers, Ire found that 300 out of the 658 Members were pledged at the hustings to vote for the repeal of all monopolies, more particularly the Bank and East India; yet now, when they were discussing one of the most important of all, there were not above fifty Members present.
This clause passed by a majority of 49 to 16; and the report is to be received on Monday evening.
After the business relative to the Bank had been disposed of, the Irish Grand Juries Bill was read a third time, and passed, on the mo- tion of Lord DUNCANNON.
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