The Sun.
London, England, 1840-07-17 00:00:00

The Caledonian Canal Bill went through Committee.
The Report on the Parliamentary Boroughs Bill
was brought up, and the Bill was ordered to be read a
third time to-morrow.
Mr. BERNAL brought up the Report on the
Friendly Societies' Bill ; also the Report on the As-
sessed Taxes Composition Bill, and the Bill was ordered
to be read a third time to-morrow,
Mr. W. MILES', withdrew the Seduction Bill,
being afraid that at the present late period of the Ses-
sion it would not meet with that consideration which it
deserved.
Mr. WAKLEY wished that other Hon. Gentlemen
would follow the example of the Hon. Member, and
strike out of the paper Bills they did not intend to pro-
secute this Session.—( Hear.)
On the motion of Major CHETWYND, a return
relating to the Free Grammar School, called Dean In-
cent's, in the town of Berhampstead, in the county of
Hertford, ordered by this house on the 7th May last,
was ordered to be printed forthwith.
BANK OF IRELAND.

The CHANCELLOR, of the EXCHEQUER
then rose to bring forward his motion on the subject of
the Bank of Ireland. He would detain the House but
a short time. The question stood thus :—The Bank of
Ireland Charter was granted for a certain time, which
terminated in the year 1837. The condition of the
the charter was, that after the year 1837 it should con-
tinue, terminating at a year's notice. Therefore the
Bank of Ireland continued unless Government gave
notice to terminate the charter. There were two sums
of money lent by the Bank of Ireland to the Go-
vernment, which complicated the question—they were
lent under different conditions, and carried different inte-
rest. The first was a sum of one million, bearing interest at
5 percent. That sum was payable at the termination
of the charter, and there was no power on the part of
the Government to repay that sum before the termina-
tion of the charter. The other sum amounted to
1,615,0001., and carried interest at 4 per cent, It was
originally repayable in the year 1838, but it had been
subsequently postponed from year to year. As the sum
of one million was repayable on the Ist of January next
it was necessary for him to come to Parliament
either for the purpose of postponing that
repayment or for the purpose of taking the
means of repaying it. That was the position in which
the question now stood. The sum which he had last

mentioned, and which was repayable in 1841, was en-
tirely disconnected with the charter. The first question
was. whether it was advisable, under existing circum-
stances, to adopt any measure with regard to the charter
itself. His Noble Friend (Lord Monteagle), when
Chancellor of the Exchequer, proposed that until the time
when Parliament would have the pOwer of giving notice
to terminate the Charter some arrangement should be
made with the Bank of Ireland that the charter should con-

tinue on certain terms.. Since that measure v:as proposed
the House had appointed a Committee to consider the
whole question with regard to the circulation of the
country. He had waited to see if that Committee
would make a Report this Session, which might assist
him. But at this period of the Session it was quite
clear that no Report or recommendation would be made
to the House from that Committee ; and, therefore, he
had felt it necessary to apply for leave to bring in a
Bill. It appeared to him it would not be advisable to
promise any permanent arrangement with regard to the
Bank of Ireland charter, because if he did so he
should ha've to go into a discussion of all those
points that were under the consideration of the
Committee up stairs. He thought it would be better
to leave it open to the House to adopt any suggestion
which might be made in the Report of the Committee,
with respect to the circulation of the country. As the
matter now stood, the Bank of Ireland Charter conti-
nued, unless terminated by notice given by the Govern-
ment, and in that position it might be fairly left till Par-
liament had information. He, therefore, thought it
unnecessary to introduce any new enactment with refe-
rence to the charter itself. The same reasons which
induced him to adopt that course, would lead him to
refrain from giving notice for terminating the char-
ter, without bringing the case before Parliament.
Then with respect to the two sums of money. He
would first deal with the four per cent. sum which was
repayable on the Ist of January next. That sum was
not at all connected with the charter. Although he con-
sidered it expedient and necessary under the present
circumstances to retain a power to deal with the Bank
of Ireland if Parliament should-so think fit, yet, on
the other hand, he thought it would not be just to.con-

tinue an inconvenience that was unnecessary, and it
appeared to him, the postponement of the repayment of
that sum from year to year, was an unnecessary inconve-
nience. He therefore proposed to consolidate the sum
which bore 4 per cent, interest with the sum that bore
5 per cent. interest, subject to the regulation he would
explain. The sum which bore 5 per cent. interest was,
as he had stated, repayable on the termination of the
charter. The question whether they charged too high
a rate of interest or not was quite a distinct question
from whether the charter should terminate or not. If
Parliament considered that under the circumstances of
the case, it was advisable an opportunity should be af-
forded of receiving the Report and considering the
subject, he did not think he would be turned round
upon and told he should not pay the money or deal
with the interest of the money without putting an end to
the Charter. Having consolidated the two sume, he
proposed to take a power of repaying the money ad-
vanced by the Bank, upon giving six months' notice,
unless previous to that time the interest should be re-
duced. His own impression was, that between this
time and the Ist of January he would have an oppor-
tunity of communicating with the parties, and that it
would not be necessary to give them the notice. Those
were the proposals he intended to make to the House,
and the Bill would be very short. The Right Hon.
Gentleman concluded by moving for leave to bring in a
Bill to regulate the repayment of certain sums of money

advanced-by the Governor and Company of the Bank
of Ireland for the public service.—(The Right Hon.
Gentleman was imperfectly heard, having spoken in a
very low and indistinct tone, and with his back turned
towards the gallery.)
Mr. HUME thought the Chancellor of the Exche-
quer had acted very judiciously in the plan he had pro-
posed. He would, however, suggest that it would be
better for him to take the power of paying both sums
on the Ist of January, instead of giving six months'
notice before the repayment.
Mr. Sergeant JACKSON would not oppose the
motion for leave to bring in the Bill, and thought the
Right Hon. Gentleman was entirely excused in not
bringing in the Bill earlier, on account of the Com-
mittee not having terminated its labours. .
Mr. HUME explained, but was not heard in the
gallery.
The CHANCELLOR of the EXCHEQUER
made some observations which were also inaudible. If
he determined the charter, he could not pay the sums
until the year had passed.
After a few words from Mr. FINCH, leave was
given to bring in a Bill.