The Sun.
London, England, 1844-05-07 00:00:00

note to be changed, he should take it to the Issue-office
or the Bank department.
Sir It PEEL was understood to say that it would be
optional.

In answer to a question from Mr. S. WORTLEY,
respecting the right of existing banks to continue the
number of their branches,

Sir R. PEEL said that he was very unwilling unne-
cessarily to interfere with the privileges of existing
banks as to the number of branches they might have.
But with regard to new banks, if it should be desirable
to provide that no branch should be established within
ten or twenty miles from the parent bank, it would be
easy to provide for that..
Mr. S. WORTLEY said there was evidence taken
before Committees of the House showing that a prac-
tice prevailed of one branch not paying the notes issued
by another branch. He wished to know if that was con-
trary to law ?
Sir R. PEEL apprehended that it was contrary
to law.
Mr. P. M. STEWART wished to know if the notes
of these banks of issue would be received in payment on
account of the revenue.

Sir IL PEEL—Certainly not.
Mr. M. PHILIPS wished to know whether it was
the intention of the Government that there should be a
general return of the stock, bullion, &c., from each bank,
or whether a separate return from each branch established
in the country would be required ?
Sir B. PEEL said it would be difficult to make the
returns simultaneously, but he hoped the Hon. Gentle-
man would allow him time to prepare an answer.
Mr. M. PHILIPS wished to know whether the re-
turns of stock, bullion, &c., would be published in the
Gazette?

Sir R. PEEL said he did not as yet know whether the
returns would be published in the London Gazette or in
a separate publication of a similar description.
The following resolutions were then read:-
1. That it is expedient to continue to the Bank of Eng-
land, for a time to be limited, certain of the. privileges
now by law vested in that Corporation, subject to such con-
ditions as may be provided by any Act to be passed for that
purpose.
2. That it isexpedient to provide by law that the Bank of
England should henceforth be divided into two separate de-
partments—one exclusively confined to the issue and circula-
tion of notes—the other to the conduct of banking business.

3. That it is expedient to limit the amount of securities upon
which it shall henceforth be lawful for the Bank of England
to issue promissory notes payable to bearer on demand, and
that such amount shall only be increased under certain con-
ditions to be prescribed by law.
4. That it is expedient to provide by law that a weekly
publication should be made by the Bank of England of
the state both of the circulation and of the banking de-
partments.
5. That it is expedient to repeal the law which subjects
the notes of the Bank of England to the payment of the com-
position for stamp duty.
6. That in consideration of the privileges to be continued
to the Bank of England, the rate of fixed annual payment
to be made by the Bank to the public shall be 180,0001. per
annum, and shall be defrayed by deducting the said sum from
the sum now by law payable to the Bank, for the manage-
ment of the public debt.
7. That in the event of any increase of the securities upon
which it shall be lawful for the Bank of England to issue
such promissory notes, as aforesaid, a further annual payment
shall be made by the Bank of England to the public, over
and above the said fixed payment of 180,0001., equal in
amount to the nett profit derived from the promissory notes
issued on such additional securities.
8. That it is expedient to prohibit by law the issue of
promissory notes payable to bearer on demand, by any bank
not now issuing such notes, or by any bank hereafter to be
established in any part of the United Kingdom. _ _

9. That it is eipedient to provide by law—that such banks in
England and Wales as now issue promissory notes payable to
bearer on demand shall continue to issue such notes, subject
to such conditions and to such limitations as to the amount
of issue as may be provided for by any Act to be passed for
that purpose.
10. That it is expedient to provide by law for the weekly
publication of the amount of promissory notes payable to
bearer on demand, circulated by any bank authorised to
issue such notes.

11. That it is expedient to make further provision by law
with regard to joint-stock banking companies.
The House resumed, the Chairman reported progress,
and obtained leave to sit again on this day fortnight.