Star.
London, England, 1821-05-31 00:00:00

LXCIIEQUER BILLS.

Mr. M ABERLEY rose to submit the motion to the'
House of which lie had given notice.—(From the
noise which prevailed, in consequence of Members
leaving the House, he was almost inaudible in the
commencement.)—He stared, that in January, 1820,
the Batik of Ireland received five per cent. on
A:524,000, and the Bank of England the same in-
terest on the sum of I:2,000,000 Irish Treasury Bills.
Both were temporary drafts to be discounted by the
Bank, and the House should understand that these
Bills were not brought to open market, but confined
to the Banks of England and Ireland, whereas they
should be objects of competition, like Exchequer Bills.
The number of Bills issued from 1815 to the present
time, would he seen by Returns laid upon the table:
In 1815
1816 2,497,808
1317 5,304,000 .
1818 5,666,930
1819 4,950,000
1820 • 4,300,000
1821 2,524,000
Of which the Bank of England holds at present two
millions, and the Bank of Ireland the above•men-
tioned sum of £524,000, at the rate of interest al-
ready mentioned. The lion. Gentleman then con-
trasted the rate of interest, so paid, with the interest
on Exchequer Bills in the market:
In 1815, iii the early part of the year, the interest
on Exchequer Bills was 5%d. per day, which Per Cott.
nude £5 6 5#

4n the latter part of 1815, 3*d. per day, - 418 0
In 1816, early - - 3*d. ditto
4 11 3*
In 1816, late - 3d. ditto
In 1817, early - - 2*d. ditto 5 6 0
In 1817, late 2d. ditto 3 010
The total loss for the last three years amounted to £400,000.
On his side of the House; they had constantly' urged
the principle of economy, and he hived not unneces-
sarily. He did not complain of the majorities that
supported the Government in this expenditure; they
acted boldly and manfully, but lie did complain of
absentees—(!fear, hear)'--of those Gentlemen w:to
staid away night after night from the !louse ; and he
thought, when they went back to their constituents,
they deserved the highest reprehension. He should
conclude hy moving, " That it was expedient the
same'rate of interest should be paid on Irish Trea-
sury Bills as on Exchequer Bills."
The CHANCELLOR of the EXCHEQUER con-
tended, that it was impossible to borrow money in
Ireland at the same rate as is England. It was ne-
cessary to borrow in Ireland, in order that the Eng-
lish money-market should not be too Much depressed.
At a future time he would slew how the account be-
tween the two countries stood.
Mr. Al ABERLEY replied. He complained that
the Bank of England received the same rate of in-
terest for its loans as the Bank of Ireland, at a time
when the London Merchants would have lent money
to Government at a much less rate of line: est. This
was, he contended, giving an undue preference. Ile
did not think that the Bank of England would refuse,
a this moment, to lend money at three per cent. so
that the Right lion. Gentleman would have no oc-
casion to go into the money-market. lie should take
the sense ut the House on the motion.
Sir J. NEWPORT said, it was better that the ca-
pital should be augmented in the poorer country, and
at no time was that more necessary in Ireland than at
the present time. It was extremely difficult to pre-
cure Exchequer Bills in Ireland.
The House then divided :—For the motion, 31—
Against it, 6h.