§ MR. CALDWELL (Glasgow, St. Rollox)
asked Mr. Chancellor of the Exchequer, Whether it is the case that, owing to the separation of the Issue 1236 Department from the Banking Department of the Bank of England, under the Bank Act of 1844, there is held in trust for the repayment of the bank notes issued, Government Debt, other securities, gold coin and bullion to the value of the bank notes so issued, thus securing the holders of these notes against possible loss; whilst, in Scotland, owing to the want of separation of the Issue Department from the Banking Department, the holder of bank notes, in the event of bankruptcy of a Scotch bank, has no better security for repayment than any ordinary creditor of the bank?
§ THE CHANCELLOR OF THE EXCHEQUER (Mr. GOSCHEN) (St. George's, Hanover Square)
, in reply, said, he believed the matter was correctly stated in the Question; and he believed that what the hon. Member stated with regard to the Scotch banks was common knowledge as to the law on the subject.