Standing Orders — Railway Deposits — HC Deb 29 January 1846 vol 83 cc371–8

Claims Supported by This Source

1. Hastie: By Standing Order No. 39, deposits for railway bills are paid to the Accountant-General of the Court of Chancery. This year's deposits are estimated at £8 million to £10 million, to be paid within two weeks of the opening of Parliament. For the last three days, almost no discounts could be obtained in the City. Bills for the South American, West Indian, and China trades alone amount to about £150 million discounted annually (cc. 371–372).
2. Chancellor of the Exchequer: Deposits are merely transferred within the Bank of England from the bankers' account to the Accountant-General's account, and if under the name of the Accountant-General, withdrawal requires about 10 days' notice through the procedures of the Court of Chancery (cc.373–374)
3. Stuart: £6 million to £7 million were locked up as deposits, withdrawing one-fifth or one-sixth of the country's circulation (c. 374).
4. Hudson: If deposits could be made in Exchequer Bills or public stock instead of cash, the companies would receive interest and the circulation would not be disturbed (c. 375).
5. Peel: The previous deposit was 5%, but deeming it too small, the House of Commons raised it to 10% last year (1845) and required payment in cash to the Accountant-General. When notices for numerous railway schemes were issued last July, the monied men were forewarned of the pressure. Now that the difficulty is beginning to be felt, it would not be wise to relax the rule lightly (cc. 376–377).

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