Note 104 — Chapter V

Suppose any bank should question the way in which their funds had been invested?—My answer would be, said Sir A. Spearman (4,029), that this was a matter which did not in the least concern them. I am not aware that the Act of Parliament in any shape or in any manner makes the Commissioners or their officers responsible in the slightest degree to the trustees of Savings Banks. When asked if, Supposing the money were used for financial purposes, or not invested at all, or invested so as to produce little interest, would Savings banks have a right to complain? this witness answered, he did not think so. What the Commissioners are responsible for is, to repay to the trustees of Savings Banks the amount received from them, together with the amount of interest due, whenever they call for it. They are responsible for that, and nothing more.