The Press. — London, England, 1857-12-12 00:00:00

THE PRESS, DECEMBER 12, 1857. 1198 The bill was read a second time, and ordered to be committed the next day. The house then adjourned. HOUSE OF LORDS—Tursam GENERAL HAVELOCK. Lord Grusvnin moved an Address, in answer to her Majesty's Message, recommending the grant of a pension of 1,0001. a year to Sir Henry Havelock. Lord DERBY expressed his entire concurrence in the motion, and took the opportunity to call the attention of the house to the way in which Colonel Inglis had fulfilled his duties as Commandant of Lucknow. The Address was agreed to unanimously. EXETER-HALL SERVICES. Lord STIAFTESBURY, when the order of the day for the second reading of the Religious Worship Act Amendment Bill bad been read, explaining the object of the measure as affecting the rights of in cumbents to prohibit Church of England services in their parishes, concluded by saying that he was willing to postpone the bill for a time ou account of the representations which had been made to him that the Bench of Bishops were opposed to it. He therefore begged leave to move that the bill be read a second time on the Bth of February next. Lord DERBY expressed his satisfaction that the bill was to b.!! postponed. He was not competent to say whether the Exeter-hall services had dons good or not, but he was averse to legislation on this par ticular case, involving as it did an alteration in the whole parochial system. As the bill was to be post poned to a fixed day, he hoped there would be no premature discussion of its principle on the present occasion. _ _ The Bishop of ST. DAvIDS deprecated the undue haste with which this measure had been pressed forward. He sympathised heartily with the effort to extend the influence of the Church among the working classes, but he hoped this object might be effected without any important innovation on the parochial system. The Bishop of LONDON had no charge to make against the incumbent who had prohibited the Exeter-ball services. He had no doubt acted con scientiously, but at the same time. as he, the Bishop of London, believed, without the exercise of a sound discretion. He could net believe that it was ever the intention of the law to give an incumbent a monopoly which should stand in the way of the teaching of the Gospel. Lord CAMPBELL believed, though he would not commit himself to an opinion, that the powi.r pro posed to be given to the bishop might he safely granted, and that it would be exercised most bene ficially for the Church and the people. Lord PANMURE, stating that he had frequently attended these meetings, expressed his regret that the services had been suspended. As a sincere friend of the Church of England, he desired nothing more than to see such congregations as those which assembled in Exeter-hall last summer assembled in Westminster Abbey. The second reading of the bill was postponed until the Bth of February. The Duke of CAMBRIDGE rose to explain his absence in the earlier part of the evening, and to express his cordial concurrence in the vote to which the hou3e had come with regard to Sir H. Havelock's pension. Their lordships then adjourned. HOUSE OF COMMONS-TUESDAY. INDIA. Mr. V. SMITH, in reply to Sir J. Pakington, stated that it was not intended to include iu the papers on Indian affairs, promised in her Majesty's Speech, a memorial from Calcutta praying for the recall of the Governor. General, that memorial not having been transmitted through the usual channel. In replying to another question relating to correspondence between the Government and the Peninsular and Oriental Steam Navigation Company with reference to the conveyance of troops to India by way of Egypt, Mr. Smith recommended the papers to be moved for. liability in partnerships in general, to apply the same principle to joint-stock banks. Mr. COWAN opposed the motion. Mr. COLLIER said, if the resolution had been based upon the principle of non-interference, leaving parties to do as they pleased, he should support it; but, as it pledged the house to the condemnation of unlimited liability, he was compelled to vote against it. Mr. EWART and Mr. WILD shortly supported the resolution, which was opposed by Mr. L. KING. Mr. WEGUELIN remarked that there was a distinc tion between partnership concerns that traded with their own money, and banks trading with the money of others. To limit the liability of banks would be to limit their credit, which was their sole capital. He opposed th., motion. The CHANCF.LLOR of the EXCHEQUER said he COD• cnrred in the objection of Mr. Collier to the form of the resolution, and protested against being bound down to a formula that the unlimited liability of joint-stock banks was injurious to the interests of the public, the inference being that it should be prohibited. These banks had two functions—one the issue of notes, another the receipt of deposits ; and there was a distinction in respect to liability between these two functions. When a country bank issued notes, although they were not a legal tender, they did practically discharge the function of money ; therefore the notes of a country bank circulated upon the credit of that bank, and it would not be just to deprive the holders of the security of un limited liability, which was not, in that case, injurious to the interests of the public. The whole question would, however, fall within the scope of the inquiry of the committee the reappointment of which he should propose on Friday, and he was under the necessity of opposing the motion. Mr. MALINS was of opinion that Parliament should not stop short in the application of the principle of limited liability, which should be applied to banking as well as to other branches of trade. Mr. HANKEY moved, by way of amendment, the following resolution :—" That the present law, en forcing tho unlimited liability of shareholders in joint-stock banks, requires alteration." After a short reply by Mr. HEADLAM the original motion was negatived, and upon a division Mr. HANKEY'S resolution was likewise negatived by 118 to 47. The house adjourned at a few minutes before ten o'clock. HOUSE OF LORDS-WEDNESDAY. The Bank Issues Indemnity BiliWaS - ;ead a first time, it being understood that any discussion on the measure should take place on Friday next. HOUSE OF COMMONS—WEDNEsDAy. The report of the committee upon the annuity to Sir 11 enry Havelock led to a brief discussion, in the course of which suggestions were thrown out for ex tending the annuity. Mr. GLADSTONE observed that much value would be taken from rewards of this nature if they were suggested by members of Parliament, and that some latitude and discretion in their distribution ought to be left to the Crown and the Executive Go vernment. Sir J. PAKINOTON said he hoped that upon this occasion the observations of Mr. Gladstone would have no tendency to check the expression of a feel. ing which did honour to the house, and ho strongly urged the Government to continue the annuity to Captain Havelock. During a conversation which the SPEAKER stopped as irregular Mr. V. SMITH was permitted to read a telegraphic despatch which he had received, dated 31st of Octo ber, from Calcutta. The resolution was agreed to, and a bill founded thereon was ordered to he brought in. On the report of the Committee of Supply, Sir J. PAKINOTON inquired what was the present state and condition of the Clive Fund, and whether it was still devoted to its original objects? He ad verted likewise to what he thought an abuse of patronage. It had been announced that 110 infantry cadets, besides cavalry, were to be sent to Bengal in 1858, although there were 700 officers of the native army of Bengal unemployed owing to the mutiny of their regiments. Mr. V. SMITH said the question relating to Lord Clive's Fund involved details into which he could not enter off-hand without notice. The supply of cadets for the Bengal native army was in the hands of the Court of Directors of the East India Company, and the number of cadets referred to did not amount to halt of the amount required for the army, the sur viving officers being mostly of higher rank than the grade of ensign. Questions were likewise put by Sir H. Wm- LOUGHDY, Mr. HUDSON, and Mr. W. Wir.i.uots rela• Ling to the Indian finances, which were replied to in some detail by the CHANCELLOR of the EXCHEQRER• who said : Hitherto the whole of the expenditure of India has been borne by the revenues and resources of India. 1 think that we must look to the continuance of that state of things as soon as India shall have passed through the present crisis. It is possible that while the present state of anarchy con tinues in some of the provinces of India, the Indian Trea— sury may be unable to meet some of the current expendi ture of the East Indian Government; that its means of borrowing may be somewhat crippled, and that some limited and temporary assistance may be required from this house. I feel assured that if, on a full statement of Indian finance—of revenue and expenditure—which will be made to Parliament in due time, it should appear that some assistance is requisite, this house, always ready to give a fair consideration to questions of that sort, will not hesitate to do what may be necessary for the maintenance of our Indian empire. At the same time lam bound to state that as at present advised I do nut anticipate any large or serious charge to this country arising from the necessities of the Indian Exchequer. My belief is that the Indian revenue will be found before long sufficient to meet a large part of the current expenditure, and that the credit of the East India Company will be sufficiently re stored to enable them to borrow what may be necessary to supply the deficiency. And although I should in case of necessity not hesitate to appeal to the liberality of Parlia ment, I do not anticipate that the occasion will require that any formidable or serious demand should be made 0a that liberality. The report was agreed to. On the order for the third reading of the Bank Issues Indemnity Bill, Sir H. WlLLotionni remarked that the house should have had more distinct information, before it passed this bill, as to the causes which had pressed so heavily upon the resources of the Bank of England. It appeared, he said, from the evidence taken before the Bank Committee, that a great capitalist might, if he pleased, bring an undue pres sure upon the Bank, and he referred to a rumour that a large bill-discounter had actually brought a severe pressure upon its resources when they were very low. Mr. VANCE suggested that the whole management of the relaxing power should be left in the hands of the Bank Directors, upon their own responsibility, the Bank continuing to publish its accounts and making them even fuller. Ile admitted that this would be a virtual repeal of the Act of 1844. Mr. HUDSON insisted that the effect of the strin gency of the limitation prescribed by the Act of 1844 was, in times of exigency, to lock up the coffers of JOINT•STOQK BARKS. Mr. HEADLAM moved a resnlution, "That the unlimited liability of shareholders in joint-stock banks gives rise to a species of credit injurious to the interests of the public ; and that the present law enforcing the adoption of this principle requires alteration." In bringing forward this motion, he said he was not influenced by any slight considera tion, but by a rooted conviction, which he had long entertained, and which was confirmed by recent events, that the principle of the unlimited liability of shareholders operated as the moving cause of the mismanagement of joint-stock banks and precipitated and aggravated a national crisis. In support of the principle of limited liability applied to joint-stock banks he appealed to the recorded opinions of Lord Liverpool, Mr. Huskisson, and Lord Althorp, and to the experience of foreign countries ; and he asked the house, which had decided in favour of limited 116. BEVERLEY ELECTION. The resolution of the Select Committee on the Beverley Election Petition, ou the 3rd of August, having been read, on the motion of Mr. J. A. Smith, it was resolved that Mr. Attorney-General be directed to prosecute Edward Auchmuty Glover, Esq., in respect of the declarations made and s►gned by him, under the Act Ist and 2nd of Victoria, cap. 48 ; and that the ►roper off►cers of this house, and the short hand writer attending this house, have leave to attend and g►ve evidence, and to produce such papers and documents as may be required on the trial of the said Edward Auchmuty Glover, Esq. MAYO ELECTION. Colonel FRENCH moved that ➢lr. Speaker do issue his warrant for the electing a knight of the shire for the county of Mayo, in the room of George Henry Moore, Esq., whose election has been determined to be void. The motion, after some opposition on the part of Colonel NORTH, was agreed to. SIR HENRY HAVELOCK. The house having resolved itself into a committee on the Message from her Majesty respecting Sir H. Havelock, Lord PALMERSTON, after paying a tribute to the distinguished services of the gallant officer, and a passing eulogium upon the merits of other inembers of both the services in India, moved a resolution granting Sir Henry Havelock an annuity of 1,000/. during his natural life. The motion was warmly seconded by Sir J. PAKING• TON. Mr. BRISCOE suggested that the annuity should be continued to the next successor to the title. Admiral VALCOTT, Sir E. CODRINGTON, Mr. J. WHITE, and Mr. CROSSLEY thought the amount of the annuity too small. The resolution was ulti mately agreed to. In a Committee of Supply it was resolved that a supply be granted to her Majesty. The house then went into committee upon the Bank Issues Indemnity Bank. Mr. MALINS moved the omission from the second clause of the proviso, that if, before the expiration of twenty-eight days after the meeting of Parliament in 1853, the Bank give public notices that they have reduced the minimum rate of interest below ten per cent., the suppression of the limit shall cease. The CHANCELLOR of the Exciii.:(4l:Eit objected, ex plaining the ground upon which the proviso was in troduced into the bill. The amendment was negatived upon a division, and the clauses of the bill were agreed to, after dis cussion. - - #