The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1855-07-31 00:00:00

FRIDAY.

The speaker took the chair at noon.
THE TIIRKISTh LOAN.—The house resolved itself into a
committee upon the Turkish Loan Bill, when Mr. GLADSTOIE,
after characterising the convention as a novelty in inter-
national law, the principle as incurably bad, and the provisons
sanctioned by the bill as inconsistent—the first artich sti-
pulating that the guarantee of England and France alould
be conjoint, and the third and fourth that the interest should
be remitted and the proceeds of the loan paid to the Eank of
England—addressed certain questions to the government. He
wanted to know, he said, whether the bill would confer a legal
right upon the subscribers to the loan to receive the interest
at the Bank of England. If so, who was bound to satisfy
that right on the failure of a remission of the money from
Turkey. Whether the British Government would be bound
to pay the interest out of the consolidated fund ; and, if so,
whether there was any similar liability on the part of
France ; and whether the subscribers were liable to go upon
the French government at all. If not, there was no joint
and several liability. Then, assuming that there was a con-
joint guarantee, and supposing after peace Turkey failed to
pay, and one of the two guaranteeing governments believed
she could pay, and the other thought not, would the former
be entitled to go against Turkey separately to enforce its own
guarantee. Then, if one obtained an equivalent in territory,
would the other have a similar right. He raised these points
of difficulty, he added, with the view of guarding against
embarrassments hereafter.—Lord PALMERSTON proposed that,
as the discussion came upon him unexpectedly, it should 1)4
deferred, so that the other business fixed for the morning.
sitting might be preceeded with. He moved that the chair-
man report progress, and this was agreed to.
LAN OF PARTNERSHIP.—The house went into committee
on the Limited Liability Bill, when, on clause 1, Mr. Wm-
iciNsoic proposed to leave out the words, " other than an in-
surance company."—Mr. BOUVERIE opposed the amendment.
Insurance companies were at present able to protect them-
selves and to limit their liability.—Mr. HENLEY said, if this
was a free trade measure there should be no restriction at all;
for example, there was no reason why banks should not be
allowed to trade on the principle of limited liability.—Lord
PALMERSTON said there was a great distinction between banks
and the joint stock companies contemplated under this bill.
The functions of a bank were those of trust, and they were en-
trusted with the safe keeping of other people's money, whereas
the functions of these companies were the active employment
of their own capital. In other countries where limited liability
was adopted, banks were excepted.—Mr. CARDWELL said,
that although there were specialities attending the
business of the banking and assurance companies,
he saw no reason why they should be excepted from
the operation of the bill.—Mr. BRAMLEY-MOORE was
of opinion that the legislature ought to afford
protection to persons having claims on assurance companies,
many of which did not know whether they were solvent or
not during the first eight or ten years of their formation.
Although he was opposed to the principle of the bill, he would
not, under the circumstances, give it any opposition further
that was necessary to make it a measure that would operate
with safety to the interests of the community. He then re-
ferred to a statement of the operation of the principle of
limited liability in the United States, and said that in the
course of one year (1841) there 11:,d been no less than 33,739
bankruptcies, involving property to the extent of $441,000,000 ;
that only $43;697,000 were realized, and that ,the average

amount of dividend did not exceed one cent per 100 dollars.
After some further discussion, the amendment was withdrawn.
—Lord GOPERICII moved to leave out the words "having a
capital stock of the nominal amount of not less than £20,000,
divided into shares of not less than £25 each."—Mr. BOUVERIE
objected to the amendment because there was a series of un-
dertakings which it was not desirable to invest with the
dignity or character of institutions. It Was the intention of
the government to meet the cases contemplated by the amend-
ment in the Partnership Amendment Bill. He admitted, how-
ever, that £20,000 was too high, and was prepared to fix the
amount at £lO,OOO. With respect to the shares he would fix
them at £2O. After considerable discussion and a division, the
words fixing the amount of capital were expunged. None were
inserted in their place, and the house was proceeding to discuss
the question, whether the value of the shares should be fixed
at £5 or £lO, when the time of adjournment arrived, and the
sitting was suspended till six o'clock.
DSCIMAL COINAGE.—In reply to a question by Mr. J. B.
Sawn., the CHANCELLOR of the EXCHEQUER said his belief
was that the commissioners recently appointed to inquire into
the stbject of the decimal coinage would enter upon the in-
quiry with unprejudiced minds. Entertaining the utmost
respect for the abstract resolution of the House, he still con-
sidered it quite open to the government to take any course
they might think proper hereafter, and their wish was that
the commission should treat the question as one wholly un-
decided.

OMAR PASHA.—In answer to a question respecting a ru-
mour that Omar Pasha had resigned the command of the
Turkisl army, Lord PALMERSTON said Omar Pasha had re-
turned to Constantinople to hold personal communication
with his government, but he had no intention to resign his
command.

The Office of Speaker Bill was read a third time and passed.
—The ceder of the day for resuming the adjourned debate on
the third reading of the Absconding Debtors (Ireland) Bill
was discharged.
THE 'Cu music LOAN.—The House went into committee
on the Turkish Loan Bill, and, after some remarks from
Mr. WALPOLE on the omission of the word " severally" in the
translate( copy of the convention as a translation of the
French word solidairement, the CIIA.NCELOR of the.ExcnE-
QUER proceeded to reply to the objections and queries sug-
gested by qr. Gladstone at the morning sitting. He de-
fended the principle of the convention, and stated the
arrangemen4-, between the two governments in respect to their
several liabaties. The bondholders, he said, would look for
their interest to the Bank of England ; in the event of the
guarantee being called into activity, it would be the duty of
England to make good any deficiency ; but the govern-
ment had entered into a separate agreement with that
of France foi the immediate repayment to England of
half the money so paid. Payment of the interest into the
Bank of England did not diminish the liability of France, or
increase that of England. With regard to the remedy against
Turkey, in the event of the defauf, of payment, he observed
that, in an international compact hie this, we could only rely
upon general good faith, the sole remedy in such cases
being the ultimo ratio.—Mr. GLAISTONE complained that
the Chancellor of the Exchequer hadnot answered his ques-
tions, which he reiterated with great copiousness.—The LORD
ADVOCATE said, in his opinion, the interpretation of the con-
vention presented not the slightest dificulty. A joint and
several guarantee gave the creditor a security equally against
both the parties guaranteeing. The 'lace where the inter-
est was to be remitted made no differeice. If the creditor
was not paid at the Bank of England, he might go either
against the government of England or tlst of France.—Mr.
WALPOLE again urged the expediency or introducing into
the bill the words " severally' or " separately."—The Som-
CITOR•GENERAL said that the word solidairement "
was a French law term, and that the cwresponding ex-
pression in our law was " severally." His atention had been
called to the matter for the first time that day, and
he proposed to amend the first clause of the bil, which autho-
rized ,Her Majesty to guarantee "in conjunction with His
Majesty the Emperor of the French," by substituting
• "jointly with His Majesty the 'Emperor of the French,
and severally." In reply to Mr. Gladstone, he gave an
exposition of the legal effect of the bill, which, he said,
created no special obligation to the creditor linding on
England separately ; even if there had been a speeal engage-
ment to the creditor on the part of England, it Would only
give him a right to resort to England in the first insence, but
would not alter the nature of the obligation of her co-mrety.—
The discussion then assumed more the character of debate
in committee upon details and collateral points, Mr. Labou-
chere and Mr. Cardwell justifying their votes on Friday week,
and Mr. Disraeli indulging in a lively attack upon theabsent
Colonial Secretary. Lord Palmerston offered a general 4efence
of the whole measure, and the clauses of the bill were greed
to, with the amendment proposed by the Solicitor-General.
The Customs Laws Consolidation Bill passed throughcom-
mittee.—The debate on the motion for going into committee
upon the Grand Juries (Ireland) (No. 2) Bill was adjournol.—
The house went into committee on the remaining clauis of
th?, Passengers Act Amendment Bill, which were agreed
The order for going into committee on the Dwellings for
Labouring Classes (Ireland) Bill was discharged.
SALE OF BEER.—Mr. H. Berkeley obtained leave to brng
in a bill to alter and amend the act of the 17th and 18th
Victoria for further regulating the sale of beer and alir
liquors on the Lords'-day. The bill was read a first time.
Mr. Peel obtained leave to bring in a bill to suspend th
"taking of lists and the ballots and enrolments for the militia
of the United Kingdom.
The house adjourned at half-past 1 o'clock.