The Express.
London, England, 1853-07-05 00:00:00

SAVINGS BANKS' ANNUITIES BILL.

On the motion for the third reading of this bill,
Mr. COWAN said it was his duty. to resist the further
progressof the memoir.. The bill, in point of fact, was
intended to give the government power to commence the
business of life assurance, although its title would lead to
a very different impression. Clause ten gave power
to the Commissioners for the Reduction of the National
Debt to contract with any such person or persons as
those named in other parts of the bill for the payment of a
sum of money at his or her death, and it would have been
proper, or, at all events, more respectful to the house, be.
tore introducing such an important change in the law as
this bill contemplated, if the Chancellor of the Exchequer
had stated plainly and frankly what the intentions of the
government really were, in order that such intentions
might be fully discussed and sanctioned by the
house, if it conceived the measure would be
advantageous to the community. He had a great
objection to the government becoming a trading
community, or doing anything which could be carried out
by a private company ; but with regard to this especial
mode of trading, he thought experience had proved that the
manner of granting annuities by the government was
highly objectionable. The system of life assurance was at
present carried so successfully, and withal so judiciously,
by the ordinary. life assurance companies, that it would be
most unwiselo interfere with them ; but this bill proposed
to make a charge on the ConsolidatediFund, and since he
objected to it on the ground of the interference to which
he had just alluded, be should be glad to know from the
Speaker if this bill ought not to have originated in a com-
mittee of the whole house. Be that, however, as it might,
he could not permit the bill to proceed any further until he
had received some more satisfactory explanation about it
than he had yet heard, and he should therefore move that
it be read a third time this day six months.
Mr. A. PELLATT believed the practice of granting
annuities by the government had given general satisfac-
tion, and all that was wanted to render the system perfect
was to increase the amount of the annuities beyond 301. and
to grant the annuities themselves upon joint as well
as single lives. Beyond that the government ought not
to go, and he must join with the hon. member for Glas-
gow in deprecating any proposal (or converting the govern-
ment into an insurance company.
Mr. WILSON found fault with the hon. member for

Glasgow for not having given notice of his amendment,
but he apprehended the hon. gentleman's opposition to
the bill originated in a mistake or a misconception of the
object of the measure. The only object of the bill was
to confer upon the commissioners for the reduction of the
national debt power to convert deposits in savings banks'
into annuities. The commissioners certainly possessed this
power under the existing law, but only to a limited extent,
and the intention of this bill was not to enable them to
enter upon the general business of life assurance, which
would be entirely beyond its scope, but simply to give them
power to convert savings' banks' deposits into annuities
with more facility than the law at present allowed.
Mr. COWAN said the explanation of the hon. gentleman
hail not removed his objection to the bill, and he should,
therefore, be glad to have an answer to the question he had
put to the chair.
The SPEAKER said—Undoubtedly, if the bill imposed
charge on the Consolidated Fund, it ought to have origi•
nated in a committee of the whole house.
Mr. COWAN begged to call the attention of the Speaker
to the 12th clause. _ _

The SPEAKER having looked at the clause, said he ap-
prehended the bill did not impose any additional charge
upon the Consolidated Fund than the law already sanc-
tioned.
Mr. WILSON said the bill certainly could not impose
any additional charge on the consolidated fund, for, under
the existing law, both the deposits, as well as the govern-
ment annuities, were chargeable to that fund. (Hear.)
An HON. MEMBER having moved the adjournment of
the debate,
The house divided—
For the adjournment
Against it
The bill was then read a third time, and passed.
PUBLIC-HOUSES (SCOTLAND) BILL.
This bill, as amended, was considered.
Mr. ELLIOT proposed a clause preventing licenses being
granted to toll gatherers.
After a conversation the clause was agreed to.
Mr. COWAN moved the emission of clause 10.
The motion was withdrawn, and the clause was then
agreed to on the understanding that if it was found to in-
jure the revenue the government should have the opportu-
nity of altering it.
The other clauses were then agreed to and the bill
ordered to be read a third time on Thursday.
The house adjourned at 2 o'clock till 12 this day.

PAIRS FOR MONDAY, JULY 4.

Apia's Mien' ter*. For.
Mr. Alexander Mr. Russell
Lord J. Mennen General Amon
Mr. Gore Langton Mr. Greaten
Mr. H. Bairns Sir John Shelley
Mr. Brian Colonel Peel
Mr. F. Villiers Berl Grosvenor

?Tr:
Mr. Whiteside
Mr. Forbes

Mr. Rich
Mr. Glyn
Mr. Mowsll

Mr. F. Busse Mr. Mackinnon
Sir R. Gore Booth Mr. Norman

Wt.:Leif: ----- Mr. Luce
Mr. D. Waddington Mr. J. Ball
Mr. T. Waddington Sir IL Ferguson
Mr. George Mr. L. Bland
Mr. Mamma Mr. F. Scully
Sir Win. Verner Mr. John i'Gregor
—.—. .

Sir
Mr. W. Bellew

Mr. orfiatierii
Bir IL Prig

Mr. Farnham

][r. T. 14rpby