The Express.
London, England, 1866-06-16 00:00:00

IMPERIAL PARLIAMENT.

HOUSE OF LORDS.—FRIDAY, JUNI 15.
Their lordships met at Ave o'clock.
THE DANUBIAN PRINCIPALITIES.
Visoount STRATFORD, in answer to an appeal from
the Earl of Clarendon, which represented that the effect
of a diacuerion ca the subject might be injurious to the
public service, postponed his notice of a motion for papers
re the Danubian Principalities.
THE LAW OF CAPITNT AL PUNILL.SMMT AMEND-
ME BI
Upon the recommittal of the Law of Capital Punish-
ment Bill, Lord St. Laotian* took occasion to urge several
objections against private executions, and argued that the
deterrent, and consequently the beneficial. influence of
capital punishment would 'be diminished by a departure
from the present system of public executions.
The Dale of Richmond and the Lord Chancellor, on the
other hand, agreed that, however beneficial public trials
might be, public executions were objectionable : and Lord
Dununrurged the adoption of precautions to insure the
efficacious application of the capital law, incidentally re-
marking, as an Irish grievance, that the only skilful hang-
man was an Englishman, who was never sent over to per-
form his duties in Ireland.
Lord ROMNEY favoured publics executions as public
trarninp ; but
The Bishop of OXFORD took a different view, doubting
the deterrent effects of public executions.
Upon a division, the clause empowering private execu-
tions was agreed to by 75 to 23.
After some further discussion upon details, the bill
passed through committee.
The Prosecutions Expenses Bill and the Charitable
Trusts Deeds Enrolment Bill were severally read a third
time end passed.
Their lordships adjourned at twenty-five minutes to 8
o'clock.

HOUSE OF COMMONS.—FRIDAY, Jrsis 15.
The SPEAKER took the chair shortly before 4 o'clock.
PRIVATE BUSINESS.
The following bills were read a third time and passed :
Cork and Youghal Railway ; Gaslight and Coke and City
of London Gaslight and Coke Companies; Llantrixsant and
Taff Vale Junction Railway; London, Chatham, and Dover
Railway (Chatham Dockyard Branch) ; London, Chatham,
and Dover Railway (New Lines, &c.) ; London, Chatham,
and Dover Railway (Various Powers); North British
Railway (Glasgow Branches) ; North British Railway (New
Works, &c.) ; Pembroke and Tenby Railway; Berwick-
shire Railway.
WINDING-UP ACTS:
Mr. SHERIDAN gave notice that on Tuesday next be
should ask the Attorney-General whether there is any
plan in contemplation by which the business, already very
heavy, which has to be attended to by the chief clerks and
other officials of the various Chancery courts. and which is
likely to be augmented to a very great extent by the pend-
ing applications under the Winding-up Acts. can be aided
and assisted ; and whether, if any aid is afforded by the
appointment of extra officers, it is in contemplation to seek
the assistance of the leading accountants who are appointed
by such courts in winding-up cues.
TWIR ABOLITION (OXFORD) BILL.
In replyl to Sir W. HEATIICOTE,
Mr. C LERIDGE said it was his intention to move the
third reading of this bill on the 3rd of .July next.

THE LANDED EsTATEs COURT.
Mr. WHITESIDE asked the Chief Secretary for Ireland
whether Judge Longfield had notified his intention of re-
'signing his judicial situation in the Landed Estates Court ;
and whether any and what changes in the constitution of
the court were contemplated consequent upon such resigna-
tion.
Mr. C. FORTESCUE said that some correspondence had
taken place between the Irish government and Judge
Longtield, in the course of which the learned judge had
given them reason to believe that he would not continue to
hold for any lengthened period the office he so ably filled,
but as yet he had given no positive intimation of his inten-
tion to resign. The correspondence had not, however, yet
terminated.

---------
THE LATE BANK FAILURES.
Mr. HODGKINSON asked the President of the Board
of Trade whether, in order to mitigate the inconvenience
arising from the recent failures of banking and discount
companies, her Majesty's government would bring in a bill
to enable the official liquidators of such companies, when
in course of liquidation under the Joint Stock Companies
Act, to issue to depositors and other creditors certificates
of indebtedness, and to render such certificates, and the
debts thereby certified, transferable by indorscinent.
Mr. M. GII3SON replied that the object intimated by
the question was that the government should bring in a
bill to create a new class of securities transferable by
endorsement, and of a kind at present unknown to the
law. The question had been duly considered, and he had
not been able to satisfy himself that any sufficient ground
bad been made out for exceptional legislation in respect
of these particular companies alluded to, namely, banking
and discount companies, while undergoing liquidation
under the Joint Stock Companies Act. The official liqui-
dator would not be in possession of the whole state of the
aocountas between the creditors and the company, so as to
be able to give a certificate of indebtedness which would
be reliable, until the winding-up was complete. Under
these circumstances, he was not prepared to bring in a bill
to effeet the object mentioned by the hon. gentleman.
THE BANK OF ENGLAND.—THE LATE OF
DISCOUNT.

Mr. GRANT, in rising to ask the Chancellor of the Ex
chequer whether, if the Bank of England was to reduce
their rate of discount below 10 per cent. per annum, the
power granted to them by the government letter of issuing
a larger amount of notes than is fixed by law would cease,
said that, as he understood the nature and import of the
letter, power was granted to the Bank of England to issue
a larger number of notes than the directors were autho-
rised to do by the charter, provided they charged 10 per
cent. as the rate of discount. A resolution WWI agreed to
by the court to the effect that they had raised the rate to
10 per cent. to inert the exigencies of the case, and the
hesitation of the Bank to reduce the rate was not so much
owing to its position as to their impression that the letter
would be at once at an end if they reduced the rate below
10 per cent. He wished, therefore, to know if the letter
would be null and void as soon as the rate of discount was
reduced below 10 per cent.
The CHA.NCELIOR of the EXCHEQUER said the
question was one of very great importance, and he would
endeavour to give a clear and explicit answer to it. The
questionsupposedthat the Bank of England obtained power
by the government letter to issue a larger number of
notes than that fixed by law. Now, no power, strictly or
properly so called, was granted or conveyed by the govern-
ment letter. The letter was an engagement on the part
of the government in a certain contingency to make a cer-
tain application to parliament, and that was the whole
effect of it. The goveniment of themselves had no power
in the matter, and therefore they were unable to convey
it. He construed the question as amounting to this—whe-
ther or not the engagement so contracted by the govern-
ment would be in force in the event of a reduction
in the Bank rate of discount to a lower rate
than 10 per cent. That simply turned upon the
interpretation of the document, and nothing elee,and the
bon. gentleman was entitled to ask what construction the
government put upon the document for which they were
responsible. To that question he would reply. It was
quite plain the letter applied only to advances made at a
period when the rate of interest was not less than 10 per
cent. That did not admit of a doubt. The engagement
was limited to a period when the Bank continued to charge
10 per cent. for its advances. He distinguished the ques-
tion of the construction of the document from the ques-
tion of policy. If the Bank of England found its circum-
stances such as to warrant it in reducing the rate of inte-
rest below 10 per cent., the letter would cease to be in
force, and so also would the engagement. But if he were
asked what the view of the government would be upon
any subsequent circumstances under which the Bank of
England might find it necessary to rain the rate of inte-
rest again, his answer must be that such an event must be
considered a new event, and be dealt with upon its merits,
upon the same principle that governed the administration
in all similar contingencies.
ACCOMMODATION TO MEMBERS IN THE HOUSE.
Sir G. BOWYER renewed the complaint made earlier
in the session of the inadequate accommodation provided
for members in the house, and dwelt feelingly on the
many inconveniences which they had suffered this session
from the difficulty of finding seats ; and after a short dis-
cussion on the inopportuneness of the question,
Mr. COWPER stated that the present size of the house
and the extent of accommodation had been fixed after full
consideration, and the government bad no intention of
proposing any alteration.
The CHANCELLOR of the EXCHEQUER stated that
morning sittings would begin on Tuesday next.
A discussion on the Sugar Duties was started by
Me. BARCLAY, who explained the practical incon-
veniences in the manufacture and the disadvantages to the
consumer entailed by the sliding scale of duties, and ad-
vocated a uniform system, with perm isrion to refine in
bond.
Mr. J. B. SMITH anticipated that Mr. Gladstone would
find out that ho had made a great mistalce, as the result
of which, though the largest consumers in the world, we
were compeller, to consume the worst sugar.
The caAANcELLoit of the EXCHEQUER defended
the system of classification, and mentioned that the In-
ternational Congress lately assembled on this subject had I
come to the conclusion that our principle—to tea sugars
as nearly as possible in proportion to their capacity for
yielding pure sugar—was in conformity with free trade.
Experiments were being made, at the instance of the
congress, which were about at an end, the probable result
of which would be to recommend a contraction of the
present scale. When those experiments were concluded,
it would be the duty of the government to consider them,
and, if necessary, to raise the whole question early next
session.
Mr. BRIGHT thought the best solution would be the
total abolition of the duties, which could be done in a few
years, by the gradual reduction of expenditure and the
natural increase of the revenue, which Mr. Gladstone had
put at 2,000,00 W. a year. Speaking of the scheme for the

.1