The Sun.
London, England, 1855-07-17 00:00:00

THE BANK AND THE DIVIDENDS ON THE

NATIONAL DEBT.
Lord MONTEA.GLE moved for copies of all corres-
pondence between the Governor and the Deputy-Go-
vernor of the Bank of England on the subject of the de-
parture from antecedent practice in paying the dividends,
as introduced in April, 1854. Ho said that on a former
occasion when be brought this subject forward the no-
ble lord who represented the Government in that house
said the correspondence was of a private character, but
afterwards he laid on the table one document which he
said was of a public character. From the time of the
commencement of the consolidated fund in 1785 a
principle was laid down and acted upon by all successive
Governments, and sanctioned by act of Parliament,
with regard to the payment of dividends. At the
commencement of every quarter a balance was struck by
comparing the amount which was in the Exchequer
with the amounts of the dividends due, and if there was
an excess of demand Government was authorised to
issue deficiency bills and place them with the Bank of
England, and the practice had been to issue deficiency
bills for the whole amount of the deficiency. In April,
1854, however, a change was made, by which Govern-
ment, instead of issuing deficiency bills for the whole
amount, issued them only for the probable amount that
would be called for, so that it was possible there might
be a suspension of the payment of the dividends. It was
an important subject, and he thought they ought to have
the correspondence produced.
Earl GRANVILLE said he certainly never really
conceived the feeling of a buffer in a railway train till he
found himself acting in that capacity session after session,
in the long-continued collisions between his noble friend
and his right hon. friend the late Chancellor of the
Exchequer. Chancellors of the Exchequer passed away,
but his noble friend, immortal and unchanged, remained
to wage another battle with most perfect good humour
and courtesy to the unfortunate buffer who stood before
them. (Laughter.) His noble friend was perfectly cor-
rect in the statement he had made with regard to the
( practice that prevailed up to April, 1854. It seemed
that the change that was then made by the late Chan
cellor of the Exchequer was a most unnece•sary and
wanton one. Now, the course formerly pursued, which
appeared to be devoid of common sense, was, that they
borrowed money from the bank which it was physically
impossible that the bank should pay, gave to the public
in their account an appearance of a deficiency which did
not exist, and at the same time paid interest fur money
that was not wanted. The course taken by the late
Chancellor of the Exchequer was this—he ascertained
what was the largest sum ever called
large margin, and
then issued deficiency bills for the amount thus arrived a+.
Neither the late Chancellor of the Exchequer nor the
Governor of the Bank of England bad any objection
to the production of a correspondence, but both
they and the present Chancellor of the Exchequer
thought it would be injurious to the public interest to
produce the correspondence.
Lord AIONTEAGLE remarked that the correspon-
dence had been produced to the Bank proprietors, and
he saw no reason why it should not be produced to Par-

liament.
The Earl of DERBY said he could not conceive how
this correspondence could be of a prianvated if the nobler He
thought it ought to be produced, l lord
divided the house on the subject he should vote for the
motion.
Earl GRANVILLE said the opinion of the law
officers of the Crown was, that the course taken by the
late Chancellor of the Exchequer was legal. If the noble
lord insisted on the motion, and was supported by his
noble friend opposite, he should not divide the house
upon the subject. ,
The motion was then agreed to.
the Christ
RELIGIOUS WORSHIP BILL.
On the motion of the Earl of SHAFTESBURY the
bill was ordered to be recommitted to a committee of
the whole house.
The Dwelling-houses for the Labouring Classes Bill,
Commons
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Act (Ireland)
and the
Burial of Poor Persons Bill, were read a second time.
The Endowed Schools (Ireland) Bill, Youthful Offen-
dEenreslo(Nsuor.e 2)B Bill, and
nGdoEldn‘eVumedbdeirnegd REisntgastesßAillc,
Continuance Bill, were read a third time and passed.
The Piers and Harbours (Scotland) Bill was postponed,
after a few remarks from Lord WYNFORD.
Their lordships adjourned at ten minutes before seven.

ROUSE OF COMMONS-{YESTERDAY.)

_
The SPEAKER took the chair at four o'clock.
Lord J. RUSSELL entered the house about half-past
4 o'clock, and took his seat on one of the back benches,
between Sir G. Strickland and Mr. Duncan.
Mr. G. BERKELEY took the oaths and his seat for
Cheltenham, in place of Mr. Craven Berkeley deceased.
The Lords' amendments to the lloniton Road Bill and
the Dagenham Docks were considered and agreed to.
The Cromarty Estate Bill and Pedder's Divorce Bill
were read a third time and passed.
Bray's Estate Bill and Harvist's Estate Bill were read
a second time.
MESSAGE FROM THE LORDS.
Mr. PULMAN, Yeoman-Usher of the Black Rod,
appeared at the table and summoned the house to attend
in the House of Lords to hear the Royal assent given by
commission to several bills (for which see our Lords'
report).
The SPEAKER, and several members of the house im-
mediately repaired to t
THEHheOP DUTY. House of Lords.
In reply to Mr. PELLATT,
The CHANCELLOR of the EXCHEQUER stated
it was not the intention offs he Government to alter at
present the rate of duty chgeable on foreign hops.
Mr. E. BALL asked the Chancellor of the Exche-
quer if he bad taken into his consideration the inconve-
nience and loss sustained by the maltster from his be-
ing obliged to find securities for the payment of malt
duties, and the great hardship that persons so becoming
;securities make their entire property responsible for the

said duties, and are prohibited from disposing of any
portion of their estate in land or h ones ?
The CHANCELLOR of the EXCHEQUER said he
had made iniuiry into the present state of the law, and
should be prepared to propose an extension of the regu-
lations introduced with regard to bonds given to the
Board of Customs by the act of last ses6ion, but one
which he thought would remove the grievance com-
plained of.