The Sun.
London, England, 1855-07-10 00:00:00

IMPERIAL PARLIAMENT.

HOUSE OF LORDS-(YESTERDAY.)
SECOND READINGS.

On the motion of Lord REDESDALE the following
bills were read a second time :—Gatesbead and Ilexham
Roads ; Liverpool Improvements ; Birkenhead and
Liverpool Docks (Trust Property of Birkenhead Docks
Trustees, &c.) ; East Kent Railway (Extension to Do.
ver) ; Keighley and Kendal Road ; Liverpool Dock ;
Dublin, &c., Roads (No. 2) ; Westminster Improvement;
Londonderry & Coleraine Rail way; Surrey Gas; Bradford
Corporation Water ; Airdrie Rural Police (No. 2) ;
Royal Conical Flour Mill, &c.
ACCIDENTS ON RAILWAYS BILL.

Several verbal amendments, proposed by Lord STAN.
LEY, were agreed to, and the bill was then read the
third time and passed.
The following bills passed through committee :
School Grants, Burial Grounds (Scotland) Indemnity,
and Court of Exchequer (Ireland).
The Stock in Trade Bill passed through committee.
The Copyhold, &c., Commission Continuance Bill
passed through committee.
Their lordships then adjourned at ten minutes past
eight o'clock.

HOUSE OF COMMONS—(YESTERDAY.)
EDUCATION (SCOTLAND) BILL. •
Several other clauses were brought up and amend,
ments proposed after which the report was received.

PARTNERSHIP AMENDMENT BILL.
On the order for going into committee on this bill,
Mr. HASTIE rose to move, as an amendment, that the

house would resolve itself into committee that day three
months. The bill had been insufficiently discussed, and
be hoped to bring before the house such opinions of com-
mercial men and economists of eminence as would j istify

the course he was takirg. He had expected that the right
hon. gentleman who introduced this bill would have
ehown that there was in this country a want of capital
to carry on cotnroercial and manufacturing enterprise ;

. .
but nothing of the sort had been shown. The bill was
artfully drawn to captivate all who were anxious to re-
tire from business, but to preserve a certain risk in the
undertakings of their successors. It would enable the
crafty and designing to commit immense frauds upon the
public. The repeal of the usury laws had removed all ne-
cessity for such a measure as this, since a person might
obtain all thd objects sought to be facilitated by this bill
by lending money on bond at a high rate of interest,
when be would be a simple creditor. The opinion of Mr.
M'Culloch was adverse to companies with limited liability
except for the management of such undertakings as docks
and railways. The hon. member read a number of rather
lengthy extracts from the works of Mr. 111`Culloch, and
was still doing so, when

Mr. E. BALL rose to order, objecting to the hon.
member reading a pamphlet instead of addressing the
house.

Mr. -HASTIE said that he was only reading extracts
and was proceeding in that course, when
Mr. J. MACGREGOR rose to order, and said the
hon. member for Paisley might as well present to the
house all the works of Adam Smith, the patriarch of po-
litical economy. Why did he not make a speech of his
own. (Laughter, and cries of order and chair.)
The SPEAKER said the hon. member was quite in
order. It was a question of degree. The hoc. member
was entitled to support by reading any number of ex-
tracts he thought requisite, but it would be out of order
for him to read the whole pamphlet.
Mr. HASTIE continued reading some extracts, in
apology for which he said that he was not so gifted with
the power of speech as the hon. member for Glasgow
(Mr. John Macgregor). (Loud laughter.) The opinions
of Mr. M'Culloch were confirmed by that of the present
Lord Overstone. He considered the bill would tend in
the greatest degree to increase fraud and bankruptcy and
destroy credit. He moved, therefore, as an amendment,
that the bill should be committed that day three months.
Mr. MITCHELL seconded the amendment. He did
not think the subject had been properly discussed, nor
did the sentiments expressed in that house convey the
opinions of a large portion of the community in the
country. When the bill aas introduced he was struck
with the few cases of grievances under the present act.
The only cases referred to were the cases of paten-
tees, and the cases where old partners, on retiring
from business, wished to leave a sum of money in the
hands of their successors. He apprehended that there
had as yet been no difficulty experienced in these cases,
we! that no grounds had been established for the in-
troduction of this particular bill. He believed there was
a majority in the country against the bill, including not
only capitalists but a great portion of the rising young
men of the country. It was notorious that the abund-
ance of capital was so great that every five or six years
they had speculation running mad in the country, and
yet in the face of that, and of the crash that occurred
nearly once in every seven years, they were endeavour-
ing to draw a large amount of capital into business from
other sources. It was thought that persons advancing
money would have power to control the operations of
the person to whom it was advanced, but this bill would
give no such power, and if the party advancing the
money took an active part in controlling the business, he
would, under the law of the land, be deemed an active
partner in it. The next point had reference to the mode
in which the capital was to be obtained, and it was
said that there was a choice between borrowing money
at a high rate of interest and giving a share in the
business to the party advancing the money. He
denied that such was the fact, because it rarely hap-
pened that a person going rnto business would borrow
money for a permanent purpose at a high rate of inte-
rest. It was said that the bill would prevent this, but
he asked if. any one emit" read the 4th, sth, 6th, and
7th clauses of the bill and say there was any check in it
on the commission of fraud. Great stress had been laid
on the example of other countries, but ho believed that
the system of en commanclite in France and Belgium was
getting into discredit. They wanted neither capital nor
confidence in this country, and, therefore, the measure
was unnecessary.
Mr. J. MACCGREGOR would support the principle
of limited liability, but it should be provided by the
measure to which that support would be given that the
party advancing the money should give security to the
public for double the amount subscribed. He warned
the house against rejecting s measure which he consi-
dered necessary for the security of the industry of the
country. (Hear, hear.)
Mr. WILKINSON supported the bill, considering
such a measure as the present absolutely necessary to
furnish a safe outlet for the investment of the superabun-
dant capital that existed in the country. (Hear, hear.)
Mr. CARDWELL trusted the house would not fur-
ther delay the progress of the bill, but would at once
allow it to go into committee. (Heir, hear.)
Mr. MALINS said, as the law now stood, persons
could silently join and silently retire, but this bill pro-
posed in both cases that notice of the fact should be
given by registration. What was required was a ra-
tional system of dormant partnership, encouraging the
advance of capital by those who possessed it to those
who did not, and this bill would enable the capitalist to
advance money without incurring the great risks to
which he was now subjected, which amounted to a total
prohibition against the obtaining of capital by those
who were commencing life. (Hear, hear.)
After a few words from Mr. W. BROWN and Mr. H.
Vrvi.ses, the amendment was negatived without a divi-
sion, and the house went into committee on the bill.
Clause I was agreed to.
Mr, MARJORIBANKS moved the following pro-
vim) at the end of the clause :—" That the amount of
money borrowed shall not exceed the capital embarked
in the business." This would impose a check on undue
speculation, which it was feared would otherwise be rife
under this bill.
Mr. BOUVERIE contended that it was often impos-
sible to ascertain the amount of capital embarked in a
business, and even If it were, the proviso would not be
just or expedient.
Mr. MALINS agreed with the right hon. gentleman
that the proviso would go far to defeat the objects of the

After some farther conversation the amendment was
withdrawn, and the clause ordered to stand part of the
bill.

The house then resumed, the Chairman reported pro-
gress, and obtained leave to sit again on Thursday.
LADY RAGLAN AND LORD RAGLAN'S
ANNUITIES BILL.
On the motion for the second reading of this bill,
Mr. W. WILLIAMS said he did not intend to object
to that part of the bill which referred to Lady Raglan,
but he thought it was highly objectionable to tax pos-
terity for au annuity for the present Lord Raglan. If
anything was to be done for that young nobleman it
ought to be in the shape of a sum of money paid by the
present generation. The annuity proposed for Lord
Raglan exceeded the pensions conferred upon very dis-
tinguished officers who had rendered great service to
their country. For example, Lord Rodney obtained
'only 2,0001. a year, and the same sum was conferred
upon the descendants of Lord Nelson ; yet no one would
say that the services rendered by the late Lord Raglan
were to be compared to those rendered by either of those
distinguished men. Lord Gough had only 1,0001. a year,
although his services were quite as valuable as those of
Lora Raglan. He could mention other cases of the
same kind, but, after the opinion expressed by the house
on a former occasion, he should not oppose tho second
reading of the bill, contenting himself with having ad-
dressed these few remarks to the house.
The bill was then read the second time.
The Fisheries (British Islands and France) 13111 passed
through committee.
COAL MINES INSPECTION BILL.

The report of the committee on the Coal Mines In-
spection Bill was brought up and considered.
Mr. CAY LEY moved the addition of a proviso to
clause 9, to the effect that an annual return of the num-
ber of accidents occurring in coal mines should be laid
before the house.
After some discussion the:house divided, when there
were—

For the amendment 5B
Against it 74
—l6
Majority
The remaining clauses were reported, and the third
reading was fixed for this day (Tuesday).
METROPOLIS LOCAL MANAGEMENT BILL.
The house went into committee on this bill. Some
amendments were introduced, and ordered to be printed.
The Commons Inclosure Bill was read a third time
and passed.

EXCISE DUTIES BILL.
The house went into committee on this bill ; the first
four clauses were agreed to, and the Chairman then re-
ported progress.
The Turnpike Trusts Arrangement Bill wag read a
second time.
•
The Pablic Libraries and MuseurAs )3111 was read a
third time and passed.