The Sun.
London, England, 1864-06-03 00:00:00

PRIVATE BUSINESS.

The Liverpool and London Fire and Life Insurance and
Globe Insurance Companies—Wrexham, Wold, and Con-
nah's Quay Railway—Mersey Docks and Harbour Road—
Okehampton Railway—North and South Western Junc-
tion Railway—Wallasay Embankment—Royston. and
Hitchin Railway—North-Western Railway—Nottingham
Gas—and Midland Railway (Chesterfield to Sheffield) Bills
were read a second time.

The Ardrossan Harbour Borough Ferry Road—Caledo-
nian Railway—Bast and West Junction Railway—South
Yorkshire Railway—and River Dun Company Bills were
read a third time and passed.

CIRCASSIA.
Lord STRATFORD de REDCLIFFE asked whether
tho Secretary of Foreign Affsirs had any information to
give the house respecting the many deaths which had taken
place amongst the Circassians on their way from their own
country to Turkey, flying from the persecution of the Rua-

sians ?
Earl RUSSELL replied that he had no doubt great
mortality had occurred amongst those unfortunate emi-
grants. He would lay upon the table of the house such
papers as he could gather, calculated to give their lordships
the information asked for.
MORTGAGE DEBENTURE BILL.
Lord REDESDALE moved their lordship. go into
committee on this bill, the object of wksh was
to enable public companies to lend money on land
on mortgage. The subject had been considered in
committee as a private bill, but it had been thought
desirable to bring in a public bill on the subject
rather than give such power by a private bill. The mea-
sure enacted that all the securities taken under the bill be
registered as securities on real property.
Lord PORTMAN thought several amendments were
required in the various clauses.

Earl GREY said the had been very carefully consi-
dered by the committee to which it had been referred.
His noble friend (Lord Portman) had mistaken the object
of the measure, which was solely to enable the owners of
money on the one hand and the owners of land on the other
to enter into arrangements for their mutual benefit. It was
well known that a large extent of land was lying waste, be-
cause its owners had not money to work it. Now, this
bill would enable the owners to surmount that state of
things by raising money for the object required.
Lord OVERSTONE agreed with the noble lord who
had just sat down, in thinking it desirable that every
facility should be given to landowners to pro-
cure money for the purpose of working the land,
but he thought it very essential that Parlia-
ment should watch very narrowly to see that it did
not indirectly sanction the maintenance of concerns that by
other statutes had been condemned. He objected to the
securities being called mortgage debentures—they were no
such thing; they were merely acknowledgments of debt.
The buke of MARLBOROUGH contended that these
debentures would be in fact a mortgage, and would give
their holders an equal security as a charge upon the land.
Holders of these debentures would also possess an additional
security in the company's guarantee fund, and in its un.
called up capital. The profits of the company would arise
not merely from the difference between the rate of interest
at which they borrowed and that at which they lent, but also
from commissions cn the transactions which they nego-
tiated. No money would be advanced except upon the re-
port of a competent valuer, and he could not therefore ad-
mit that there was any reasonable doubt as to the perfect
safety nor as to the legitimate character of the business
which they were likely to carry on.
The LORD CHANCELLOR said that this bill proposed
to authorise trustees who were now empowered to invest
money in stocks, shares, and mortgages, to invest it in
future in their land debentures. If this was done, due care
mast bo taken that an excessive sum was not advanced—
that a sufficient margin was left to cover any decline in
the value of the land on the security of which it was ad-
vanced, and that the provisions of the bill were made appli-
cable only to trusts hereafter to be created. But he doubted
whether, even under these restrictions, such a power should
be given. These debentures would not give their holders
any specific right to any security held by the company.
They would only entitle them to claim generally against
the property of the company, and under these circumstances
he must say that he thought it would be objectionable even
to empower the trustees of future trusts to invest their
money in these securities.
After some observations from the Earl of DONOUGHMORE
and Lord REDESDALE,
The house went into committee.
Lord PORTMAN moved the omission of the 32d clause,
empowering the investment of trust funds in land deben-
tures.

After some discussion the clause was struck out, it being
understood that another clamAe, having simply a proapec•
t;ve operation, would be brought up on the report. .
The bill then passed through committee.
The iclesiastical Courts and Registers (Ireland) Bill
was read a second time.

The Summary Procedure (Scotland) Bill was read a
second time.

A bill on the Oyster Fisheries was read a first time.

Their lordships then adjourned.

HOUSE OF COMMONS—Last Evening.
The SPEAKER took the chair at four o'clock,
PRIVATE BUSINESS.

The following bills were read a third time and passed :
Crieff and Methven Junction and Branch Railway—Kirk-
cudbright Szewartry Roads—London, Brighton, and South
Coast Railway (Additional Powers)—Wallasey improve-
ment (A. Verbal Amendment to be proposed.)
BELFAST IMPROVEMENT (No. 2) BILL.

On the motion for the consideration of this bill,

Mr. MAGUIRE moved that such consideration should
be postponed for a week. He accused the corporation of
Belfast of having, in reference to this bill, raised money
under false pretences, they having obtained money for a
specific purpose to which it was never applied. They
brought forward a bill in 1857 and another in 1858, both of
which were negatived. A Commission was then ap•
pointed, but the inquiry was limited to financial matters,
and did not embrace the subject of the grievances d.
which those whose interests he advocated Com-
plained. The bill was, in fact, an attempt to
obtain indemnity from the corporation of Bel-
fast for their misconduct, and one of the grave charges
against that body Was that they had praverted the funds
entrusted to their charge to
political purposes. If the de-
lay he proposed were acceded ta, it would enable certain
referees to meet and give the result of their deliberations.
Sir C O'LOGHLEN secAmded the motion.
Sir H. CAIRNS said chat the hon member (Mr Maguire)
did represent the cons'Atuency of Belfast, and he was grossly
misled by the statements he had heard, and on. which be
founded his amendment. In a town of 150,000 inhabitants
there never wr4a greater unanimity than that displayed by par.
ties of all ,wades of
opinion in favour of this bill. Ha de-
fended tile conclusions arrived at by the committee, which,
from its constitution, was above reproach, and which had
investigated the whole subject with the greatest care and
attention.

'Sir C. O'LOGHLEN said he had no desire to defeat
the bill by delay, but he thought benefit would result from
the adoption of the hon. and learned member for Dungan-
non (Mr Maguire), so that the house would be in a i 9 etter
position to determine the merits of this bill. An agree-
ment had been made between the promoters aLd oppo-
nents of the bill to refer it to arbitration, which was
pending, and he tt 'aged the house would not sanction the
violation of that agreement by allowing the bill to be hur-
ried on prematurely to a third reading.
Mr. CARDWELL said that the subject had been re-
ferred to him some time back. It appeared that some years
ago, when feeling ran high in Belfast, the corporation of
that town were accused of misappropriation of funds. Re
strongly condemned the idea of indemnity being withheld
from the corporation of Belfast.
After some further discussion the house divided, when
the numbers were--

-For the motion

Against
Majority
..
The report was accordingly agreed to, and ordered to be
read a third time,

CONSTRUCTION OF SHIPS FOR THE ROYAL

NAVY.
Sir F. SMITH gave notice bat on an early day he would
move that an humble address presented to her Majesty
for a commissicn to inquire into andcon,t
report upon the vari-
ous systems in operation for t construction
of the beaton of ships for
the Royal Navy, with a view to the adoption
system. (Hear, hear.)
MEAL AND GRAIN POISON BILL.
M H. BERKELEY ve notice that h
—e gawould
for an amendment and alteration of the proyi • move
mons of this
bill.