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 Rtilway-31..rsey Docks and Harbour Road—
Okehatopton Railway—North and t4outh Western Junc-
tion Railway--Wallasey Einbanktnent—Royston and
Hitchin Railway—North-Western Railway—NottinOiam
Gas—and Midland Railway (Chesterfield to Sheffield) Bills
were read a sec nd time.
The Ardro,san H.r'oour Borough Ferry Road—Caledo-
Lien Railway—E tat and West Junction Railway--South
Yorkshire Railway—and River Dan Company Bills were
read a third time and passed.
CIRCASSIA.

Lord STRATFORD de REDCLIFFE asked whether
the Secretary of Foreign AffAirs had any information to
give the house respecting the many deaths which had taken
place amongst the Circessittns 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
papery as he could gather, calculated to give their lordships
the information asked for.
MO itTGA.GE DEBENTURE BILL.

Lord UEDESDALE moved their lordships go into
committee on this bill, the object of which 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 VII 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 Duke 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 nn-
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 on the transac'ions 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 thie 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 be taken that an excessive sum was ?Sot an vanced—
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 DONOUGIMORE
and Lord REDESDALE,
The house went into committee.

Lord FORTMAN moved the omission of the 32d clause,
empowering' the investment of trust funds in hind debeu-
. tures.

After some discussion the clause was struck out, it being
understood that another clause, having simply a prospec-
tive operation, would be brought up on the report,
The bill then passed through committee.
The Eczlesiastical 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 OP COMMONS—Last Evening.
The SPEAKER took the chair at four o'clock.

PRIVATE BUSINESS.

The following bills were read a third time and passed :
Cried and Methven Junction and Branch Railway—Kirk-
cudbright S.ewartry Roads—Londcn, Brighton, and South
Coast Railway (Additional Powcr.)— Wallasey Improve-
ment (A Verbal Amendment to be proposed.)
BELFAST IMPROVEMENT (No. 2) BILL.

On the motion for the consideration ot 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 wits then ap•
pointed, but the inquiry was limited to financial matters,
and did not embrace the subject of the grievances of
which those whose interests he advocated com-
plained. The bill was, in fact, an attempt to
obtain indemnity from the corporation of Bel-
fast tor their, misconduct, and one ot the grave charges
against that Jody was that they had perverted tne funds
entrusted to their charge to political
purposes. If the de-
lay he proposed were acceded to, it would enable certain
referees to meet and give the. result of their deliberations.
Sir C O'LOGIILIN seconded the uaoti„.
Sir 11. CAIRNS said that the bon cuembe,r (Mr Maguire)
did represent the constituency of Behest, and he was grossly
misled by the statements ht. had h, ard, and ,da whicn be
fouuded his amendment. In a town of 150,030 inhabitants
therenever was greater unanimity than tbatdisplayed by par.
ties of all shades of opinion in favour of this bill. Re de-
fenJel the conclusions arrived at by the committee, which,
from its constitution, was above reproach, and which had
investigated the whole subject with the greatest care aad
atten Tian.

Sir C. O'LOGHLEN said he had no desire to defeat
the bill by delay, but he thought bEneat would result from
the adoption of the hon. and learned member for Dungan-
non (Mr Maguire), so that the house would be in a t,ett4r
position to determine the merits of this bill. An agree-
ment had been made between the promoters ar.d oppo-
nents of the bill to refer it to arbitration, whi,h was
pending, and ht tt gated the house would not sanction the
violation of that agreement by allowing, the bill to be bur•
lied on premature!tj to a third reading.
Mr. CARDWELL said that the subject had been re-
ferred to him some time back. It appeared that some years
ati-o, when feeling ran high in Belfast, tho corporation of
that town were accused of misappropriation of funds. Ile
strongly condemned the idea of indemnity being withheld
from the corporation of Belfast.
After some farther discussion the house divided, when
the numbers were—

For the motion
Against
.--167
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 that on an early day he would
move that an harnble address be presented to her Majesty
for a commission to inquire into and report upon the vari-
oils systems in operation for the construction
of ships for
the Royal Navy, with a view to the adoption of the best
sTstem. (Hear, hear.)

MEAL AND GRAIN POISON BILL.
Mr H. BERKELEY gave notice that he Would move
for an amendment and alteration of the provisions of this
bill.