The Sun.
London, England, 1853-07-29 00:00:00

THE CAB STRIKE.

Sir D. NORREYS wished to know whether the
Commissioners of Police should be empowered to issue
temporary licenses to ply for hire to any sort of vehicle
during the continuance of the present conjuncture.
The CHANCELLOR of the EXCHEQUER replied
that he did not think that there was any necessity for
the house to pass such a temporary measure, as the
Treasury, who were responsible in matters of this kind,
had authority already to grant licenses if they so thought
fit.

SOUTH SEA ANNUITANT DISSENTIENTS.
The house having again gone into committee, and the
discussion on the South Sea resolutions being resumed,
The CHANCELLOR of the EXCHEQUER, in re-
ply to observations which had been made in the course
of yesterday's discussion, said he wished it to be dis-
tinctly understood that no person to whom an option
had already been offered, and by whom it had been de-
clined, should now a second time have it presented to
them ; but that the object of the resolutions was simply
to grant such power of election to holders who, when
the option was offered on a previous occasion, were, by
reason of some legal disability, unable to avail themselves
of it. He protested that there was no intention to em-
power the South Sea Company to deal arbitrarily or
irresponsibly with the interests of their shareholders ;
and with regard to the opinion that unprecedented
powers were now for the first time demanded for the
Treasury, he reminded the house that by a recent statute
the Chancellor of the Exchequer had an unlimited and
uncontrolled power to raise a present payment, by way
of interest on Exchequer-bills from 210,0001. to upwards
of 600,0001., by simply altering the rate of interest.
The present powers and responsibilities of the Chancellor
of the Exchequer, were in every way analogous to the
powers now asked for ; the grounds on which these reso-
lutions were based were those of justice. It was an
attempt to redeem a pledge given in reply to the late
Lord Chancellor. It would be absurd to make the same
offer to holders of trust stock now as was made to
individuals generally in April last, as circumstances bad
now depreciated what was then considered an advan-
tageous investment ; but such a course was not only
demanded by justice, but would be a great convenience
to the public; and it would be unwise and imprudent on
the part of the house to withhold their assent, even
though they shared the opinions which had been ex-
pressed by gentlemen opposite, as to the adroitness and
dexterity of those who had the management of the
public finance. While he by no means shrank from the
discussion of his past policy, he did not think the pre-
sent was a suitable time, and he deprecated the practice
of attempting to discuss, in general debate, financial
questions which, from their very nature, did not
admit of being so satisfactorily treated. (Hear, hear.)
In the ancient mythology, there were two kinds of fate,
one proceeding arbitrarily from the mouth of the gods,
against which human skill and courage might hope suc-
cessfully to contend ; the other, a higher power was
immutable, and to it gods and men were alike com-
pelled to submit. Now, he ventured to compare the
difficulties with which he had to contend to the latter.
But while he acknowledged that his measure had not met
with the success he had hoped for, he utterly and entirely
denied that there had been such a failure as had been
assumed by the right hon. gentleman opposite (Mr.
Disraeli), who thought that commutation was the only
alternative anticipated by Government, whereas he, for
one, had never been sanguine on that head. The hon.
gentleman then entered into details, showing that the
unfunded debt had been relieved to the amount of upwards
of 3,000,0001. without in any appreciable degree increas-
ingthepermanentobligations of the country, and compared
this with the past financial history of this country. Had
he met with no greater success than had been secured
by all previous financiers, taking the average results of
such transactions since 1835, there would have been
fixed on the country a permanent charge of 96,0001. a.
year as interest on funded stock, in place of the com-
plete relief it had been his good fortune to ontam.
:ir 1 . that it was undenirtble that every
per6un who had accepted any of the corneiumfaem!,
utfer,..d by the Government had thereby incurred a seri-
ous loss, and feared that if these resolutions were passed
the interests of persons, whose property was under
the guardianship of Chancery; would be sacrificed ,

to an enormous extent. He then said that the form of
the resolution would render them completely imperative
as he apprehended that the return of the interest of
holders of South Sea Stock with which it was proposed
to deal, had been misconceived. The resolutions were
framed as if every shareholder in the South Sea Company
had a separate, independent, and commutable property,
but the Stock of the South Sea Company was one and indi-
visible ; arid the supposition that every shareholder pos-
sessed an integral and commutable portion of stock was
unfounded ; and it was therefore impossible to deal with
them in the manner proposed. He felt unwilling to
entrust the Ministry unnecessarily with the fixing of the
rate at which these commutations should take place.
Looking at the state of the money market, and the po-
sition of affairs abroad, and all the circumstances which
bore upon any financial arrangements which could now
be effected, and also looking back at the progress in
financial prosperity which had been achieved during
the last forty years, he thought it unwise, imprudent,
and unprecedented to tie up the hands of all future Mi-
nistries for the next forty years, and so prevent them
from taking any more favourable opportunity, which one
might, without being too sanguine, hope for. He ridi-
culed the notion that the depression of the new funds could
be attributed to the unfavourableness of the season, or any
of the causes which had been assigned, as there had been no
cause mentioned which should not have produced an equal
depression in 3 per cents. and other previously existing
securities. He believed that the holders had suffered
solely from their blind and unwarranted confidence in
the assurances of Ministers, and he hoped the right hon.
gentleman, instead of endeavouring to spread the evil,
would apply his time and abilities to remedying the mis-
chief which he had already done.
Mr. J. B. SMITH thought it was pretty evident that
those who had not accepted the former proposition of
the Government had not lost anything by their holding
back. The injustice done was to those who had placed
confidence in the right hon. gentleman.
Sir H. WILLOUGHBY thought it was impossible
for the committee to assent to the resolution as it
now stood. He objected to placing in the hands
of the Treasury a power to deal with each indi-
vidual, and to fix the amount of money he should
receive for his stock. It would make the Trea-
sury the greatest stock-jobbers of the country. The
demand on the part of the Ministry was not, as had been
contended by the Chancellor of the Exchequer, analo-
gous to his control over the unfunded debt ; the latter
had certain limits which might or might not be too wide,
but were reducible to a certain degree of fixedness.
What was now asked for was absolute, unlimited powers.
He thought he had a right to call upon Ministers to de-
clare the terms on which they intended to act, and he
was sure that their refusal would not be fair to the
house or to the country.
Mr. GLYNN apprehended that the object of this re-
solution was not to make a new offer, but to give an
option to a particular set of men, whose position at the
time of passing the first bill had been overlooked, and
who had no power then given of accepting any offer.
He thought the mode ofgoing into the market, provided
by this resolution, was by far the most economical. He
regretted that the right hon. gentleman had relinquished
his intention of bringing in a bill to deal with the funds
in the Court of Chancery.
After a few words from Mr. SPOONER and Mr.
WILSON,

Mr. WILKINSON wished to know whether this was
a new offer, or whether it was merely intended to ac-
commodate those who formerly could not accept any
offer.

Mr. DISRAELI protested against the new view
taken by the Government, that the failure of their finan-
cial scheme was to be attributed either to the state of
the weather, or to the state of the continent. It had
been condemned from the first by all practical men, and
the public had wisely abstained from having anything to
do with projects so illusory. He should very much like
to know the amount of those deficiency bills to which the
right hon. gentleman had so lighty alluded. He believed the
amount of interest on these bills must be much greater
than a few hundred pounds, or else the Bank of Eng-
land were accommodating the Chancellor of the Ex-
chequer at a much lower rate of interest than they ac-
commodated other parties.
The committee then divided, and the numbers were—
For the resolution
Against it
Majority
The resolution was then agreed to.
The third resolution was then agreed to after a few
words from Mr. NEWDEGATE and Sir F. KELLY.
The house then resumed.
ASSESSED TAXES 'BILL.
This bill passed through committee, the CHANCELLOR
of the EXCHEQUER having intimated his intention to
consent to almost all the amendments proposed by dif-
ferent hon. members.

The Stamp Duties (No. 2) Bill was read a third time
and passed. _

The house then adjourned until six o'clock.
At six o'clock the house resumed and was
[LEFT SITTING.]

Mr. Foley has paired with Lord Lewisham from
August 1, for the remainder of the session.

THE LONDON GAZETTE.

(THIS EVENING.)

WHITEHALL, JULY 27.
The Queen has been pleased to present the Reverend
John Mackenzie, M.A., to the church of Ferryport-on-
Craig, in the presbytery of St. Andrews, and county of
Fife, vacant by the deposition of Mr. Walter Foreman
Burtt, late Minister thereof.
WHITEHALL, JULY 28.
-

The Queen has been pleased to present the Reverend
Charles Borton, M.A., to the rectory of Hartest-cum-
Boated, in the county of Suffolk, and diocese of Ely, void
by the death of the Reverend Doctor John Maddy.