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

upon sygnifying their assent within such time as may be
limited by the Commissioners of the Treasury for this pur-
pose, to commute, upon the same terms, and subject to the
same conditions, all or any part of the annuity or interest
payable in respect of such further amount of their said
capital or trading stock as may be authorised or requirel
by Parliament to be invested as a guarantee fund for their
administration of private trusts, in case they should be
authorised to undertake such administration by any act to
be passed in the present session of Parliament.
Mr. DISRAELI said these resolutions had come
rather suddenly before the house, and though they ap.
peared to be limited in their scope, and at first sight to
be constructed with some simplicity, they Would be
found on examination to involve important considera-
tions. (Hear, hear.) The propositions of the Govern-
ment, with regard to the greater portion of the funds,
had entirely failed, and he objected to their submitting
new plans to the committee which would have the effect
of extending the commutation of stocks to parties not
contemplated when the original measure was passed.
The simplest and wisest course would be to conclude the
arrangement which had proved to: lie n lolly unsuccess-
In% In the first place, lie ()hied( to these resolutions,
because they would entrust, to the ministers a power
which was at least unusual,. if not unprecedented,
to enter into bargains 'at their own discretion
for the commutation of stock ; and secondly, because
the antecedents of the Gevernment, with respect to this
question, were not such as is induce the committee to
make an exception in their favour. (Hear, hear.) It
w;O4 most unwise at the end of the session to attempt to
patch up a scheme in order to enable the Government
to enter into new speculations, which were founded on
calculations as imperfect as those on which their first
proposals rested. They were now asked to grant to
the Government an unlimited discretionary power for
settling the terms in which future commutation should
take place, which would leave our finances in a state of
uncertainty and doubt. The Government were fairly
warned what would be the effect of the proposals ;
and he thought it would be impolitic to accede to the
present resolutions unless the committee were informed
more clearly what their intentions were in regard to the
intended commutation.

In reply to Sir H. WILLOUGHBY,
The CHANCELLOR of the EXCHEQUER said he
would venture to state, that instead of there being any
loss, there would be a considerable gain to the Consoli-
dated Fund by the proposed arrangement.
Mr. W. WILLIAMS expressed his intention to sup-
port the Chancellor of the Exchequer, believing that his
proposal would effect no material reduction in the Con-
solidated Fund.

After a short discussion, the first resolution was
agreed to,_

—On the 2d resolution.being put by the CHAIRMAN,
Mr. J. B. SMITH objected to it, on the ground that
parties who had received one offer and refused to accept
it, should not have another made to them. If the reso-
lution passed, it would place future chancellors of the
exchequer in considerable difficulty, for holders of stock
would not be disposed to avail themselves of the first
proposals of the Government, because they would look
forward to some other opportunity being afforded them
to make a better bargain. The only right course to
adopt was to pay off the parties in money, which the
Chancellor of the Exchequer must raise in the best way
he could.

Mr. JOHN M`GREGOR saw nothing dangerous or
impracticable in the proposition of the Chancellor of the
Exchequer. Unless the Government had a discretion-
ary power they would not be in a position to do the best
they could for the public.
Sir F. KELLY should feel it his duty to oppose the
resolution in every possible way. The real question
was whether Parliament ought to confer upon a body
corporate who stood in the position of trustees for those
who had no power to act, or even to speak for them-
selves, the power to meet the views of the present Go-
vernment, although their doing so might largely sacrifice
the interests of those for whom they acted as trustees.
The CHANCELLOR of the EXCHEQUER rose to
reply, but had not proceeded beyond a few sentences
when four o'clock arrived, and the house then stood
adjourned until six this evening.
The house resumed at 6 o'clock.

Mr. V. BROWN put a question to the Secretary to the
Treasury with reference to the conveyance of mails be-
tween Mallow and Killarney, observing that it would be a
great couvience to have them by the railway, which was
now opened.
Mr. WILSON said, that previous to the opening of the
railway the Post-office authorities had entered into a con-
tract to have the mails conveyed for one year by cart.
When the contract expired the Post-office would avail
itself of the facilities offered by the railway.
Mr. HORSFALL said that there existed some appre-
hension that at that period of the session Government
would withdraw that excellent measure, the Customs Bill,
and he should be glad to hear whether or not they had any
such intention ?

Mr. WILSON said, that in reference to this very im-
portant bill, he was glad to have the opportunity of stating
that the Government had no intention of withdrawing it,
and it was almost impossible from the state of the arrange-
ments made at the Custom-house with reference to the bill
that it could be postponed till another year. He had gone
over the bill very carefully out of doors with those who
were most interested in its provisions, and such a close
accordance of views had been attained that he thought the
bill would be passed with comparatively little discussion
or loss of time. He proposed to commit the bill pro forma
that night, with the view of inserting a great many altera-
tions which had been agreed on, after which the bill would
be reprinted, and he hoped early next week to obtain a
morning sitting for its discussion.
Mr. HORSFALL next inquired, whether the First Lord
of the Admiralty had received any communication com-
plaining of great irregularity in the delivery of letters by
the African mail contract steamers, and whether any
measures were being taken to prevent a recurrence of the
same ? Probably, the right hon. gentleman was aware
that the last steamer neglected to call at two principal
trading ports, as it should have done scum-ding to con-
tract.

Sir GRAHAM had not heard at the Board of Mmi;
ralty of any special complaint of failure in respect to time
on the part of these particular steamers, but the Board of
Admiralty had given general notice to all parties under
contract that they would enforce the special contract in
regard to the observance of time, with more rigour than
hitherto. No representation had been forwarded tv the
Admiralty that the last African mail steamer had nut
touched at all the proper places.