The Sun.
London, England, 1853-07-28 00:00:00

Four ran. Won cleverly.
DUKE OF RICHMOND'S PLATE
Black Swan
Corybantes

Eighteen ran

IMPERIAL PARLIAMENT

HOUSE OF LORDS—(THIS EVENING.)
The LORD CHANCELLOR took his seat on the woolsack
at five o'clock.

Lord BEAUIVIONT presented a petition from the
Leeds Chamber of Commerce, praying for the establish-
ment of tribunals of commerce.
Lord BERNERS presented petitions from several,
places against the sale of spirits on Sundays.
Lord BROUGHAM presented petitions from Bangor
and other places in favour of the County Courts Exten-
sion Bill.

COUNTY COURTS FURTHER EXTENSION

BILL,

Lord BROUGHAM moved the second reading of
this bill, and in doing so, the noble lord.dwelt at some
length upon the great benefit which the establishment
of county courts had conferred upon.,_ society at large.
The experience of these courts during the last six years
proved that they might be judiciously extended, and the
object of this bill was to increase their jurisdiction, and
render them still more efficient in many other respects, so
that their usefulness might be ,made equal to that of the
superior courts of law and equity. All, however, that he
wanted their lordships to do was to affirm the principle of
the bill, and leave it to be passed in a future session. The
noble lord at the same time announced his intention to lay
upon the table another bill for amending and improving
the law of arbitration, which he should also ask their
lordships to read a second time with a view to its being
taken up again at the commencement of next session.
[LEFT SPEAKING.]

HOUSE OF COMMONS—(THIS EVENING.)
(Continued pont our Afternoon Edition.)
SOUTH SEA ANNUITIES DISSENTIENTS.
The house then went into committee upon this bill.
TheCHANCELLOR of the EXCHEQUER proposed
the following resolutions :
" 1. That provision be made, out of the Consolidated
Fund of the United Kingdom of Great Britain and Ire-
land, for paying off the proprietors of the capital stocks of
Old South Sea Annuities, New South Sea Annuities, Bank
Annuities (1726), and 3/. per Centum Annuities (1751),
mentioned in an act of the present session, chapter 23, in
respect of which assents to commute shall not have been
signified according to the said act, and also for paying to
the South Sea Company a principal sum equal to the
amount of the trading or capital stock of the said company,
or the part thereof the interest or annuity on which shall
not have been commuted or exchanged, according to the
said act, or any act to be passed in the present session of
Parliament.
"2. That the South Sea Company shall be permitted to
commute, within a time to be limited, all or any part of
the annuity or interest on their trading or capital stock,
payable in respect of shares in such stock standing in the
names of the Accountant-General of the Courts of Chancery
of England and Ireland, respectively, and of the Account-
ant in Bankruptcy in England, and in the names of trus-
tees and others disabled from voting in the General Court
of Proprietors of the said company, into or for any one or
more of the stocks and securities authorised to be created
and issued by the act of the present session, chap. 23, and
the 3/. si. per Centum Annuities, and New 31. per Centum
Annuities, created under the acts of the seventh year of
her Majestey, chapters 4 and 5, commonly called and
known as 31. ss. per Centum Annuities (1814), such com-
mutation into or for the said stocks and securities autho-
rised to be created and issued by the said act of the present
session, to be upon the terms and subject to the conditions
upon and subject to which the like commutation was
authorised under the said act, and such commutation into
or for the said 3/. ss. per Centum Annuities (1544), to be
upon such terms and subject to such conditions as the Com-
missioners of her Majesty's Treasury may see fit to offer,
provided that the assent of the said company to any such
commutation shall be signified to the said Commissioner,
of the Treasury within such time as may be limited by such
commissioners for that purpose.
"3. That the South Sea Company shall also be permitted,
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
Rama 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 required
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. DISRA.ELI 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. (Rear, hear.) The propositions of the Govern-
ment, with regard to the greater portion of the funds,
bad 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 be wholly unsuccess-
ful. In the first place, he object 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 Government. with respect to this
question, were not such as is induce the committee to
make an exception in their favour. (Hear, hear.) It
Was 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
lose, 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
p;oposal would effect no Material reduction in the Con-
solidated Fund.
After a short discussion, the first resolution was
agreed to.
3,Ornr.t
J.
B.
resolution being put by the CHAIRMAN,
parties who h d H objected to it, on the ground that
a received one offer and refused to accept
it, should not have anotherNv made to them. If the reso-
lution passed, it
exchequer in considerable
d place future chancellors of the
disposed
toavail themselves of the first
forward to some Government,other because they would look
rt
to make a better barOsaPii,P; unity being afforded them
adopt was to pa off ale
art
Ti he only right course to
Chancellor of the Exchequer must raise rnlsileoinneyth ewhi
bestch
waythe
he could. ai
Mr. JOHN M'GREGOR saw 0
impracticable in theproposition ofrithtehing dangerous or
Exchequer. Unless the Governme Chancellor of the
nt
ary power they would not be in a os. had a discretion-
they could for the public. p ition to do the best
Sir F.
resolution KELLY should feel it his duty to oppose the
in every possible way. The real qu
was whether Parliament ought to confer up
°n aestion y bod
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,