The Sun.
London, England, 1853-08-05 00:00:00

BRIGHTON RACES.

(THIS DAY.)

(BY ELECTRIC TELEGRA
£5O SWEEPSTAKES.
walked over
CLARET STAKES.

Andover

Surprise..
A.bdallah
Puritan ..

Seven ran.
£lOO PLATE FOR, TWO-YEAR-OLDS.
Andover****************************************************
..............................................
Reel colt

Five ran. Fine Race.
BRIGHTON CLUB STAKES.

Allington

BETTING AT MANCHESTER. I 25

THIS DAY.

(BY ELECTRIC TELEGRAPH.) 20
St.
WOLVERHAMPTON STAKES.
sto 1 agst Pastrycook (offered). St.
EBOR HANDICAP. 25
Bto 1 agst Cat'spaw (taken freely). St.
20 to 1 agst King Torn (offered). 50

IMPERIAL PARLIAMENT. I I°.

ROUSE OF COMMONS—(THIS DAY.)
The SPEAKER took the chair at twelve o'clock.
PRIVATE BUSINESS.
The Lords' amendments to the Electric Telegraph
Bill and the Worcester and Hereford Railway Bill were
considered and agreed to.
Thefollowing bills were read a third time and passed :-
33ingley Free Grammar and General Education Schools
and Charity Estates ; Clitheroe School Estate Duke of
Atholl's Estate ; Jesus College Estate ; Piddocke's
Estate ; and Ward Jackson's Estate.
SOUTH SEA COMPANY'S ARRANGEMENT
AND TRUSTS BILL.

' 011 the motion for the third reading of this bill,
Mr. SPOONER rose to move that the bill be re-
rted. The bill, although standing on the private paper
U, a public measure, and ought to have been brought 1;
'n by the Government. It contained most extraordinary `.4
Provisions, and gives the directors of the South Sea
t.lt3t,l2nPati3' power to deal with more than 3,000,0001. of f,
ueir stock in a manner which the house would know
nothing of until a long time afterwards. The standing 8
:i ulrders had been suspended in favour of the bill ; and,
t'ough it was a measure of vast importance, they had
Teard no statement whatever about it. True it was referred
',,(1? incidentally by the Chancellor of the Exchequer in .;
4111 recent statement on the subject of the South Sea -13
- 11 1. ties, but he could not gather from that or any-
'jug in the bill itself, that every member of the
a(zPany, or at least so large a proportion of them as to
Justify the house in passing the bill, had received notice
;3fthe Purport and intention of this bill. The South
Company,
although a chartered company, was,
nevertheless, a partnership, and, therefore, in law, a
measure of this nature to divert the capital of the com-
PauY from the object for which it was subscribed, could
not be made legal without the sanction of all the part-
il,rs• He concluded by moving that the bill be read a
third time this day three months.
Mr. BOUVERIE said the hon. member complained
that this bill had been brought forward as a private bill,
as it was promoted by an incorporated company, it
'ould not have been introduced in any other way. It
Involved a wise and important public object, and he
'rusted it would receive the assent of the house.
Six P. KELLY said the effect of this bill would be
to
Inake the South Sea Company a great trading com-
pany, carrying on business as trustees for other parties ;
and, although that change might be advantageous to the
Proprietors, he contended that, without the sanction of
tball the proprietors, it would be neither more nor less
--an an act of spoliation to pass this bill. The real
°Perations of this bill would be this, parties who had
!wrested their money in South Sea Stock, under the
topression that it was for a particular purpose, would
tie), Paid off without ceremony, if they did not consent to
e terms of the bill. In point of fact, the South Sea
wataPany was a copartnership, and the object of this bill
iftto compel the parties to dissolve the partnership.
the assent of all the proprietors had been obtained to
°f. Course his objections to the bill would cease, but
tipitnout that consent the bill was notning more nor less
oaw an act of spoliation. and the house ought therefore
reject it. They were told, indeed, that the bill was
th Y
had n upon a resolution passed by the company, but
di o information as to how the resolution was
tilsnußsed or carried. They did not know whether all
did
Proprietors entitled to vote agreed to it ; if they
of course there would be an end to his opposition,
thp AnPnc these points the house was as yet entirely in
Mr. 0
this biu—ARDWELL had examined the provisions of
dienc; ' and he had no doubt whatever as to its expe-
WhiefiT as to the necessity for passing it. The policy
rity cf thee bill
p enunciatedany, was approved of by the majo-
gated and the reason it was not investi-
fm bYa public committee was simply that the
—8 of the house required that it should be a pri-
nte bill. Being unopposed, it was referred to
%. the Chairman of Committees, who thoroughly exa-
'-zained its provisions, and reported it as unobjection-
able. Whence, then, arose this opposition ? The bill
441 been approved of by the company in public meeting
aeacinbled, and since the supposed absence of the con-
sent of the proprietors was the present ground of oppo-
Riticn, he thought the house ought to experience no dif-
kUlty in passing the measure.
ISIL HENLEY suggested that the bill should be sent
.34ek to the select committee, with instructions especi-
ally to
port the proportions of proprietors who assented
t°„„ this It was true the bill did not create a
,„--"v", Power, but it created new powers and new objects,
,',Lch the company were to carry out ; and before such
flecauge as that could be made in the constitution of the
-11'Paon the house ought to be satisfied that it had been
trictiorted by the great majority of the proprietors.
The bill was however, objectionable on other grounds ;
f
instance, it extended the principle of limited liability,
b:While some of the clauses were so framed that the cora-
`af,,,nY could hold lands, a power which Parliament had
"a3's refused to confer upon joint-stock companies.
fall he SOLICITOR-GENERAL insisted that it was a
acY to suppose that this bill could not pass without
,Z consent of every individual proprietor. The object for
e, 'eh the company was originally established had been ac-
fttuplished, and the company was now virtually dissolved.
v4B only fair, therefore, that the company should
pubi. the power of applying their funds to uses of present
"c advantage, and considering that the assent of the
ZnPrietors had been given to the bill in the usual
feriner, he thought the opposition was quite uncalled

lle amendment was negatived without a division, and
the bill was read a third time and passed.
STANDING ORDERS REVISION COMMITTEE.
Oh the order of the day for the consideration of the
report of this committee,
t olVir' W. PATTEN called the attention of the house
tiothe report, and, in accordance with its recommenda-
titannu!: mohe insertion of certain amendments in the
ing orders which were agreed to.
(LEFT SITTING.)