The Sun.
London, England, 1853-04-09 00:00:00

t3rms on which they were redeemable being the payment
of a certain sum of money. (Hear, hear.) The individuals
of whom the hon. gentleman spoke would not get their
1101. or their 98/. 10s., unless it was the interest of the
State to give it. (Hear, hear.)
Mr. MALINS impugned the proposition that England
hal no other liability towards the public creditor than
that of paying a perpetual annuity. Strictly and legally
speaking that might be correct, but practically the doc-
trine was most erroneous. (Hear, hear.)
The first resolution, which was as follows, was then
agreed to :

"1. That the capital trading stock of the Corporation
of the Governor and Company of Merchants of Great
Britain trading to the South Seas and other parts of
America, and for encouraging the fishery, which is called
and known by the name of South Sea, Stock : the capital
stocks the 31. per Centum Annuities, called and known
by the name of the Old South Sea Annuities and by the
name of the New South Sea Annuities : the capital stock
of the 31. per Centum Annuities, created by an act passed
in the twelfth year of King George the First, intituled,
An Act for granting to his Majesty the sum of
I,OC ),0001., to be raised by way of lottery,' called and
known by the name of the Bank Annuities 1726: and the
capital stock of the 3/. per Centum Annuities, created by
an act passed in the twenty-fourth year of King George
the Second, intituled An Act for granting to his Majesty
the sum of 2,100,009/., to be raised by annuities and a lot-
tery, and charged on the Sinking Fund, redeemable by
Parliament,' called and known by the name of the 31. per
Centum Annuities 1751, shall be paid off and redeemed.

The second resolution was then read as follows
" 2. That every person, body politic and corporate, who
now is, or hereafter may be, interested in the capital
stocks of any of the said 31. per Centum Annuities, who
shall, in manner hereinafter directed, give notice at any
time on or before Friday, the 3d day of June, 1853, of his
assent to receive other government securities in lieu and
in place of the said capital stocks of the said annuities, in-
stead of being paid in money, shall, at the option of the
said parties, receive for every 1001. thereof, 821. 108. in a
a New' Stock of Three-and-a-Half per Centum An-
nuities, which said annuities shall be paid at the
rate of 31. 10s. per centum per annum until the sth day of
January, 1894, from and after which day the said annui-
ties shall be subject to redemption by Parliament ; or for
every 1001. of the said capital stocks of annuities the sum
of 1101. in a New Stock of Two-and-a-Half per Centum
Annuities, which said annuities shall be paid at the rate
of 21. 10s. per centum per annum until the sth day
of January, 1894, from and after which day the
said annuities shall be subject to redemption by Par-
liament ; or for every sum of 1001. of the capital Stocks
of the said 31. per Centum Annuities, an Exchequer Bond
for the like amount paable to the bearer, and carrying
interest at the rate of 21. 15s. per centum per annum,
payable half-yearly, on the Ist day of March and the
Ist day of September in every year, until the Ist clay of
September in a year to be named in such bond, and not
later than Ist September, 1864, inclusive, and thenceforth
21. 10s. per centutu per annum, payable half-yearly in like
manner, until and including the let of September, 1894,
and thereafter to be subject to redemption at par, at the
option of the holder, or at the option of the Commissioners
of her Majesty's Treasury, as shall be named in such
bond."

Mr. DISRAELI thought it right, before this resolution
was agreed to, to warn tie committee that, from the alter-
ations made in the resolution, from the admissions made
by the Chancellor of the Exchequer, and from various
other statements, this was, in fact, the important resolu-
tion. He wished the committee to bear this in mind, and
be protested against the supposition that, by allowing
the resolution to pass, he for one assented to it. If the
committee agreed to the conversion of the whole
of 500,000,0001., under the second resolution, he must
remind the committee that the profit to the country
would but little exceed 550,0001. a-year ; and they should
well consider whether, for such an object as reducing the
interest of the debt by 500,0001. sterling, they would do
right to fix the rate of interest at 23 per cent. for more
than 40 years. (Hear.) That was a most important point,
which the committee appeared to be disposing of in almost
a formal manner, but it was a point to which they must
give deliberate attention. The, interest guaranteed was
higher than he, for one, thought would prevail during the
next 40 years. (Hear, hear.) It was an enormous respon-
sibility to undertake to make such an arrangement, and ho
trusted the committee, when they came to discuss the sub-
ject on a future occasion, would think it their duty most
carefully to consider whether they would assent to it.
(Hear, hear.)

The resolution was then agreed to, together with the
four subsequent resolutions, as follows :

" 3. That the Commissioners of her Majesty's Treasury
be authorised and empowered to fix the number of years
during which the interest of 21.155. per cent. shall be pay-
able on such bond, subject to the limitation of the fore-
going resolution, and likewise to determine whether such
bond, after the Ist of September, 1894, shall be redeemable
at their option only, or shall also be redeemable at the
option of the holder, and that the said Commissioners shall
give notice in the London Gazette of what they shall deter-
mine in these respects as ,soon as may be after the passing
of any act in pursuance of these resolutions.

"4. That the dividends and interest payable on such New
3/. 10s. per Centum Annuities, on such New 2/. 10s. per
Centum Annuities, and on such Exchequer Bonds, shall be
charged and chargeable upon the Consolidated Fund of the
United Kingdom of Great Britain and Ireland.
" 5. That the dividends now payable by law on sth July
and sth January in every year on the said Capital Trading
Stock and on the said capital stock of New South Sea An-
nuities, annuities 1726, and annuities 1751, shall continue
payable until the sth January, 1854, inclusive, and no
longer.
That the dividends now payable by law on 10th Octo-
ber and sth April in every year on the said capital stock
of Old South Sea Annuities shall continue payable until
sth April, 1854, inclusive, and no longer.
" 6. That if the Corporation of the Governor and Com-
pany of Merchants of Great Britain trading to the South
Seas and other parts of America, and for encouraging the
fishery, shall at any time on or before Friday, the 3d day
of Juno, signify to the Commissioners of her Majesty's
Treasury their assent to commute and exchange the said
capital trading stock, or any part thereof, into any ono or
more of the said 3/. 10s. per Centum Annuities, New 21.
10s. per Centum Annuities, or Exchequer Bonds, the said
corporation shall be permitted to make such commutation
and exchange upon the same terms, and subject to the like
conditions, as are granted to the person or persons, bodies
politic or corporate, interested in, or entitled to, the capi-
tal stock of 31. per Centum Annuities now proposed to be
paid off and redeemed."

The seventh resolution was then read by the Clerk as
follows :

"7. That all and every person or persons, bodies politic
or corporate, possessed of any part of the said 31. per Cen-
tum Annuities, and who shall desire to signify his, her, or
their assent to receive the said New 31. 10s. per Centum
Annuities, New 21. 10s. per Centum Annuities, or Exche-
quer Bonds in lieu thereof, shall on or before the 3d day of
June, 1853, but within the usual hours of transacting busi-
ness at the Bank of England, or at thp South Sea House, by
themselves or some agent or agents for that purpose duly au-
thorised, signify to the Governor and Company of the Bank
of Englund, or to the Governor and Company of Merchants of
Great Britain trading to the South Seas, as the case may be,
such assent in writing under his, her, or their hand or hands
or the hand or hands of his, her, or their agent or agents,
together with the amount of his, her, or their respective
share or shares in the said 31. per Centum Annuities, and
which said assent shall be entered in a book or books tote
opened and kept by the said governor and company of the
Bank of England and by the said governor and com-
pany of merchants of Great Britain trading to tie,
South Seas for that purpose ; and in case of any transfer
of such share or shares of such annuities, or any part or
parts thereof, after such assent, the part or parts of such
annuities so transferred shall be entered in the said book
or books separately from, the said 31. per Centum Annuities,
in respect of which no such assent shall be signified, and
every such person or persons so assenting, or his, or her or
their assigns, or the executors or administrators of such
assigns, under any such transfer, shall be entitled for
every 1001. capital stock of the said 31. per Centum An-
nuities to V/. 10s. of the capital stock of Now Si. 10s. per
Centum Annuities, or to 110/. of the capital stock of the New
21. 103. per Centum Annuities, or to an Exchequer Bond
of 1001. bearing interest as aforesaid : provided always that
if any person or persons holding any such 31. per Centum
Annuities, shall not- be within the limits of the United
Kingdom at any time between the Bth day of April and
the 3d day of June, 1853, both inclusive, but shall be in
any other part of Europe, it shall be lawful for such per-
son or persons to signify such assent at any time before the
30th day of July, 1853; and if any such person
or persons shall not at any time between the Bth day
of April, 1853, and the 30th day of July, 1853,
be within any part of Europe, it shall be lawful for him,
her, or them to signify such assent at any time before
the lst day of February, 1854, such person or persons
proving to the satisfaction of the Governor or Deputy
Governor of the Bank of England, or to the Governor of the
South Sea Company, his, her, or their absence fromethe
United Kingdom, or out of Europe, as above specified, and
that his, her, or their share or shares of such 31. per Centum
Annuities stood in his, her, or their name or names respec-
tively, orin the name or names of any one or more trustee or
trustees, on his, her, or their behalf, in the books of the GoVer-
nor and Company of the Bank of England, or Governor and
Company of Merchant Traders to the South Seas on the 3d
day of June, 1853: provided also, that such person or per-
sons so absent from the United Kingdom; or out of Europe,
shall signify Such his, her, or their assent, within ten days
after his, her, or their return to the United Kingdom."
In answer to Mr. WILICINSON,
The CHANCELLOR of the EXCHEQUER said that,
regardedas the management of the South Sea debt, ho did
not take credit for any saving whatever. On the contrary,
as nothing was paid at present for the management of the
debt it was possible there might be an increased expense
of perhaps 2001. a-year under that head. The hon. gentle-
IT lan had asked whether there was not a large amount of
South Sea Stock at 31' per cent. Ho believed the state of
the case was this-the South Sea Company had assigned to
them a sum of 600,0031. in 3 per cent. Consols, in compen-
sation for certain privileges of exclusive trade which they
gave up. They were holders of 3 per cent. stock, just like
other holders of the same security, and their practice was,
he believed, to, take the dividends on that sum of 600,0001.,
and to distribute them regularly among their own mem-
bers. The practical effect of this was, as the hon. gentle-
man said, that the South Sea Stock holder did receive 33
per cent., the company adding per cent.
The resolution was then agreed to, together with the
following remaining resolutions :-
" 8. That provision shall be made for payine• off such
proprietor or proprietors of any of the said Capita). Trading
Stock or Capital Stocks of Annuities before mentioned, as
shall not signify his assent to accept and receive New 3/.
10s. per Centum Annuities, or New 21. 10s. per Centum
Annuities, or Exchequer Bonds, in lieu thereof.
" 9. That every person or persons, body politic or
corporate, who now is, or hereafter may be, interested
in or entitled to any part of the capital stock of the
Consolidated 31.
per Centum Annuities, or of the Capi-
tal Stock of the Reduced 3/. per Centum Annuities,
payable at the Bank of England, or at the Bank of
Ireland, and who shall at any time before the 10th day
of October, 1853, signify to the Governor and Company of
the Bank of England, or to the Governor and Company of
the Bank of Ireland, by an entry to be made in books to
be opened for such pm-pose, his desire -to commute and ex-
change any or all of the said annuities to which ho may be
entitled, into any one or more of the said New 31. 10s. per
Centum Annuities, New 21. 10s. per Centum Annuities, or
Exchequer Bonds, shall be permitted to make such com-
mutation and exchange upon the same terms and subject
to the like conditions as are granted to the person or per-
sons, bodies politic or corporate, interested in or entitled
to the Capital Stocks of Si. per Centum Annuities pro-
posed to be be paid off and redeemed as aforesaid.
" 10. That nothing herein contained shall extend to
authorise the commutation of the said Consolidated 31. per
Centum Annuities, or 'the said Reduced 31. per Centum
Annuities, into the said New 2/. 10s. per Centum Annui-
ties, after the amount entered for commutation into such

New 2:. 103. per Centum Annuities in the said books of
the Bank of England and Bank of Ireland, shall have,
reached the sum of 30,010,000/. ; and that the power er
commutation of the said 31. per Centum Stocks shall there-
after be limited to the two other options herein before
given ; that is to say, the option of exchange for 31. 10s.
per Centum Annuities, and the option of exchange for
Exchequer Bonds."
"11. That the Commissioners of her Majesty's Treasury be
euthorieecl and enipowered to issue at any time between
the sth of April, 1853, and the' sth of April, 1854, Er,
chequer Bonds, payable to bearer, upon the like terms and
conditions as hereinbefore described, and after public DT
tice in the London Gazette, from time to time to sell such
Exchequer Bonds, or any part thereof, and to apply the
proceeds in redeeming any part of the capital trading stock
or capital stock of annuities now proposed to be paid off and
redeemed, or in purchasing and cancelling any Exchequer
Bills, or in exchanging such Bonds for Exchequer Bills, upon
such terms as the said Commissioners shall think proper,
or in purchasing and cancelling any of the Consolidated ;So.
per Centum Annuities, or Reduced 31. per Centum Anne''
ties, payable at the Bank of. England or dt the Bank of
Ireland, as the case may he.
" 12. That the interest on such Exchequer Bond shall be
issued and chargeable on the said Consolidated Fund.
" 13. That no amount of such Exchequer Bonds shall
be charged exceeding in the whole the sum of thirty
millions.
"14. That it shall be lawful for the Accountant;
General of the Courts of Chancery in England and Ireland
respectively, and for the Accountant in Bankruptcy_iP
in England, at any time before the 3d day of June, 180.3,,
to signify to the Governor and Company of the Bank o
England, or to the Corporation of the Governor and Cole'
pany of the Merchants of Great Britain trading to the
South Seas and other parts of America, and for encon'
raging the fishery, on behalf any suitor or suitors, or other;
interested 31. per Centum. Annuities' hereinbefore referred
to, standing in the names of such Accountants-Goner'',
and Accountant respectively, their assent to accept and
receive shares in the said New 31. 10s. per Centers
Annuities, or New 21. 103. per Centum Annuities, el
Exchequer Bonds, in lieu of all such 3/. per CO
tum Annuities standing in their names respectively
and the said Accountants-General and Accounten''
respectively shall be fully indemnified against all actions'
suits, and proceedings for and in respect of any action'
matter, or thing done by them respectively in pursuance
thereof.
" 15. That all executors, administrators, guardians, Opfl
trustees interested in or entitled to any part of the cacti
of
stock of the Old South Sea 3/. per Centum Annuities, °
the New South Sea 31. per Centum Annuities, of the "
per Centum Annuities • created by the Act 12th Georg
the First, of the 31. per Centum Annuities created by the
A
ct 24th George the Second, of the Consolidated 31. "e
Centum Bank Annuities, and of the Reduced 31. pct`
Centum Bank Annuities, whether payable at the Bank °
England or at the Bank of Ireland, as the case may be;
who shall signify their desire to convert the Annuities to
which they may be re-pectively interested into any of tit
New 3/. 10s. per Centum Annuities, New 2/. 10s. Pf 36,
CentumAnnuities, or Exchequer Bonds, shall be
demnified."
The CHANCELLOR of the EXCHEQUER gave notice
that he would, on Monday next, bring forward certain re
to
solutions of form which would constitute the notice
parties.
The house then resumed. til
The motion, that the house on its rising do adjourn ne 1
Monday, was then put and agreed to.
COMMITTEE OF SUPPLY.
Mr. W. WILLIAMS hoped the hon. gentleman, t'V
Secretary to the Treasury (Mr. Wilson), did not intend e
~
force any votes upon the house to-night. These estirnev,
had not been delivered until yesterday, and then accow,,
'sallying them were the Chancellor of the Exchequer's
~
solutions, to which he had devoted his attention, and '0!
had had, therefore, no time to give to the considerationi.,
these estimates, the contents of which hon. members cel,,
tainly ought have an ' opportunity of examining berfeo
they came under discussion. The estimates of 1830, ',"tei
the late Duke of Wellington was Prime Ministerramoneee
to 1,950,00/. ; under Sir R. Peel's Government, in 1,74.
they amounted to 2,10,009/.; but they were now 4,500,w0
He wished for an opportunity of examining into the caw
of this extraordinary increase, and he should take, 0
sense of the home on the. subject, -unless he received
assurance that no votes would be taken to-night.
EXAMINATION OF CANDIATES FOR T13:5
DIPLOMATIC SERVICE. ci
Mr.- EWART rose to call attention to the expedienclei
instituting an examination of candidates for the dipicelsl
service. He believed it was the intention of the late
,ell
vernment, and he hoped it was the intention of the pre'ol'
Government, to see whether they could not introduce soy
species of examination for that important departineeee
the diplomatic service of this country. He would 'the
1_
of course, insist upon an examination in the ease of 00
higher functionaries, but he believed the subors1;100:
appointments would be much better filled if the candr`tial:
for those offices had to undergo a preliminary examine,oo!,
in which the knowledge of foreign languages should 'iy•
an important part. (Hear.) In our own countil, I
system had been established in regard to appointments
the army and navy ; it had been successfully adopt!
other countries, and he thought it was high time it Os
be applied to diplomatic as well as to other departo4
here. He had great hope., too, that the Indian ps,,eeeni3D,
would before long be be-towed on a system of free re e
examinations, where the best qualified would be the
cessful candidate-. Meanwhile, he wished to know wbe,"to
the inquiries promiced by the late Government upeei
subject of an examination for candidates for diplavlit,
appointments had been proceeded w ith, and whether et
present Government had come to any decision on the '
ject ?
Lord J. RUSSELL could not say that, dating the 9)le'
01,
time he had held the seals of the Fcreign-office, I°9,
paid attention to the subject ; but he had heard from Del,
Clarendon (so we understood.) that all the papers were,
completed, and that noble lord would probably take
steps upon them. , 0
Lord STANLEY—This subject had been preseed49o,o'
attention of the late Government, and the result of tile
sideration given was to show that there were no niS ed;
objections to the adoption of then-system recorarni_eneilit the honourable gentleman. It was considered thatal'
should be a preliminary examination,-and subeeciut ti
second and move rind test previous te-evhiole
candidate could not be considered to have fairly ee' a
the diplomatic sere ice. That was a' mere outline i
the scheme which he deemed it most adeiseblef,
adopt, if there was to be an examination„ but it 0°
impossible to look at it without taking the evitl°,oi
more comprehensive view--namely, whether they '''oe
keep up the diplomatic service as a profeesion—(beolt
such as the military profession, for example. They po, ti'
adopted that theory, and on the strength of a perse4c
voting himself to the diplomatic service he was entitieei.
a pension. It was doubtful to him whether they
render diplomacy diplomacy a profession in that sense.. The !.0-1K
would recollect the difference of the system pursuedlei.
United States, and it was well known that in India rie
were not primed up for that service, but were selected i
those military and civil officers whose qualificatioey
entitled them to discharge its duties. In our owe "fe!
matic service we broke through, in practice, the ill
had laid down in theory, and nothing was more co'
than to place men who had not previously filled dipl,',,
offices, or who had not received a diplomatic educate'
high posts. (Hear, hear.) In point of fact they I'll
their own theory. They laid it down as a rule—or
nally as a rule—that those who were to conduct 1
business must be educated as for a profession, but thei
not adhere to the practice. It was his opinion-o',
individual opinion, that they might place the whole;
matic service on a different footing—that they migh;e4
a body of men corresponding with those employed 'o
inferior offices cf our civil service at home, employed,
mis.sions abroad ; and if so, they might throw ,
diplomatic service ; and by doing away with retireete
sions, effect a great saving for the country. He had,
ever, no hesitation in saying, that if they continiee
make the diplomatic service a profession, then, in ely
guard against abuses, it was essentially necessary to
Wish some test, so that those who were incapable of
service to the country should be unable to enter 00
macy as a profession. (Hear, hear.)
Lord PALME RSTON said, that with regard tre9ree
question to which his hon. friend (Mr. Ewart) had ref
he begged to state that when he held the seals of t,`',e,it
reign-office he did take steps with a view of estabro,,
an examination for the junior members of the dipl°"
e!
service. His notion was very much like what he',
stated.by the noble lord who had just addressed then ,
that -a moderate examination might be establishV
those who were candidates for the office of unpaid n'''o
which was the first step, and that a more complete f.,.,e
nation should take place with regard to candidates "I'
office of paid attaché. He entered into a negotiation
g
the authorities of the London University, and took e r
derable steps towards establishing arrangements rft'
examination that was to take place. He was, holdr
bound to say, that he did not concur in all the ero y
which the noble lord had exp e
ressed. The neblebsi
seamed to think that it would be better to change v
isting system of our diplomatic arrangements,:eetia
l
longer consider it as a sort of professional odYeree of
noble lord quoted, as an example, recollect rec`j- e 4
United States. But the house must the :
difference between the condition of the -United '?',
with regard to their relations with foreign countries
the condition of this country in respect to its for I;;
lations. The United States, except, perhaps,
le
country and in France, had hardly any interests t 0 of,
tain or any objects to accomplish with any other ,d,
countries of the European continent. If the nob'ao,
wanted an example to look at, let him look at the e'ir
of those countries which had the greatest interest witfl!
fluence in Europe. What was done by France ? etl
was done by Russia ? What was done by Austria ? /
by all those countries it was thought to be of greeti
tage to employ men who trained their minds to Oil
tors with which they had to deal. (Hear, hear.)
,4-o#l
thought in thosouellivc,doieutrusintt
°l.ii°gedisitethxbPee otaltitheln.get
itTft
petlmewaSi ylttoPt Fee. d(Loaaugthhitnegow. who
gentlemen in this country who might wish to trill' D
means of
oovfertnlaweent
pass a few years at foreign courts, and see, throllV
diplomatic service, any body of.
,o, ,
lvho might 'choose so to empfiri;°ls.
(Hear, hear.)
client the •
But the noble lord admitted it.l7,:f;
e inferior offices of the diplomatic
Should be filled by those very men whom' he tie 94
less said he wished to see abolished ; and yet 00
lord at the same time was of opinion that we might I. ;,
have a person appointed superior Minister to 0e
court who was ignorant of his duty, provided he vor
sisted by a diplomatic official who knew it ; and so!
subordinate official could write the letters of his red
i.eil
superior, and read to him and make him reederst!) -
gt,
letters he received. (Laughter.) Let the house el
mime this ignorant superior going to a conference 'via act.
Minister of the country to whic he was accredit'f(of;,
question involving an intimate knowledge of the hieetly
tions, a familiar acquaintance with politics, and groi
stipulations of treaties ! Imagine that ignorant lijei
called upon by the Minister of that country to give, V,
nion under such circumstances! He could not say, ~,7
sir ; I must send for my secretary. lam here er;i4
the ornamental part;; the man who is to do the btlet4
in my office at home ; you must allow mo to sentl,sof
before I can solve your question, or give you an lee
(Laughter.) The great matter was that the man ',,', r
to do the business should understand how to do tuveee
ness that was to bo done. (Laughter.) - Howo/
would say this, that it was the fashion for maul of
to speak disparagingly of the diplomatic hody.of
country. He had had some experience of that byjj43 4
he could say, with the utmost sincerity, that 01,
found no Government in Europe, better served It fl'.
.
not say, but so well served, or so well inforroeciit
Government of this country had been' by its (I'l,,
diplomatic agents, or who had received 'such odifief
formation as to the real state of foreign eon°l4
as to what was going to take place ; and that, to
when the agents of other countries had been led 1
otoi
and misled either with respect to the existing to
things, or, of the then expeCted eviants. But he lir ilii
to say that tat which the noble lord had, olio A .