The Sun.
London, England, 1853-07-05 00:00:00

SAVINGS' BANKS ANNUITIES BILL.

On the motion for the third read'ag of this bill,
Mr. COWAN said it was his duty to resist the further
progress of the measure. The bill, in point of fact, was
intended to give the Government power to commence the
business of life assurance, although its title would lead to

a very different impression. Clause 10 gave power to the
Commissioners for the Reduction of the National Debt to
contract with any such person or persons as those named in
other parts of the bill for the payment of a sum of money
at his or her death, and it would have been proper, or at all
events more respectful to the house, before introducing such
an important change in the law as this bill contemplated,
if the Chancellor of the Exchequer had stated plainly and
frankly what the intentions of the Government really were,
in order that such intentions might be fully discussed and
sanctioned by the house, if it conceived the measure
would be advantageous to the community. He had a
great objection to the Government becoming a trading
community, or doing anything which could be carried on
by a private company ; but with regard to this especial
mode of trading, he thought experience had proved that
the manner of granting annuities by the Government was
highly objectionable. The system of life assurance was at
present carried so successfully, and withal so judiciously by
the ordinary life assurance companies, that it would be
most unwise to interfere with them ; but this bill proposes
to make a charge on the Consolidated Fund, and since he
objected to it on the ground of the interference to which
he had just alluded, he should be glad to know from the
Speaker if this bill ought not to have originated in a com-
mittee of the whole house. Be that, however, as it might
he could not permit the bill to proceed any further until he
had received some more satisfactory explanation about it
than he had yet heard, and he should therefore move that
it be read a third time this day six months.
Mr. A. PELLATT believed the practice of granting an-
nuities by the Government had given general satisfaction,
and all that was wanted to render the system perfect, was
to increase the amount of the annuities beyond 301. and to
grant the annuities themselves upon joint as well as single
lives. Beyond that the Government ought not to go, and
he must join with the hon. member for Glasgow in depre-
cating any proposal for converting the Government into an
insurance company.
Mr. WILSON found fault with the hon. member for
Edinburgh for not having given notice of his amendment,
but he apprehended the hon. gentleman's opposition to
the bill originated in a mistake or a misconception of the
object of the measure. The only object of the bill was
to confer upon the Commissioners for the Reduction of the
National Debt power to convert deposits in savings banks
into annuities. The commissioners certainly possessed this
power under the existing law, but only to a limited ex-
tent, and the intention of this bill was net to enable them
to enter upon the general business of life assurance, which
would be entirely beyond its scope, but simply to give them
power to convert savings' banks' deposits into annuities
with more facility than the law at present allowed.
Mr. COWAN said the explanation of the hon. gentle-
man had not removed his objection to the bill, and he
should, therefore, be glad to have an answer to the quea-
tion he had put to the chair.
The SPEAKER said—Undoubtedly, if the bill imposed
a charge on the Consolidated Fund, it ought to have origi-
nated in a committee of the whole house.

Mr. COWAN begged to call the attention of the Speaker
to the 12th clause.

The SPEAKER having looked at the clause, said he
apprehended the bill did not impose any additional charge
upon the Consolidated Fund than the law already sanc-
tioned.

Mr. WILSON said the bill certainly could not impose
any additional charge on the Consolidated Fund, for, under
the existing law, both the deposits as well as the govern-
ment annuities were cha-:geable to that fund. (Hear.)
An Hon. MEMBER having moved the adjournment of
the debate,

The house divided—
For the adjournment
Against it

~ 19
~ 47

Majority 2B
The bill was then read a third time and passed.
PUBLIC-HOUSES (SCOTLAND) BILL.

This bill, as amended, was considered.
Mr. ELLIOT proposed a clause preventing licenses being
granted to toll gatherers.
After a conversation the clause was agreed to.

Mr. COWAN moved the omission of clause 10.
The motion was withdrawn, and the clause was then
agreed to on the understanding that if it was found to in-
jure the revenue the Government should have the oppor-
tunity of altering it.
The other clauses were then agreed to and the :bill
ordered to be read a third time on Thursday.

The other orders-of ili; day were then disposed of, and
the house adjoiumed at five minutes to two o'clock.

DISCOVERY OF GOLD.—On Monday last a discovery
of a valuable character was made in a house in Wickham-
street, Portsea. Mr. Rooms, landlord of the Queen's
Head, Hard, in that town, has recently purchased some
property in that street, and, some repairs being neces-
sary, he set himself to work to pull down the wainscot-
ing, when a bag fell out. On examining it he found it
to contain 55 old guineas. Two penurious indi-
viduals, who were supposed to have died rich, are known
to have lived in this house ; one was old Granny Doo-
land, and the other a waterman named Grubb. It is
tho ught that the money was secreted by one of these.—
Bri'oltton Gazette.
k ;LIG° ELECTION.—The contest in Sligo will be a des-
per. ate one ; and in such a neck-and-neck race as in all
prol mbility it will prove to be, it is impossible to speak
with. any certainty beforehand of the result.
TEL ÜBE ELECTION.—It is still uncertain whether Mr.
Lalor will persevere in his opposition to Mr. Daniel
O'Connell, in Tralee. That Mr. T. Fitzgerald will do
so is probable enough, but he will scarcely find more
than t tis proposer and seconder to support him. On the
wholes , Mr. O'Connell's return is regarded as certain,