The Sun.
London, England, 1847-05-06 00:00:00

IMPERIAL PARLIAMENT
HOUSE OF LORDS, May 4.
[The following is a fuller the (I,l3a,tvs on the
undermentioned subjects than a2peared in our Edition of

yesterday :—]
BANK OF ENGLAND.
Lord WHARNCLIFFE asked whether any applica-
tions had been made to the Bank of England by the
Government for advances from the former beyond the
usual amount required upon deficiency bills for the
current public service during the latter half of the yea
1846, and down to the present period ; and if so, whether
there would be any objection to producing the corres-
pondence, or written communication connected there-
with ?

The Marquis of LANSDOWNE said, in the first
place, he had to state that, far from complaining of the
question having been put, he thought that at the present
moment it was a natural and fit question to put. With
respect to the question itself, he could say distinctly that
beyond the mere formal and constant correspondence on
the subjects usually discussed between the Bank and the
partd been of
b ltenh
no
usualord
Government, and which formed
ma-
chinery of Government, there li
Lord's
correspon-
dence whatever on the subject of thelo
during o f
Bank the
te
last
ques-
tion ; but it was true that the Chancellor
Ex-
chequer had had, from time to time
quarter, personal communications with theon. this
subject, but none of them taking the shapeofwrqten
correspondence, and in the course of these communica-
tions the Bank has been constantly apprised of eie-mands—not much exceeding the demands of common
years—that the Government would have to make upon
them. Of the excess of securities in the Bank, of which
so much had been said, he might observe, that the
excess had been much more an excess of private
securities than an excess of Government securities.

On the 9th of January the private securities in the Bank
were 14,400,000 L, and they had risen on the 14th of
April to 18,627,0001. ; and at the moment when the ad-
vances of the Bank to the Government had been the

highest, on the Bth of April, namely, the amount of
pri-
vate securities was 18,136,0001., being many millions in-
crease beyond what it was at the commencement of the
year. If there was anything to lament at this moment
with regard to the monetary affairs of the country, it
was the pressure to which the Noble Lord had referred;
but, considering the variety of causes which had occurred
calculated to give rise to that pressure—considering the
extraordinary state of the country, the great demand for
theimportation of food, instead of being surprised that
any such pressure should have come upon the Bank, his
only surprise was that it had not been felt much sooner.
Had precautions been taken at an earlier period the
pressure would have been less severe: he trusted, how-
ever, that it would soon be overcome, and he could con-
fidently state that it was the anxious desire of the Go-
vernment and the Treasury not to add to the difficulties
of the country by any interference with the management
of the Bank, but to leave that body a sole control over
its own affairs.

Lord BIZOUGr'HAM was of opinion, that considering
:he very extraordinary circumstances that had occurred,
.t was not in the power either of the Batik or the Go-

vernment to have prevented the crisis that had hap-
pened, which might fairly be traced to the failure of the
potato crop, to the vast importation of foreign corn, and
to the continual drain on the money-nrirket for supply-
ing capital to the carrying on of railways, which
amounted in less than six weeks to a sum of 3,000.0001.;
these were circumstances which must necessarily lead to

a deranged state of the exchanges.
Here the subject dropped.
LANDED PROPERTY (IRELAND) BILL.
The Marquis of LANSDOWNE, on moving the order
of the day for their Lordships going into Committee on
this Bill, observed, that their Lordships having permitted
the Bill to be read a second time without any explana-
tion of its provisions, he felt that it was but respectful
ro their Lordships, although' he did not anticipate any
objection to the measure, to state briefly its general pur-
pose and object. The Bill was founded, he need not
tell their Lordships, upon the circumstances which were
peculiar to the present state of Ireland; and after the
various discussions which had taken place in Parliament
upon the subject of the condition of the people and the
agricultural industry of that country, he believed there
were but few of their Lordships who had not arrived at
the opinion and conviction that vast improvements were
required to be made in the agricultural iminagernent of
that country; and that, upon an improved system of
cultivation, by an increased application of capital and
skill, the future state of prosperity and even safety of
Ireland muse mainly depend. It was in proportion to
their Lordships applying a stimulus to this improved
system, and to these undertakings, by the investment of
capital in the cultivation of the land, that they could an-
ticipate effecting any remedy for the present state of
things, or derive any collateral benefit from those other
measures which their Lordships were now engaged in
carrying forward—measures which it was admitted en
all hands would require the cordial support of their
Lordships, in order to their being rendered effectual to
the promotion of the general interests of Ireland. After
all the reflection which be had been able to give to this
subject, putting aside every prejudice which he did not
deny entertaining in favour of that part of the United
Kingdom, he was deeply convinced that it was by the
agency of the landed proprietors only that the stimulus
could be applied for introducing an extended system of
agricultural improvement in Ireland. If that improve-
ment was not to be carried into effect by the proprietors

of the land, he knew not by what means thai improve-
meat could be given to the condition of the population
of the country which was requisite for the purpose of
providing for their subsistence. Their Lordships could
hardly think that in the present state of agricultural
destitution in Ireland any improvements could be intro-
duced by the tenants of the land ; and as little did he
suppose that their Lordships thought it would be com-
petent to the Crown itself to undertake, even if autho-
rised by Parliament, a system of improvement to be
carried into effect by the Commissioners of Woods and
Forests, whatever confidence their Lordships might feel
in the Administration, or however much they might
wish to see discharged the duties of applying machinery
to drainage, and to the making of improvements of
every kind for one great object, and under one authority.
The obvious solution, therefore, of the difficulty in which
their Lordships were placed was that of giving, under the
circumstances of great disadvantage which they at the
present time experienced, aid and assistance to the
landed proprietors, by which they might have additional
motives for exerting themselves in the improvement of
their own estates. Their Lordships were well aware,
for it had been repeatedly urged in the course of the dis-
eussions on this subject, that the proprietors of Ireland
were not in a condition, with respect to the possession of
capital, to command the means by which they could at
once, and at one stroke, in one year, commence a system
of improvement. If they were to attempt to do so, it
would deprive them of their income, and in case of being
in debt would deprive them of the means of paying the
interest upon that debt ; in short, it would impose upon
them duties which none but capitalists could undertake
to discharge even in this country. If such would be the
state of things even in England.generally, their Lord-
ships well knew that it was the case very peculiarly
with respect to Ireland. Their Lordships knew that a
very large portion of the property in Ireland was very
deeply mortgaged, so that it was impossible for persons
deriving nothing but a life income, subject to charges,
from property which they only nominally possessed, to
devote a sufficient sum of money necessary to introduce
a change in the whole system of cultivation of the
country ; to substitute new modes for old ; new
machinery for that which has been hitherto in
use, and so to act upon the industry of the la-
bourers of the country as to effect 3 total revolution in
their habits and social condition. But their Lordships
must be convinced that nothing short of this would
really improve Ireland, or would give satisfaction or se-
curity there; nothing short of this would prevent Ire-
land for the future from being what it had unhappily
been in the past, a weight and an incubus upon the re-
sources of this country. It would be taking a very
narrow view of this subject, if their Lordships were to
consider that by passing this Bill they were giving as-
sistance to the Irish proprietors alone. It was not their
interest only that they were considering, but the inte-
rest of the whole country; f r the whole population
would benefit by the application of the money proposed
to be advanced, and the repayment of which was secured
by the provisions of this Bill. It was in the largest
sense for the interest of Zogland itself that their L )rd-
ships were legislating, and it Was with this view that he
now proposed to their Lordships the measure which had
been prepared to remedy the evil that so universally pre-
vailed in Ireland. The Noble Marquis proceeded to state
the nature of the provisions of the Bill, the chief purpose of
which was to carry into more complete effect the Bill of
last session, which authorised the advance of the sum of
1,000,000/. By that Act the advances were made to
certain descriptions of estates, whereas this Bill ex-
tended the benefit of the measure to all kinds of landsd
estates, care being taken to secure the principal and in-
terest, the 1,000,0001. being increased to 1,500,0001. It
was proposed that for loans so advanced an interest of
6i per cent. Should be charged on the property; and. it
was hoped that not only the inter, st, but the principal
would, within a few years, be repaid. As this measure
was intended to be universal, and to apply generally
beenth there-
fore that theyovis
e case
of
bl
of individuals; the p
throughout the country, it became desirable that I varietyt should
be made a
so framed fii°tDtesdmfth the
esemßillvlehs toad
almost every description of property in Ireland, and it
r
would be in the power of every proprietor to avail him-
self of them. The greatest anxiety was felt in Ireland
for the passing of this Bill; es a proof of it, abundant
applications had been already made for assistance under
its provisions. In many parts of Ireland, upon the speed
dN afforded
tohbal
et
hm e.awrwla would
rmedoaesdpt depend n
older
tkt
thee edr
fui nr
oti lwmi thyai cochfl that
etrhg ye ama aes na ss
suwt ra
who oc esTtwahat ees
off his legs in the discharge of his official duties as
chairman of a board of guardians,
only hope of effectual aid to the anidnhthabaittain'tiss
of his parish was in the landlords obtaining as-
sistance under this Bill. At present not Si. a week
was paid in wages amongst a population of 4,000. The
object of the Government being that these loans should
be spread over as wide a surface as possible, it no being
expedient to:confine the advances to any one spot, a cause
was introduced which provided that no person should
be allowed to borrow more than 20,0001. The Noble
Marquis concluded by moving that the order of the day
be now read.
The Duke of WELLINGTON—My Lords, during
this session of Parliament I have contributed my sup-
port to various measures which have been proposed by
her Majesty's Government with a view to apply a re-
medy to the misfortune which has occurred within the
last year in Ireland ; but I must say, that of all the
measures which have been proposed by her Majesty's
Government that one which the Noble Marquis has
just adverted to, and the provisions of which he has
now stated to your Lordships, is the one which I be-
lieve, in conjunction with the Bill the second reading
of which was proposed by my Noble and Learned
Friend (the Lord Chancellor) a few nights ago,