The Sun.
London, England, 1848-08-30 00:00:00

LONDON, WEDNESDAY
_EVENING, AUGUST 30, 1848.

IMPERIAL PARLIAMENT.

HOUSE OF LORDS, August 29.

TRANSFER OF LANDED PROPERTY (IRE-
LAND) BILL.

The Marquis of CLANIiICARDE having explained
the objects and provisions of this Bill, moved that it be
read a second time.
Lord MONTEAGLE supported the Bill as a great
boon to Ireland, and expressed his conviction that the
Government were entitled to thanks for introducing it.
Afters few words from Lord BEAUMONT,
The Bill was read a second time.
NUISANCES AND CONTAGIOUS DISEASES

been evinced of late to add year after year to the perma-
nent debt of the country. It was admitted by the Right
lion. Baronet (Sir R. Peel) that taxation had reached
its limits, and that all attempts to increase the revenue by
a,lditional taxes—except a tax on property—had failed.
The attempt made some years ago to make up the
revenue by adding five or ten per cent. to the Cus-
toms and Excise it was welt known had been a
signal failure, the returns from these sources having de-
creased under the operation of that schema, though the
price of the articles to the consumer had been enhanced.
The only item on which there was an increase was the
assessed taxes, and that was obtained by a breach of
faith, old windows which were opened on the under-
standing that they would not be charged having been
brought into the account. Between the years 1822 and
1844 there had been reductions in the funded debt and
in the terminable annuities amounting to 3,630,0001.,
yet, with the exception of the reduction consequent on
the altered value of money from 5 to 3 per cent., and
from 3i to 31- per cent., this reduction had not resulted
in the saving of a farthing in the annual charge.—
(Hear, hear.) On the contrary, the expenditure had
gone on increasing in consequence of the additions
which had been made to the permanent debt. He com-
plained not only that the debt had increased, but that
the whole management of the financial affairs of the
country was bad. It was, however, in the power of
the people themselves to provide the remedy by
choosing representatives who would do their duty.
They must remember that borrowing was not making
provision—it was the act of the spendthrift. Looking
at the state of Ireland and the prospects of the country
generally for the next year, he thought the time had
come when the House should grapple with the difficulty,
by showing itself determined to reduce the expenditure.
Though no one was more desirous for the maintenance
of peace and order than he was, he did think the scale
on which our establishments were kept up was neither
necessary nor prudent.—(Hear, hear.) The number of
armed men now maintained was almost double what it
was 25 years ago. By the return of the gross and net
income and expenditure of the country—which showed
the enormous cost of collection, and to which he wished
to direct the attention of Honourable Members—it ap-
peared that the expenditure of the country had increased
by about 10,000,000/. since 1836. The expenditure of
our 44 colonies was most enormous—not less than
3,172,0001. By giving these colonies self-government at
least 540,000 of this would be saved. Many thought
the sooner we came to a reckoning with the tundholder
the better; but he thought the moment the public faith
was broken the power of England was at an end.—
(Hear, hear.) Instead of increasing the debt we ought
to diminish it ; but so long as money could be borrowed
Governmentgave themselves no trouble about the matter.
Early next session he would move resolutions pledging
the House to retrenchment and reduction. He would
now move that this Bill should bo taken into considers-
tion that day three months.

Mr. MUNTZ seconded the motion, and complained of
the late period at which the budget had been brought
forward. There must be some object in this; probably
it had been with the view of getting the House into a
state in which the Government could carry what they
liked. Funding and borrowing was nothing better than
extravagance; it had been the resource of all bad Go-
vernments. A former Whig Government had sought to
bolster up a falling revenue by adding five per cent. to
the assessed taxes. They talked much of the elasticity
of the country, but it did not serve them. Then the
" Government physician" was called in; he imposed a
property-tax, and the result was to remove the burden,
to a certain extent, from the poor to the rich, although
the measure itself was little better than picking pockets.
The Liberals, though they had opposed the first im-
position of this tax, had no hesitation in asking for its
renewal. Then came the railway speculation, with
its natural consequence of a pressure on the
money market, to which the potato failure contri-
buted, and which the Bank Act of 1844 failed to
prevent, notwithstanding all the good effects which it
had been predicted to produce At the present moment
the Government was much in the same situation as they
were eight or ten years ago: the revenue was falling off,
trade decreasing, and discontent largely prevailing.
Every Government, for the last thirty-five years, had
failed to secure prosperity: the reason was they had uni-
formly kept in the old beaten track. We were told to
keep national faith; but he called that national faith
which was only kept on one side "national humbug."
—(Laughter.) Last year the state of this country was
most disgraceful; no banker on the continent would cash
a bill on any party in London. If the Act of 1844 was
a good one, why not carry it out; why suspend it when
the difficulty came? The discontent which now pre-
vailed arose solely from distress: when all classes were
prosperous, it was impossible to get six men together to
talk politics.—(Hear and laughter.)
The CHANCELLOR of the EXCHEQUER said he
was the last person to oppose any proper reduction of
expenditure; and the statement which had been made
by the Hon. Member for Montrose was the fullest justi-
fication of the course the Government had pursued. He
admitted that overwhelming majorities of the House had
concurred with the Government in the impropriety of
reducing our establishments; and no one who reflected
on what had since occurred, here and in Ireland, could
condemn the course then pursued. But the Hon. Mem-
ber, in speaking of the mode of equalising the revenue
and the expenditure, while admitting that the ne plus
ultra of taxation was reached, had in fact admitted the
propriety of the plan which Government proposed—to
meet the excess of expenditure by borrowing. That
excess was merely of a temporary character, and ought
not therefore to be met by the imposition of permanent
additional taxes. He had thought it the best course to
augment the property-tax; the House having objected to
that he now proposed to take the next best course, after
looking to the reduction of the expenditure to the lowest
point consistent with the national security. Upwards
of 800,0001. had been struck off the original estimates;
there were many other reductions which might be ef-
fected next year, and with that possibility in view of the
Government, they had felt they should not be justified in
proposing an increase of taxation. Allusion had been
made to the incroa.ed charge of tiv debt ; but in the last
seven years there had been a reduction in that charge of
not less than a million. Admitting the general correct-
ness of the financial outline which had been given by the
lion. Member for Birmingham, he would observe that
the imposition of the income-tax had been accompanied
by very large reductions in indirect taxation, from which
the nation at large had derived material benefit. He
could not admit that the change in the condition of our
finances since 1845 was owing to the conduct of any Go-
vernment ; the failure of a large portion of the food of
the Irish people, the severe commercial depression, and
the exportation of the precious metals,
sufficiently ac-
counted for existing embarrassments. He certainly
could not acquiesce in the recommendation of the Hon.
Member for Birmingham, that, after every other expe-
dient had failed, they should resort to the doctrines ad-
vocated by what was called the " Birmingham school."
Mr. H. CURRIE expressed his objection to increas-
ing the funded debt.
Mr. HEYWOOD said ho thought the course proposed
by the Government the best that could be pursued under
the circumstances. _

Mr. WODEHOUSE blamed the Government for
having yielded to the suggestion of the Hon. Member
for Montrose, in reference to sending out of the country
two regiments, the 50th and the 92d, at an improper
period of the year, owing to which upwards of 600 men,
and between twenty and thirty officers, lost their lives.
The withdrawal of the African squadron had also been
recommended. Such a measure would be most dis-
graceful. He considered that it was essentially neces-
sary to keep up the army at its present amount, in order
to preserve peace in the manufacturing districts.
Sir H. WILLOUGHBY referred to the opposition
given by members of the present Government to the
original imposition of the income-tax, and said that
such a tax ought only to be resorted to in cases of great
emergency. He thought it desirable that the Chancellor
of the Exchequer should state whether be proposed to
make up the deficiency by Exchequer-bills or by the
creation of new stock.

Mr. HENLEY complained that the scheme pro-
pounded at the beginning of the present year by her Ma-
jesty's Government had been abandoned, and that a loan
was contemplated. He saw nothing in the state of the
country to justify this course of proceeding, which he
held to be a dangerous, profuse, hind reckless mode of
operation. At the same time, looking at the state of the
approaching harvest, the condition of Ireland, and the
circumstances by which this country was surrounded,
he could not vote against the committal of this Bill.
Mr. DRUMMOND (Surrey) concurred with much
that had been said on the subject. of retrenchment;
but, looking at the position of affairs, he should re-
gret if the House was driven to a division on the pre-
sent occasion.
Mr. URQUHART expressed his determination to
vote:with the Hon. Member for Montrose (Mr. Hume)
if ho pressed his amendment to a division.
IVIr. NE%VDEGATE said he was not prepared to
refuse the supplies, which were called for by the sur-
render of all substantial principles to the advocates of
fre:e trade.

t r arose
hadfrom
been
Mr. COBDEN said that the charge had often y
arrebraieeldeln.
reiterated that the deficiency in revenuesthtehTihe question
e
nun
y
ale free-trade measures which had been c
`Though it was said that the legislation of 1846 had led
to this state of things, he was prepared to contend that
not
the revenue was now larger than in 1845.
This, how-
n the 25th of
February last he had voted is a minority of 59 on a
ever,snpoewn dawitnaigss a
tunoeoo twmanusoc, why, themh eo
tnheeyqr.uoe
rs t iHe,on
and those
who thought
with him, complained that the burden of taxation on the
people was excessive, and he contended that the course
mofadleeg
tishleatipornoptooseldvhilcohanthneecHesosaursye. haod assented had
motion to reduce the expenditure, and that vote justified
his opposition to the proposed loan of 2,000,0004 The
increased expenditure arising from the cry of an invasion
was a monstrous delusion, which had been got up by
professional men, and, on the whole, was unjustifiable.
On every ground he should vote against the proposed
loan, in whatever shape it might be raised.
After a few words trom Mr. MUNTZ in explanation,
Mr. J. O'CONNELL said that as none of the opponents
of the Government measure had suggested the means by
which to meet the deficiency, he should give his vote in
favour of the Bill now under consideration. A t the same
time he must observe that if the Government would save
the .expenditure of the nation they would do justice to
Irek nd. The present cost of the military, naval, and
ordn arce forces kept up in that country amounted from
1,500,0001. to 1,600,000/., and if the demands of Ireland
wer a listened to and admitted, this cost might be dimi-
nis'ned by at least one-half.
Mr. SPOONER denied the assertion made by the
Pion. Member for the West Riding (Mr. Cobden) that the
i ncome had this year been greater than in 1845. On
the contrary, he asserted that before the free-trade
,tricks had been practised ' upon the country the re-
venue was higher. He found that in 1845 the total
income was 54,417,6151., while for the present year it
was 52,082,t;571., leaving a deficiency of 1,764,0001.
With respect tt? the proposition of borrowing in time of

peace, he had no hesitation in saying that the principle
was evil, and if the proposition had been made at an
earlier period of the session he for one should have been
inclined to make a stand against it, and have called upon
the Government to suggest some plan of taxation on
which the nation could rely. He must condemn a sys-
tem by which the Chancellor of the Exchequer would in
fact give a bond for 100/., for the which he would only
receive 861. The system of free trade which had been
adopted by the Government was perfectly incompatible
with its monetary system ; each system was bad in itself,
but the two united would be highly detrimental to the
interests of the country. He wished also to know what
his Right Hon. Friend intended to do for Ireland, and
whether he intended to raise a loan for that country ?
Mr. J. A. SMITH agreed with what had fallen from
his Hon. Friend, the Member for the West Riding, dur-
ing the first part of his speech—that it was the impera-
tive duty of the Government to make the revenue and
the expenditure meet ; and he could not forbear rising
to justify the vote which he intended to give in favour
of the measure of the Government. He should give
that vote, because he believed the Government had done
all that lay in their power to avoid the position in which
they were now placed. They had proposed a tax to
avoid the deficiency which existed in the revenue. He
(Mr. J. A. Smith) had supported the measure, and it
was with regret that he saw them abandon it. There
was at the present time a peculiar position of affairs,
which he considered to justify the course which they had
taken. This country was suffering from a deficiency oc-
casioned mainly by a visitation of Providence—
a famine in the sister kingdom.—(Hear, hear.)
He believed that the cause being temporary the
deficiency would be temporary also; and that the cir-
cumstances in which the Government were undoubtedly
placed—the state of the empire—the state of the whole
world—justified the Government in conceding to the
opinion of the House of Commons, that it was not expe-
dient to increase the amount of taxation. In that case
the only alternative was to make a great reduction in
the expenditure. Now he was one of those who consi-
dered that under peculiar circumstances a reduction of
expenditure was not judicious; but he was not afraid to
say that he did not think that even the reduction which
had been made was altogether advisable. He was not
afraid of war; but he was sorry to hear the Hon. Mem-
ber for the West Riding give his opinion that the idea
of war had been started by professional gentlemen for
interested purposes. lie thought the insinuation alto-
gether unworthy of the Hon. Gentleman. This country
owed all her tranquillity to her continued preparation
for attack, which was the greatest security for peace;
and it would not be wise to reduce ithe expenditure this
year. The Government had done all that they could to
meet the expenditure by proposing an increase of taxa-
tion; they had done what was right in yielding to the
opinion of the House and withdrawing their proposal;
and he would give his vote for their present measure.
Lord G. BENTINCK thought that the Hon. Member
for the West Riding was the last Gentleman who should
charge others with wicked delusions. The Hon. Gen-
tleman might think that seventeen millions of expendi-
ture could be reduced, but he had found no one there to
coincide with him in the opinion. The circumstances in
which this country was placed at the commencement of
the year were very different to the present. The war-
like preparations which had been suggested and recom-
mended by the Prince de Jomville in 1844 had been
faithfully carried out, and an increase in the maritime
power of France had taken place such as had no justi-
fication except in some resolution in the minds of the
rulers of France that the day must come when they
would desire to use them against this country. He was
coHon
He was
me of
so ot thosehn the vote, w
voof ht
eo , wtooaudldd htitve othreepfursoepd, had h
property
yor the question
those who voted with the Hon. Member

for Montrose to curtail it to its present amount.
But the House, though prepared to refuse the Chan-
cellor of the Exchequer an increase in that tax, was
never asked whether it would refuse an additional

tax on customs. Had the Noble Lord (J. Russell)
and the Chancellor of the Exchequer come and asked
the House to impose some of the taxes on :customs which
had lately been repealed, and to continue others which
were soon to fall to the ground, he would have given
them his hearty support. It had been stated that the
reduction which had been made in taxation amounted to
the same sum as the present deficiency ; and the Hon.
Member for the West Riding had stated that, notwith-
standing the reduction in question, the net revenue of
the country had never been so large as at present. Now,
in 1848, after the reduction of a considerable amount of
customs duties, the revenue was 51,451,6091. ; while, in
1846, before the reduction of those duties, it was
53,626,178 k, being an increase of 2,200,000/. over the
revenue of last year. So that there would now be an
ample surplus instead of a deficiency, had it not been for
the alterations in the customs duties which had taken
place during the last few years. He said, if they
were now in difficulties, let them not look to loans but
to the customs duties. Let-them follow the example of
America, and have equal taxes for all the produce of
foreign industry. But the Chancellor of the Exchequer
had fallen into the old chronic vice of the Whigs of
always getting into a deficiency. Ever since they came
into power in 1830 they had discovered a casualty every
year to account for that deficiency, and this year it was
attributed to the Kafir war. But be maintained that
it was the duty of a Government to provide for such
casualties, for it could not be expected that there
would never be another famine, or more disturbacces
on the Continent, which by checking trade would dimi-
nish the consumption of exciseable articles, and cause
the Government to fall into the position at present oc-
cupied by the Chancellor of the Exchequer and the Whig
Government, fast travelling into a state of insolvency
and beggary. He considered that there were many taxes
which might be re-imposed with advantage in the pre-
sent difficulty, among which he considered that the du-
ties on foreign timber and cotton would fall as lightly as
any
also ot
that tthe thelpeople of
ie s o n thisco `countryrii
might; a
11
avned he o
been considered
for a few years more, if for no other reason, for the sake
of the revenue which they produced. Let them not
have recourse to the odious income-tax or to the entail-

ing of debts on our posterity; after thirty-three years
of peace, let them not be misled by the delusion of
those who said that the repeal of the ;corn-laws would
make flour lid. a pound, and fill England with pros-
perity by causing her to exchange her manufactures
with foreign countries, so as to leave to every operative
superfluity out of his ,higher wages mad cheaper bread,
to be expended on tea and sugar. Let them rather look
to the result of our diminished exports to the extent of
5,000,0001.

Lord J. RUSSELL did not think, after the expe-
rience of the session, that the Government had acted
unwisely in having proposed an increase of the income-
tax, particularly when he considered that successive
Governments had pursued the plan of reducing the
taxes of the country to a great extent. No less than
10,000,0001. a year had recently been taken off those
taxes that pressed upon articles of consumption; and
that being so, when circumstances arose to call for ex-
traordinary expenditure, they were obliged to propose
an unusual measure to meet it. An Hon. Gentleman
asked, why not take money from the balances instead of
proposing a loan? But, under all the circumstances, he
felt that the course proposed and explained by his Right
Hon. Friend the Chancellor of the Exchequer was the
best. The Hon. Member for Montrose proposed a great
reduction of the naval and military force of the country.
But what appeared lately in the newspapers respecting a
contemplated war by France in Belgium would, he was
sure, at once show how impolitic such a measure would
have been on the part of England.—(Hear, hear.)
On the other hand, the feeling of the country
was so significantly expressed against it, he
thought the Government would not have been justified
in persisting in their proposition of increasing the in-
come-tax, and therefore was it that they had recourse
to a loan. The Noble Lord proposed certain duties
upon timber and raw cotton. Political economists, long
previous to Adam Smith, were of opinion that putting
duties upon the materials of manufacture was a most
unwise course. It had been the great boast of Sir
Robert Walpole, that he had greatly reduced such duties;
and he (Lord J. Russell) certainly would not be disposed
to impose such duties.—(flcar, hear.) Respecting the
corn-laws, he did not then wish to dispute with the
Noble Lord what might be the effect of a 7s. duty ; but
he certainly rejoiced at being connected with a Govern-
ment which had nothing to do with the sliding-scale of
1845. During the whole of this year, corn was intro-
duced with the certainty that there would be no duty
above lOs' , and that if the price rose much over 505., it
would be admitted at a 4s. duty, instead of waiting, as
under the sliding scale, till it rose to 70s. before it would
be admitted at that duty. He thought that that had been
of the greatest advantage to manufacturers and con-
sumers, and that a great security had been given this
year over the years of 1841-2-3.
The House then divided, when there appeared-
-66
For going into Committee
15
Against it
Majority
The House then went into Committee on the Bill.
The Bill then passed through Committee.
SAVINGS' BANKS BILL.

On the motion for going into Committee on this Bill,
Sir H. WILLOUGHBY said that the English and
Scotch savings' banks considered that the provisions in
this Bill would be injurious to those institutions in these
countries. He did not think it was fair to press the
measure at so late a period of the session, without allow-
ing the persons affected full time for consideration.—
(Hear, hear.) He objected to the clause relating to the
trustees.

The CHANCELLOR of the EXCHEQUER said
that he proposed to strike words out of the clause which
would leave the law as it stood before the Act of 1844.
He did not intend to repeal the Act of 9 George IV.
He proposed to limit the liability of trustees to an
amount not exceeding 1001. He also proposed to add
words similar to those proposed by the Hon. Member
for Athlone (Mr. Keogh).
Sir 11. WILLOUGHBY said that the changes pro-
posed by the Right Hon. Gentleman materially altered
the nature of the Bill and obviated a part of his objec-
tion. But he objected to the fifth clause more particu-
larly. How was it possible for the depositors to pro-
duce all the books in two days?—(Hear, hear.) Yet
they would lose the interest on their deposits if they did
not do so. He did not think that the trustees would
consent to act if this clause were allowed to stand. What
hadjoccurred with respect to English andSeotch savings
banks—he said nothing of Irish banks—to justify the
Government interfering with them at this late period of
the session ? An impression had gone abroad that the
money deposited in savings' banks had been used for
other purposes than those which were intended by their
institution. He hoped that the whole of this Bill would
be postponed except the part relating to the Irish banks.
Mr. HENLEY thought that the Government bad
laid
no ground whatever for this wholesale interference with
savings banks. Upon a very meagre report of a Com-
mittee a general measure,had been introduced, of which
the managers and trustees of savings banks probably
knew nothing. So crude and ill-concocted a measure
ought not now to be pressed on the House; it would be
much better to consider it deliberately early next session.

To require the production of the depositors' books in a
given number of days would be an act of great hardship,
as many of them might be at a distance, or out of the
country. With respect to the English and Scotch banks
there had been no complaint whatever, and this inter-
ference would probably create a panic.
Col. THOMPSON said, if the Bill did not propose to
give greater security to the poor depositors, its objects
must be unimportant. Nothing was more clear than
that any defalc ition in the savings' banks must be made
good by that llouse.
Colonel SIBTHORP said the Bill was an admission
that there was something rotten in the condition of the
savings' banks.
Mr. WODEHOUSE, as a trustee of a savings' bank,
should he disposed to resign his trust if this Bill passed.
Lord G. BENTINCK moved that the Bill should be
committed that day three months. The Select Com-
mittee had only examined four witnesses, with respect
to the savings' banks of Tralee, Killarney, and Dublin,
and none at all with respect to the banks of this coun-

try; they had sat nine clays, and had produced a report,
recommending that farther inquiry should take place,
and that a Bill should be passud regulating the re-
sponsibility of trustees and appointing auditors.
They had made no recommendation with respect to
the savings' banks of this country, and:yet the Chan-
cellor of the Exchequer came down with a general Bill,
ill-prepared, which tie seemed not to understand him-
self. The proceedings of the Select Committee had
been secret; the officers of savings' banks in the City
had applied to watch these proceedings, but had not
been permitted to do so. It was most unfit that this

measure should be brought forward at this period of the
session, when Ministers were surrounded by their sleep-
ing myrmidons, ready to wake up and vote as they
directed.—(Laughter.) In the Marylebone Savings'
Bank there were 18,700 depositors; how could all these
send in their books in two days? Even if this were
done, how could such a number of accounts be inspected
and verified without increasing the staff of officers, and
consequently augmenting the expense and decreasing
the interest to the depositors? Such a provision would
infallibly reduce the number of depositors considerably.
The Bill had only been printed yesterday, and the House
ought not now to be asked to consider it.

Mr. MONSELL supported the Bill, as being calcu-
lated to restore confidence in the depositors in the sav-
ings' banks in Ireland. Unless some change were made
such as that now proposed by this Bill the most serious
evils would arise.
The CHANCELLOR of the EXCHEQUER said the
sole object of the Bill was to secure a better manage-
ment of the savings' banks with a view to the interests
of the depositors. The Bill only sought that which the
trustees of the savings' banks had themselves sought in
the year 1844 from the then Chancellor of the;Exehequer,
and therefore he was at a loss to conceive the grounds
upon which the present opposition rested. The Bill
fixed a limited responsibility on the trustees, i❑ order
that a proper control should be kept over the officers
whose appointment would be vested in the trustees.
The measure was essential to afford a check upon and a
security against the mismanagement which had already
arisen in various parts of the country.
Mr. H. lIIMBERT complained that the Bill had been
delayed to so late a period of the session. He should
vote against the Bill, because it would be useless in Ire-
land, and would be badly received in England.
Mr. BROTHERTON could not understand the mean-
ing of the opposition to the Bill. The Hon. Member
talked as if he expected that the Government was not
answerable for the deposits. They were responsible for
what they received, but not for all the mismanagement
which was exercised. If the Government attempted to
exercise any control in the matter, the cry would be
against centralisation, and it would be said that they
wished to get all the power into their own hands. lie
considered that savings' banks in England were generally
well managed, but that in Ireland the case was different,
and that the managers generally contrived to put a great
deal of the money into their own pockets. And he thought
it disgraceful to Ireland that, after so much mismanage-
ment of their banks, they should come and ask the House
to make good that which was the result of their own
deficiencies.

Mr. REYNOLDS complained that his Hon. Friend,
without knowing anything of the facts, gave every
credit to the mode of management of the English banks,
and allowed no merit to the Irish. He was sorry to
say that there were certain classes in England who al-
ways looked at the black side of Irish doings, and who
always drew their illustrations of dishonesty and pro-
fligacy from that country. Without including the Hon.
Member in that category he thought that in the absence
of facts he had brought his mind to that belief. Not-
withstanding the deficiencies of the Bill, lie considered it
to be a step in the right direction, and would give it his
support.
Mr. KEOGH defended the management of the Irish
banks.

Mr. J. A. SMITH said that the opposition to the Bill
of the Hon. Member for Kerry surprised him, because
the Hon. Member was one of the Committee that con-
curred unanimously in recommending the Bill to be
brought in at mice.
Mr. HERBERT said he had not concurred in the re-
port of the Committee.

Mr. NEW DEGATE supported the amendment, and
hoped the Noble Lord would persevere in it.
The House divided, when there appeared—
For the amendment
Against it

91
49

Majority

The House then went:into Committee.
On clause I,
In answer to a question from Mr. HENLEY as to the
liability of trustees,
The CHANCELLOR of the EXCHEQUER said
that a trustee would be liable for wilful neglect to the
whole extent of the defalcation, unless he should have in
writing limited his responsibility to 1001.
The clause was agreed to, as was also clause 2.
The remaining clauses wore, after a long discussion,
agreed to, but before the House resumed
Mr. WODEROUSE moved an amendment limiting
the operation of the Bill to Ireland.

Lord G. Bentinek, Mr. Henley, Mr. Newdegate, and
Mr. Keogh supported the amendment.
The Committee divided, when there appeared—
For the amendment
Against it
Majority

The House then resumed, and the Bill was reported.
The Spirits, Dealers in (Ireland), Bill, the British
Spirits Warehousing Bill, and the Distilling from Sugar
Bill, were severally reported, and ordered to be read a
third time this day.
The Slave Trade (Equator) Bill was read a third
time and passed.
The Committee on the copper and lead duties was,
on the suggestion of Lord G. BENTINCK, who stated
that nothing should induce him to allow that stage to
pass at such an hour (nearly half•past three A.m.), post-
poned.
The House adjourned at half-past Three o'clock, hav-
ing sat from twelve at noon.

S ,L.

cyt,,)
it-4-...-:.# .44
(
IV. Mitchell, Stonelaws, liaddingtonsbise, Iftiin - ::- VG'.;::,„„
meet within the George Inn, lladdington, qe ' - /-- .-:-3, -
23, at twelve.
‘ ,4X yea.,
P. Orr„ Edinburg writer to the signet, to meet
witlifiti'd°l4Al
Cay and Black's Rooms, Edinburgh, Sept. 5 and 28,
at two.

G. Hunter. Airdrie, biker, to meet within the Eagle
Inn and Hotel, Glasgow, Sept. 6 and 27, at two.
W. Anderson, Glasgow, commission agent, to meet
within the Crow Hotel, Glasgow, Sept. 7 and 29, at
twelve.

W. Smith, Leggieston, Kirkden, insurance broker, to
meet within Morrison's Inn, Forfar, Sept. 2 and 23, at
twelve.

T. Gibson, Inverness, leather merchant, to meet with-
in the New Royal Hotel, Inverness, Sept. 6 and 27, at one

RAILWAY INTELLIGENCE.

LIVERPOOL, MANCHESTER, AND NEW-

CASTLE JUNCTION.
The half-yearly meeting of this company was held at
Manchester, on Monday; Mr. Ffrance in the chair.
The report stated, that the directors had to express
their extreme regret at the failure of the Bill for the dis-
solution of the company; that they would spare no ex-
ertions during the autumnal months to effect some ar-
rangement, which may render the construction of the
line, or some portion of it, commercially advantageous
to the proprietors. Should they fail in their endeavours
it may become desirable to renew the application to Par-
liament for powers to abandon the line; but the share-
holders will be called together to consider whether they
will go to Parliament or not. The directors will insist
en the most rigid economy, forego all remuneration to
themselves, and reduce the expenses to a maximum of
500/., and the salary of the secretary to 3001. The ac-
counts showed that 182,628/. had been received, and
108,7491. expended, leaving a balance of 73,8791. in
band.

The CHAIRMAN said he had no doubt the directors had
expressed what they felt with regard to the rejection of the
dissolution Bill. His own opinion was,what it had ever been,
that they should not dissolve the company, but remain quiet
for a time till a more favourable opportunity should occur.
Such was also the opinion of Mr. Houldsworth. The
Dissolution Bill was thrown out by the Lords on ac-
count of the weakness of the evidence in favour of it.
It was for the shareholders to decide whether they
should again apply to Parliament for a Dissolution Bill,
or whether they would wait for better times to pro-
ceed with the line. He then moved the adoption of
the report,
Which was seconded by Mr. PLrws.
Mr. LEEMAN said, that there was a balance of 73,8792
still in the hands of the directors, and that it would be
desirable,'if the shareholders would resolve to have their
money returned to do so, reserving a balance of 4,0001.
or 5,000/. to meet current expenses, but suspending all
works.

Mr. T. ATKINSON said, it appeared from the accounts
that tho amount of the expenses on the Dissolution Bill
was 1,922/. lie wished to know, was that all ?or what
%ere the liabilities of the company with respect to that
item ?

The CHAIRMAN believed it was not the whole amount
of liabilities, and they did not know what they wore..
After a long discussion resolutions were passed, ap-
proving of that part of the report which related to re-
ducing the expenses and suspending the works, and re-
questing the directors to call a special meeting on the
19th of September, to consider the propriety of return-
ing a rateable amount of the money to the shareholders.

WIIARFDALE RAILWAY.
The half-yearly meeting of this company was held on
Wednesday at Skipton;,,Mr. F. Billam in the chair.
The report stated that an extension of time had been
granted for the purchase of land and completion of
works. The directors had abstained from any active
prosecution of the works during the past half year.
They have thought it advisable to discontinue the pay.
ment of interest to the shareholders, and to reduce their
stuff and establishment to the lowest possible point, and
the ordinary expenses of the company are now under
100/. a year. The directors reiterate their previously,
expressed conviction of the soundness of the undertak-
ing, and that its resources will be found fully equal to
the expectations entertained when the company was pro—
jected. The accounts to the 30th of June showed 0,4
64,9601. had Leen received and 41,8891. expended, leav-
ing a balance of 23,071/.
On the motion of the CHAIRMAN, the report was
adopted, and the common seal of the company affixed
to the register of proprietors.

LEEDS AND 'I HIRSK RAILWAY.
The half-yearly meeting of this company was held at
Leeds on Monday; Mr. H. C. Marshall presided.
The report stated, that the gross receipts for goods
an,l coal traffic, for the half-year ending June 30, on
the railway, was 1,6401., and for the four weeks during
which it has been used for passengers the receipts on
that account have been 1821. The account of expendi-
ture and receipt showed a balance in favour of the com-
pany amounting to 8861. 13s. 9d. The opening, for
passengers, of the portion of the line referred to—from
Thirsk to Ripon—took place on the Ist of June last.
The receipts from the Ure navigation property, pur-
chased by this company, for the.. past year have been
2,0951., and the net proceeds therefrom 1,7041., which
will pay about five per cent. upon the purchase-money.
An additional portion of the line—from Ripon southward
to Weeton-lane, near the north bank of the Wharfe,
including. the Ripon, Nidd, and Pannal contracts, is now
nearly completed, and, it is expected, will be opened ter
goals and passenger traffic in a week or two from the
present time, which will make a total of about 28 miles
of railway available for the accommodation of the
public. Owing to the recent depressed condition of the
inprietary affairs of the country, the directors have not
been able to take up any considerable sums of money on
loan during the last six months. They have conse-
quently been under the necessity of making regular calls
oil both classes of the company's shares up to the pre-
sent time. Arrears of call on account of the original
shares remained to be collected up to the close of July
io the amount of 18,5601., in addition to which there
were 33,802/. of arrests on shares which are forfeited,
but en which 86,1121. had previously been paid. The
directors arc using all necessary diligence to obtain the
arrears now due. The directors propose to submit a
resolution to the shareholders authorising them to raise
by loans the further sum of 159,9331., the amount au-
thorised to be raised under the powers of these several
Acts. In consequence of the difficulty of obtaining
money on loan the directors recommend the share-
hold-is to empower them to capitalise such amount of
the loans authorised to be raised as may be found neces-
sary, and in lieu thereof to create and issue shares of
such amount, and on such terms as shall be determined
by the shareholders. The new share capital au-
thorised to be raised under the powers of se-
veral Acts this session, by the Melmerby and Northal-
lerton Extension, 153,000/. ; Harrogate and Pateley
Branch, 154,0001.; Leeds Central station, 80,0001. ; or a
total share capital of 887,0001. The directors propose
to fix the amount of each new extension-share at eV.
These shares will of course be credited with the 3/. 105.
already paid up on the scrip. The directors will make
application to Parliament for power to pay a preferea-
, tied dividend at the rate of 6 per cent. on the capital
called up on the extension shares when the original lines
are opened for traffic. The directors expect that the
line from Leeds to Thirsk will be opened throughout
before the next half-yearly meeting. The accounts to
the 30th of June showed that 1,346,5091. had been
received, and 1,323,531/. expended, leaving a balance of
22,978/.
The CHAIRMAN proposed the adoption of the report,
and made some observations on the principal points
mentioned therein.
REHOLDER,.
lAnlra.nJsw.
efriotToTa scieuc
eosndetio nd
ftrhoemmao
stinon.
A
The CHAIRMAN said, that the amount of any call upon
the preferential shares for the purpose of the works for
which those shares were issued, would be very small
previous to the application to Parliament for power to
grant them a preferential dividend.
The motion for the adoption of the report, after some
further discussion, was carried.
Mr. APPLEBY proposed a resolution to the effect—

"That no calls be made on the preference share*
until Parliamentary sanction tor giving a preferential
dividend of 6 per cent. had been obtained."
Mr. EARP, of Derby, seconded the resolution, which.
was carried.

The CHAIRMAN proposed—
" That the subscribers fully approve of the proceed-
ings which have been taken by the directors with respect
to the Clarence Amalgamation Bill introduced by the
Clarence Company in this session of Parliament, which
was formed upon terms of purchase that had not been
sanctioned by the shareholders in this company, and
which was pressed forward without the consent and
contrary to the desires of this company and its directors;
and especially they approve of the act of the directors in
presenting a petition to the House of Lords against the
order
treaty
Bill, under the seal of this company, as necessary to
protect their interests."
Mr. W. W. BROWN seconded the resolution, which
after considerable discussion was carried.
The CHAIRMAN' next proposed—
" That notwithstanding what has passed, and in
that there may be no ground of complaint against this
opportunitycompany
should
Iparties.the
ier e
offered,
a directorsgain t
ebe e
nte n t required, if the
o
with the Clarence Company for the purchase of their
property, provided that such treaty be placed upon a fair
tiiityd
artrhaaetgietmdeinsttinocr distinctly be
for the
e understood
andan 'i
aagiree ed footing;
that aipurchase of that proporty requires the • banction and con-
firmation of a special meeting of
the Leeds and Think
shareholders duly convened."

This was seconded by Mr N. Cesu, and agreel to.
The meeting ther. entered on the consideration of the
provisional agreement with the East and West York-
shire Company for the purchase of their line at 6 per
cent., under the power of an Act passed during the pr....-
Sent session. A protracted discus,ion took place, whicir
ended in a resolution being carried by a majority of
•111 to 297 votes, for the postponement of the question,
but in the meantime the directors of the Leeds an.d
Company to have power to find working stock,
and work the railway as fur as it is at present completed
lit on terms to be agreed upon with the directors of the
East and West Yorkshire.