The Sun.
London, England, 1861-04-08 00:00:00

BANKRUPTCY AND INSOLVENCY BILL.

After a few words from Mr. VANCE,
This bill was read a third time and passed amid the
cheers of the house.

POST-OFFICE SAVINGS BANKS BILL.

The house went into committee on this bill.

Mr. S. ESTCOURT, onathe reading of the Ist clause,
asked the Chancellor of the Exchequer for some informa-
tion on the details of the bill.
The CHANCELLOR of the EXCHEQUER said that it
would be an objectionable course to adopt for the house to
discuss the principle of the bill at present, when it had
already been amply discussed and affirmed. Generally
speaking, however, the plan proposed by this bill was,
that the local postmasters were entitled to receive
deposits, which they were bound to transmit to
the Postmaster-General in London, and this operation
would be transacted without the introduction of any new
principle in the savings bank system. The depositor would
take his security from the postmaster in charge of the local
office where he lodged his money ; and in order to give him
every security, the Postmaster-General would adopt the
saw course in reference to such transactions as he did
with regard to other business between him and
local postmasters, and increase the amount of secu-
rity required from the latter should the deposits
be augmented to an extent that would render such neces-
sary for the safety of the depositor. The Post-office system
with regard to the transmission of money worked so well
that it would scarcely be believed how trifling Ives the lose
incurred since its adoption. He would mention that the
loss on £33,000,00 of money transmitted frost one part of
the country to the other by the medium of the
post-office order system was only £6,000. He
considered that the bill would not neutralise the principle
of the savings banks system, by allowing persons to deposit
larger amounts in the banks than was permitted by the
existing law, by the increased facilities for deposits which
it afforded. There was provision quite adequate to prevent
the law being infringed in this particular. With regardthan
objection brought against the measure, viz., that it brought
Government into rivalry with private enterprise, he con-
tended that it was entirely unfounded. In support of his
assertion he would state that the Government would ask
the House to limit the interest they were to miceive to £2
10s. per cent., so that they would offer no attre.ction to de-
positors to invest their money with them by the amount of
interest they proposed to give.
The clause was ultimately agreed to.

On clause 2,
The CHANCELLOR of the EXCHEQUER, stated that
he had made some amendments to this clause, which would
give additional security to the depositors against any
defalcation on the part of the local postmasters and render
the bill more effectual.
Mr. AYRTON opposed the scheme proposed b . P.
Government, which he contended would fail ir, real. the
the expectations held forth by the Chancellor V_ the
Exchequer to the house and to the country; schemes,
first place, he believed, from the experience ,ox 7ehezines;
that this plan, like other Government
when it
would not be found self-sup
came into operation, but that self-support odd be found
it :stead of the into-
most expensive. He believed also that _
Chancellor of ;the Ex-
rest being limited as stated by the Ch r cent. He
chequer to £2 104. it would _rige
and might operate most
now proposed was an
itnnoriol
contended furtherthat the eirdwilithert? worked satisfac-
tent,
extent,
rtant social movement which:
yvattoi ona ofa
considerablesystem that
injnriously on a veil lintllo the humbler classes to habits
held forth encouragemes-onie further observations he en-
of prudence. .Afterhatthe Chancellor of the Exchecr
pressed a hope_ :
h hOUSe t would be the probable
cent
of
would inform t
from heldifferent banking institutaons,
remitting ri.
131° jaYbe the cost of these institutions.
and what wou _
y said that the bill did not
propose tz alter
Mr. II
ANIiE
•
the existi • system of savings baulk but to afford in.creased
ng .
r still further developing
acffaredilities fo
to the details
of the bill, and aid
system. Be re -
id that he felt boun
f give the measure his entire support.
to SIDNEY, while he approved generiilly of the
object proposed by the bill, still considered that the
expense of the workirig of the system would be enor-
mous, and that the measure was founded in er Tor. The
result would be that the country would be caned on to pay
depositors the highest
interest, and would be sv Adled with
the expense of this institution.
The CHANCELLOR of the EXCHEQUER. decallad
entering into 'those full explanations which hono urable
members desired. He designated the state-
ments of the honourable member for the Tower
Hamlets (Mr. Ayrton) as being . imaginative rather
men abers on
than logical, and the other arguments of hon
"ii. cipl e of the
the present occasion as being against the.p.l.l
.......
isidering.
bill, and not the details which they WerilMUMawi.
An,. To la s was.
lie also vindicated the bill at some length,
[LEFT liMAralfia..l .
1