The Sun.
London, England, 1844-02-12 00:00:00

FRAME-WORK KNITTERS.

Mr. FERRAND said that during the last session he
had presented petitions from upwards of 25,000 frame-
work knitters, complaining of the injustice done to
them by their employers, and stating that the last Com-
mission had been productive of no good results to them.
They now prayed for another Commission.
Sir J. GRAHAM said, that at the' last Commission a
gentleman named Mugeridge presided, and the fullest
inquiry had been entered upon.
Mr. FERRAND said, that those people complained
of the appointment of this gentleman, as the
commission gave great dissatisfaction to them.
Sir J. GRAHAM defended this gentleman's appoint-
ment.
FACTORIES TILL.
The Factories Bill was read a second time.
METROPOLITAN IMPROVEMENTS BILL.
Upon the Order of the Day for the third reading of
the Metropolitan Improvements Bill being put by the
Speaker,
Mr. HUME wished to ask the Noble Lord, at the
head of Woods and Forests Department, whether Go-
vernment intended to adopt any measure, whereby the
inhabitants of those neighbourhoods where new improve-
ments were to be carried out, would be prevented from
injury to their trades caused by leaving those places in
such a state of delapidation as they had been for an un-
necessary length of time.
Lord LINCOLN said the Government had adopted
every means in their power to prevent the inconvenience
to which the Hon. Gentleman alluded.
The Bill was then read a third time. On the question
that it do pats
Mr. HU Mti begged to move as an amendment in
page 2, line 15,
that the words " Governor and Com-
pany of the Bank of England," be struck out.
Mr. HAWES seconded the motion.
The SPEAKER having put the question,
Mr. MASTERMAN said the Hon. Gentleman was
perfectly right in the objection which he made. He
(Mr. Masterman) was one of those who thought it was
most prejudicial to the interests of the public for a body
like the Bank of England to lock up their money in those
securities, because they could not readily recal it for the
public use. He very much objected to the principle, and
he was very glad that it had been brought before the
House.
The CHANCELLOR of the EXCHEQUER said
that, as he had stated to the House before, a rower
had been given by an Act of Parliament to the Woods
and Forests to borrow money for the purpose of carry-
ing on improvements in particular parts of the metro-
polis. By that Act the power was given to borrow the
money generally from the Bank of England. There
had been considerable competition as to who should be
the parties to lend the money. The terms offered by
the Bank of England had been more favourable to the
public than those which had been offered by any company.
and when the plan came nto execution, a legal doubt
was raised as to whether it was competent for the Bank
of England to lend the money—a legal opinion was
taken, and it was in favour of the Bank of
England's lending the money, without any altera-
tion of the law being requisite for the purpose.
Upon the matter being submitted to him, notwith-
standing the legal authority on the question, he thought
it better to submit it to Parliament; and, therefore,
the present Rill was only a fulfilment of the powers
given by the 4th and sth of Victoria to the Woods and
Forests to borrow money for public purposes. It was
not, as he had stated before, locking up money in the
same way as that which was lent upon mortgage. The
money thus lent by the Bank of England would be all
repaid in the course of five years, by instalments from
time to time, as there were proceeds arising from
the improvements which had taken place, that made
it less acceptable security for paivate parties, but at the
same time it rendered it deeper security to the Bank of
England, for the money was not locked up during the
whole period, but was gradually taken out from time to
time as he had mentioned, and the arrangement iheae-
fore did not appear to him to be liable to the objection
taken to it by the Hon. Gentleman opposite.
Mr. HAWES took rather a different view of the
matter from that taken by the Hon. Gentleman (the
Chancellor of the Exchequer.) Nothing was a more es-
tablished principle in banking than that capital was to
be invested at all times in such securities, as could be
most readily converted into money. That certainly was
not the case with the system suggested in this instance.
Would any one say that the investment was one which
accorded with any improved banking system ? If he
understood the Bill, it gave a clear power to invest
without the necessity of repayment for four years. It
was an injudicious use of banking capital, and he hoped
the House would notgive its sanction to such a mischievous
principles. The House had heard what had been said
upon the subject by his lion. and Learned Friend, the
Member for the City of London. He did not believe
that any one who was at all conversant with banking,
could approve of the course taken by the Right Hou.
Gentleman, the Chancellor of the Exchequer. They
were going to raise large sums of money for metro •
politan improvements from another source—the coal
duties, and he thought that it would be expedient to
look to that fund as a means of raising this money. At
all events, this bank ought not to set the example to the
other banks throughout the county, of borrowing
money by the proposed method.
Mr. M. PHILLIPS said he quite concurred in the
view taken by his Honourable Friend, the Member
for the rity of London.' He thought the security
was quite inedaquate, and as a mercantile man
his confidence in any individual banker, howeverre-
spectable, would be shaken, if he thought that any con-
siderable portion of his funds were invested in mort-
gages, and therefore not available for immediate use.