The Sun.
London, England, 1844-08-09 00:00:00

BILL.

The Joint-Stock Companies Ileg,nlation Bill was read st,
third time, and some verbal amendments having been
agreed to it, it was passed.
JOINT-STOCK BANK BILL

The Earl of RIPON moved the third reading of the
Joint-Stock Bank Bill. Certain suggestions which had
been made by the Nolsle Lord opposite had been adopted
WS amendments i❑ this Bill.

Lord MONTEAGLE expressed his satisfaction at the
announcement just made that certain of his suggestions
had been adopted ; but there were certain other amend-
ments which he should wish to see introduced. The
Joint-Stock Companies Bill gave power to the Lord
Chancellor, or Master of the Rolls, to make regulations,
such regulations to have the force of law. Now that, he
apprehended, would prevent the Lord Chancellor or
Master of the Rolls from rescinding any regulations
which they might have made. He wished also to di-
rect attention to an anomaly which existed between this
Bill and the Joint Stock Companies Regulation Bill.
By that Bill out-going directors were elegible for
re-
election, but by this Bill it was enacted that a certain
number of directors of such joint-stock bank should go
out of office every year, but that they should not be
eligible for re-election. Now, he should like to see the
principle which had been adopted with regard to joint-
stock companies in this respect extended to joint-stock
banks. It was necessary to the public safety that in all
banking concerns there should be a continued and
steady system of management ; and he should propose
the emission of the words which prevented the re-
electi,.n of those out-going directors.
MESSAGE FROM TIIE COMMONS.

The Noble Lord was interrupted in the course of his
speech by Messengers from the Commons, who reported
that the Commons had agreed to the Lords' amendments
of the Poor-law Bill, in the Duchy of Cornwall Bill,
and-in the Dublin Grand Jury Presentment Bill.
JOINT-STOCK BANK BILL.

The debate on the above Bill was then resumed.

Lord MONTEAGLE also objected to the regula-
tions respecting auditors. He thought that existing
joint-stock banks adopting the regulations of this Bill
ought to have their accounts audited by the auditors
appointed by the Board of Trade, in the same manner
as the newly-formed joint-stock banks. The Noble
Lord concluded by moving, as an amendment, that the
words prohibiting the re-election of outgoing directors
should be omitted.

The LORD CHANCELLOR said, the Noble Lord
need be under no apprehension as to the regulations, for
there could be no doubt but that the Court of Chancery
possessed the power of rescinding its own order ; and it
might make such orders as it might deem necessary
from time to time. '

The Earl of RIPON objected to the amendment.
The object of the provision was to guard against mis-
management by preventing the affairs of the bank from
getting into the hands of a clique. With regard to audi-
tors, it should be recollected that the existing joint .stock
banks were not liable to the regulations of this Bill.
It was extremely desirable, however, that they should 1)1
induced voluntarily to submit themselves to its provisions,
and he thought the advantages held out to them were
such that many of them would be induced to do so ; but
if they were compelled to submit their accounts to be'
audited by auditors appointed by the Board of Trade,
he doubted whether they would ever be induced to adopt
the provisions of the Bill.
After a few words from Lord MONTEAGLE, the
amendment was negatived without a division.
Several amendments were then proposed by the Earl
of RIPON, and agreed to, and the Bill was read a third"
time and passed.
JOINT-STOCK REGULATION AND REGIS.