The Sun.
London, England, 1844-02-13 00:00:00

FACTORIES BILL.

The Factories Bill was read a second time. ,
METROPOLITAN IMPROVEMENTS BIl•-"' f
Upon the Order of the Day for the third reading ,e 0
the Metropolitan Improvements Bill being put by t“
Speaker, the
Mr. HUME wished to ask the Noble Lord, at her
head of the Woods and Forests department, ~vile the
Government intended to adopt any measure, whereby to.
inhabitants of those neighbourhoods where new infli°,ool
ments were to be carried out, would be prevented
injury to their trades caused by leaving those place „n'
such a state of dilapidation as they had been for an
necessary length of time
said. uted
Lord LINCOLN the Government had a.•,°.„ee
every means in their power to prevent the inconVenie"
to which the Hon. Gentleman alluded. .
The Bill was then read a third time. On the clue-
tioa
that it do pass— • t
Mr. lIUME begged to move as an arnendalen
page 2, lino 15, that the words Governor and Co
pany of the Bank of England," be struck out.
Mr. HAWES seconded the motion.
The SPEAKER having put the question, wai
Mr. MASTERMAN said the Hon. Gentleman -08
perfectly right in the objection which he made:
.00
(Mr. Masterman) was one of those who thought it odi
most prejudicial to the interests of the public for 1)1100
like the Bank of England to lock up their monef in t t, the
securities, because they could not readily recal it le. and
public use. Ile very much objected to the principle,
the
he was very glad that it had been brought before -
House. Said
t-2.
e
The CHANCELLOR of the EXCHEQUE" ot
that, as he had stated to the House before, a fi ode
had been given by an Act of Parliament to the
and Forests to borrow money for the purpose of C'utrio'
ing on improvements in particular parts of them e, the
polls. By that Act the power was given to borrow'
money generally from the Bank of England• Tj be
had been considerable competition as to who-shn hr
effere.
.4
the parties to lend the money. The terms
the Bank of England had been more favourable to
public than those which had been offered by any eenl,titt
and when the plan came into execution, a legal ",," tik
was raised as to whether it was competent for the Dot,
of England to lend the money—a legal opinion 7f
taken, and it was in favour of the Bank
er
0.
England's- lending the money, without any alt
tion of the law being requisite for the PurP°„3„
Upon the matter being submitted to him, notvv,',
standing the legal authority on the question, he though
it better to submit it to Parliament; and, thaefore:
the present Bill was only a fulfilment of the' power;
given by the 4th and sth of Victoria to the Woods
Forests to borrow money for public purposes. It way
not, as he had stated before, locking I'D money in tr.
same way as that which was lent upon Paortfrage. rPi
money thus lent by the Bank of England would be e'
repaid in the course of five years; by instalments frl
time to time, as there were proceeds arising frede
the improvements which had taken place, that
it less acceptable security for private parties, but at t'ci
same time it rendered it deeper security to the Banito
England, for the money was not locked up during to
whole period, but was gradually taken out from tirnee__
tho
time, as he had mentioned, and the arrangement 1
fore did not appear to him to be liable to the obi
to to it by the Gentleman opposite. f the
Mr. HAWES took rather a different view ° itbe
matter from that taken by the Hon. Gentleman `es,
Chancellor of the Exchequer). Nothing was R ni°re to
tablished principle in banking than that capital Iv
be invested at all times in such securities as Ft 00
most readily converted into money. That certainly
not the case with the system suggested in this ins..,hich
Would any one say that the investment was one If be
accorded with any approved banking system ?
understood the Bill, it gave a clear power to
.Is.. It
without the necessity of repayment for four Yeatiope4
was an injudicious use of banking capital. and ht;eyeas
the House would not give its sanction to such a Mis%gai
principle. The House had heard what had the
upon the subject by his Hon. and Learned Frien%ets
Member for the City of London. He did not
that any
ht i
one who was at all conversant with helps.
nig
could approve of the course taken by the The/f
Gentleman, the Chancellor of the Exchenuer• .metro
-
were were going to raise large sums of money rtbe coal
politan improvements from another sOtirce--edient ,0 t
duties, and he thought that it would be exP .1)
look to that fund as a means of raising this Innltioe' wple t°
all events, the Bank ought RDA to set such an el
the other banks throughout the country.
Mr. M. PHILIPS said he quite eoucurre3. tientober
the le ,
view taken by his Honourable Friend, the '3seel
for the City of London. He thought
Was quite inadequate, and as a mercant,leer r.„e-
his confidence in any individual banker, Wiatly e"'
spectable, would be shaken, if he thought that_ oat'
siderable portion of his funds were invested Note nsei
gages, and therefore not available for ilnwoef 91°
He would, especially, object to the Bank ,
holding securities that were not thus available:be objr'ci
Mr. C. WOOD said that in consequence 01,:' pelt,
tions which were entertained to the Bank °S
,grit t
advancing money on mortgage, it ha sect's
ceased to invest money on such to sancta
It would be highly inexpedient for Parliament scailalLt
such a practice. The security would not teoebt Ter
and the repayment was contingent. If he tnte ak°,titlig
there was no possibility of obtaining money ti 11- not
source, he might be disposed to waive his ohje;,: aia 4
apprehended that such was not the fact. „Li. ihstatil'e;
know why money should -not be obtained, I`;`tlyder
from the Exchequer Loan Commissioners.
to the Bid
circumstances he could not give his consent this Wide
Sir R. PEEL said his own opinions en tion f° the
would prevent him from giving his sane d that .er
general principle upon which it was State eat
ends
measure was founded. There were veil • its Of
tions to any banking establishment advancing casts le
on securities which might not be availaub'erdly Pe- ea
necessity. But he really thought it was 1'2.10.----(i'; 001
to consider this case as a violation of the ru jog otiu
The total sum which it was proposed to herred oratT;tl
exceed 200,000 L, and he thought the prep?.s. hur to
ment was both economical and convenient'
ng
that the House would not consider that, hY,
this Bill, they were instituting a dangerowl,j, the Von,
Mr. rtumE said it was not the amount, gight
ciple, to which he objected. He hoped the iv, iii or
Baronet would postpone the Bill till to;ntorr°d, the
to see if any modifications could be introdueeetion asea in
Mr. S. WORTLEY felt the same °Il incellipece
Hon. Member for Montrose to the prineiPthe i
woe
the Bill, but he thought that considering there ° the
of the sum and the circumstances of the e_afetiug t°
little danger to be apprehended from a"n OO
measure Baronetto be'
Dr. BOWRING said the Right nOnw. ledgect.,;iog)
sanctioning a principle which he aek 1W
bad, and, coneurring•in the objection, he • iotr°-
- ob.
should oppose the measure
mov•
duce a limitation .for the purpose of r ;,
not to
Sir R. PEEL said, perh.aps it wouldebe_y;a: the
htto
jection. • bey- of 1
interfere with the Bank in making the
_rot,
Mr. TURNER thought that Parliarne use
money. • e it ittletailliff
Mr. GISBORNE thought this Nil mad
vcrid cet
on the Bank to lend their money, and he
ea
therefore, vote against it. re4'
The House then divided, when there ail, ,45:
For the clause ........................... t
Against it ..............................
_OOO,
Majority ..................... ;:jch the:o°lo, 00h
A provision was then agreed to, by eget'
to be lent by the Bank should not ex
13111 i
after which the Bill was passed. Os -
BETS ON HORSE-RACING 13-r4'-'2" the thi%pierf
Sir R. PEEL then rose to propose thahttries.
the House be presented to the Hon. Sir
Was g
up Mon which there, aiin
Mr. HUME rose to order. He t.honght the 03
Order of the Day not disposed of; namely'
Penalties Bill,
this was
Mr. J. S. WORTLEY said,
Bill,—(Laughter.) It left the laws they were
gambling precisely in the same state,as
i_ioittua
re:lar: