The Sun.
London, England, 1829-05-12 00:00:00

EAST RETFOrtD.

Mr. G. LAMB wished to know from his Hon.
Friend the Member for Hertford (Mr. N. Calvert),
v'hether it was his intention to press the motion, of
he had given notice, respecting the extension
of the franchise from East Rexford to Bassetlaw;
because, unless it was considered that Parliament
woitA sit long enough to pass any measure which
he had in contemplation to bring in, he would beg
to suggest to him that it would be much better to
postomie it altogether to tho next Session.—( Hear.)
Mr. N. CALL AFT was inclined to adopt the
snggestion of his Hon. Friend, if such appeared to
be the opinion of the House.
Mr. PEEL was of opinion that there would not
be lime during the present Session for carrying
through any measure with respect to this borough,
or if there might be time in this, there would nut
be in the other House. In that case he thought
discussion of the subject would be an unnecessary
waste of time. He therefore joined his wish to
that of others that the measure might- be postponed
to next Session.
Mr. N. CALVERT said, that under these cir-
cumstances he had no objection to postpone his mo-
tion, at the same time giving notice that he would
tiring it forward at an early period next Session,
Mr. TENNYSON hoped it would not be under-
stood that this arrangement would leave open the
question of the new writ ; for certainly if it should
he moved this Session, he should oppose it.
Dr. PHILLI3IORE thought that some under-
statinire should be come to as to that point.
The Order of the DI for renewing the adjourned
debate on the question was then discharged, and
fixed for that day two months.
REPORT OF WAYS AND MEANS,
On the motion of the CHANCELLOR of the EV.,
enPot:ER, the report of ways and means was
brought up.
Lord ALTHORP could by no means concur in '
the bargain which had been made by the Right
Hon. Gentleman as to the funding of Exchequer
Bilk, for he looked upon it as a part of the old, and
he had hoped exploded, system,—that of borrowing
money to pay it away. The borrowing money to
purchase stock was, he thought so evidently impoli-
tic, that he thought no difference of opinion could
exist upon it. If there was un)i: surplus revenue,
he thought the more simple and more advantageous
wry to apply it would be to withdraw as many -Ex-
eiteeitter Bills as the surplto; would cover. On the
principle of this funding, then, he differed wholly
from the Right Hon. Gent. He also differed from
him as to allowing the premium on the Bills. fliM-
ever, though he disproved of the bargain, he would
not apply to it the term " profligate," for certainly
it (lid not deserve it,—nor should be, if the House
diivided on it, give his vote for its rejection.

The CHANCELLOR of the EXCHEQUER,
if he could not convince the Noble Lord that the
bargain was one advantageous for the public, could
but acknowledge the candid and liberal feeling in
which he had stated his objections to it, The bar-
gain, he contended, was a benefit to the public, It
was doing no more on the part of the country, than
en individual would do, who, having a number of
hills outstanding and payable on demand, should
give for them a mortgage on his property. The
debt in either case wag not paid, but its nature w4s
ebangeo. If any apprehensions existed at having so
large a sum outstanding payable on demand, that
apprehension would be removed by this operation
of funding, and in the way in which it was done the
country, he would contend, was a gainer; fc,r if,
through the increased prosperity of the country, the
stock which he had purchased for those bills, should
rise, we should have at some future time, to pay
3,600,000/. for it, instead of the 3,000,000/. we
now paid ; while we could at any time redeem the
three millions of Exchequer Bills for their nominal
amount. So that if the country, as there was ma.
son to hope, should become prosperous, we should
have saved by the transaction the sum f 600,0001.
So much, then, for the general principle of the mea-
sure. Now, as to the payment of the premium,
there was, he thought, some misapprehension with
respect to it. We were exchanging one kind of
security for another, and he thought it but fair to
set off the premium in the one case against that in
the other.

- Sir J. WROTTESLEY concurred in the prin-
ciple of exchanging unfunded for funded debt, and
also in the propriety of allowing the premium, as a
reliance on the good faith of Government rendered
those securities so valuable. It was not enough for
him to be told by the Right Hon. Gentleman oppo-
site, that the estimates had been reduced. He would
go much further;—he would say, that the Treasury
was imperiously called upon to make a reduction of
every species of expense, which they were not in a I
situation to prove was absolutely necessary for the
service of the public. With regard to the Commis-
sioters of the Sinking Fund, he would only say that
to him it appeared that those gentlemen, with all
their establishment of clerks, &c. &c. were all un-
necessarv.—(Hear.)
Mr. MABERLY said, that there were two hues-1
tions on this subject which the House was bound to
consider :—first, is it expedient to reduce the un-
funded debt,—and secondly, if it be expedient, has
it been reduced at present in the best manner ? The
rime for reducing the unfunded debt had been too
long deferred : it should have begun sooner, and
therefore he was of opinion that the first question
must be answered, by stating that the Chancellor
of the Exchequer had acted upon a right and sound
policy in determining to reduce it. The next
question was, had he set about reducing it in the
best way ? The Finance Committee had said that
the unfunded debt ought to be reduced, and he
imagined that the /tight Hon. Gentleman had in-
tended to reduce it last year, by applying to it the
surplus. To his great surprise he found that the
Right Hon. Gentleman had not reduced it last year,
by the surplus; but that he had applied it in a
manner that was most expensive and injurious to
the public. He applied 3,441,0001. to the redemp-
tion of 3 per Cents, by which he purchased an an-
Joky of 124,0001. odd. If he had applied the same
stint to the redemption of the 3i. per Cents., he
‘vould have made a bargain much more advantageous
so the public. On that abstract, question arose the
iii;eston as to what had been the loss to the .public
le hum applyii:g the same sum to the redemption of

the 3-1- per Cents. It appeared by the papers re-
turned by Alr. Irons, that by the misapplication
which the Right Hon. Gentleman had sanctioned,
there had been a loss to the public of 7,346/. of an-
nuity. Multiply this by 25 years purchase, and,
you get the exact loss, which is 183,650/. He left
it to the Chancellor of the Exchequer, and to his._
Right Hon. Friend the Master of the Mint, to con-
tradict that assertion if they could. He would now
show what had been lost altogether by that impolitic
arrangement. Between the sth of January, 1828,
and the sth-of April, 1829, the Right Hon. Gentle-
man opposite, had reduced 12,498/. of annuity. If
he had laid out the same sum in the 31- per Cents.,
he would have been able to redeem 13,130/. of an-
nuity. The Right Hon. Gentleman had therefore
lost the country the opportunity of redeeming 6301.
of annuity ; multiply that by 25 years' purchase, and
you find the amount of that loss is 15,8004; thus
making an entire loss of 198,450/., which the Right
I lon. Gent. had thrown away in the year and a quarter
which intervened between the sth of January, 1828,
' and the sth of April, 1829. He expected that his
Right Hon. Friend the Master of the Mint would
say, that if the Government had followed the plan
which he (Mr. Maberly) ventured to recommend,
the Three and a half per Cents. would have risen,
and that consequently the saving would not have
been so mush. He had no doubt but that the Three
and a half per Cents. would have got up, but there
would have been an advantage even in that. One
great advantage in the redemption of the debt was,
that it enabled you to effect a reduction of interest
upon it. Till your Three and a half per Cents, are
at par, it will be impossible for you to attempt to
reduce your Four per Cents.; so that, even if your
Three and a half per Cents. had risen, the Right
Hon. Gentleman would have brought his reduction
of the Four per Cents. to a nearer point. Then
came this transaction. The Right Hon. Gentle-
man stated that he had a surplus of 3,000,000/. odd,
—then let us consider whether it has not been well
applied or not. He contended that lie had caused
the country a loss of 435,000/. ; and if the House
would listen to a few figures, he would endeavour
to prove it. By these papers it would be seen, and
he had moved for them because he was anxious to
know at what price the Government had purchased
every 10s. of annuity in the Three per Cents.,—that
it had purchased them at 141. 9s. 11d. If that was
the average price of every 10s. of annuity they
purchased, he should say that that was the ac-
tual price at which they had been redeeming
it. It was then worth while to see at what
price the Government had been selling on the
other hand every 10g. of annuity. They had sold
it for 121. 10s., thus leaving a loss of I/. 16s. Bd.
(so the Hon. Member said) on every 10s. of an-
nuity. To see what this loss was in every 100/. he
multiplied it by 8, and it brought the loss to 14/. 9s.
Bd. (so the Hon. Member again said) in every 100/.
When he looked at this eeormous loss, he doubted
the correctness of his own calculation. If he fol-
lowed up his calculations, by calculating the loss on
the surplus of 3,000,000/. odd, which had been tip-
. plied to the purchase of stock last year by the Go-
vernment, he found the loss to amount to upwards
of 435,000/. Add to this the 200,0001. which had
been lost as lie had before stated, and you got a
total loss to the public of 635,0001. Here, then,
were facts, which he called upon the Right Hon.
Gentlemen opposite to deny if they could. He con-
sidered them as making out against the Right lion.
Gentleman a great misapplication of the public funds.
The great question connected with this subject he
considered to be this,—shall the Government con-
tin to this error of being at once the buyer and
the seller of stock ? He held at that moment
in his hand a paper, which proved that they
had lost twenty-seven million pounds by pursuing
that system. Dr. Ilamiltoe, that great financial au-
thority, what said he to it ? By this system, said
he, your loss will at the end amount to 30 millions.
The paper to which he referred proved the asser-
tion of Dr. Hamilton. The Finance ComMittee
were most anxious to gat rid of this system ; and
he hoped that by the assistance of Parliament they
would get rid of it. The Chancellor of the Etcher
suer, however, continued this unprofitable transac-
non, What the Right Hon. Gentleman might have
to say in its defence, he could not of course know ;
but all practical people were usable to conceive why
he should not go into the market and buy up Ex-
chequer Bills with his own money. He wished pare
ticularly to impress on the attention of the House,
that the irtighe Hon. Gentleman had sold every 10s.
of annuity at 12/. 10., and had purchased it at
' 14/. 9s. lid., leaving a loss of 11. 15s, Sd. against
himself on every 10/., or a loss of 14/. odd on every
100/. How this arrangement was to be got rid of
he knew not, His Right Hon. Friend, the Master
of the Mint, might be in possession of some state-
ments to prove him in error. If his Right lion.
Friend should by those statements satisfy him that
he was in the wrong, he would willingly get up in
his place to :ray so, and to give his Right Hon.
Friend the credit of exposing the fallacy of which
he had been unintentionally guilty. Ile was inclined,
however, to believe that he had been guilty cf no
mistake in saying that the Right Hon. Gentleman
had lost 2thi,0091, in the last year and a quarter,
and 630,0001. altogether, by this misapplication of
the public money. How ive were to reduce the
taxes with such misappropriation of our eesottreq,
gotalti not discover. He thought that the -Right
Hon. Geotleman should apply all his surplus to the !'
reduction of the unfunded debt; for if war, or ru-1
mour of war, should come on, Cho Right Hon. Gen-
tleman would fiud the country endenge•eed by his
endeavouring to pass off the unfunded debt at suit
a time, He would ask the Right Hon. Gentleman
why he sliwid not appriate 10,000,000/. to the re-
duction of the unfund.ed debt, as well as that of the
funded debt. rhe Right Hers. Gentleman should
reduce the unfunded debt, for he must be aware
that the unfunded debt was an easy but a dangerous
mode of reieing money.
Mr. HERMES said? his Hon. Friend the Mem-
ber for Abingdon had advanced very strong reasons
Mg his Right Hon. Friend should reduce the up:-
funded debt and he should have expected from his
Hon. Friend's reasiziig that he would rather have
blamed his Right Hon. Frie4d for doing too little
than for 'doing too much. He was ceit44: that on
many prOyions occasions his Hon. Friend had urged
upon 'oveena tit the propriety of converting into
fixed debt the floating debt of the country. He
thought that no man who gie4&:dered the rela-
tive advantage of the two sorts of debt, couid
hesi-
tate to join ip that proposition, if he took into con-1
sideration that a certain quantity of unfunded debt
might remain with propriety, the danger of it con-
sisting entirely in its excess. When tie late Mr.
Canning said that he should refrain (rpm any Gnarl-
cia). operation for raising money for the service of
the yeatr, eed that he should provide money for the
exigencies of the etets hy adding to the unfunded
debt, he said that it would ce ,t)-!e duty of himself
or of some future Chancellor of the Ex.c.beaqor to
look for an occasion to reduce the amount of that
debt wilireb-he was then preparing to extend. In
compliance with elixt proposition, which appeared to
meet the general approbation ref the House, his Right
Hon. Friend availed hitnself of his pre.,7,ent plan. An
Hon. Vert. on the other side of the House had pointed
out to his Right Hon. Friend another fuh-d-to which
he said that the Right Pon. Gentleman might have
resorted to discharge these Exchequer Bills ; but
the Hon. Baronet did not appear to beo.r jo mind
that this proceeding had not been produced by the
application of reone.e, el.s there was no money, it
was necessary to negotiate with the holders of these
-securities -io obtain their consent to trettsfe: their
debt from that species of security to another. He
wished to remind the House that the party who
held U.a Exchequer Bill, by entering ipto this ar-
rangement, gave up an advantage which he enjoyed
tit present—,namely, the right of having his money
paid whenever he pleased. When he had an Ex-
chequer Bill he had the acknowledgment of a debt
from the State, which he. had a right to have paid at
his own option. When he agreed to receive so much
stock for it, he then became a creditor of the State,

to be paid no longer at his own option, but at the
option of Government. The Hon. Baronet had
likewise said, that in this proceeding for the con-
traction of the unfunded debt we should have ap.
plied to the Bunk, but without the application of
money the Bank could do nothing. The operation.
of ins Right Hon. Friend's plan would give him an,
opportunity of going much further than gentlemen
anticipated on the former night. Their plan went,
to the gradual application of a sum of money to-re-
duce the amount of the unfunded debt in a long
course of years ; his Right Hon. Friend bad con-
tracted that a sum of money should be applied to it
alone, and had thus enabled himself to go further,
if he pleased, on any future occasion. Therefore it
was that he thought that his Right lion. Friend
stood upon a better principle than they did. In
reply to the suggestions which had been made
respecting the Bank, it was only right to say, that
if we had raised money in the market to pay off
Exchequer Bills, it would have been impolitic
in Government, under present circumstances, to
hive applied those funds to the discharge of
the Exchequer Bills in the hands of the Bank.
In the sweeping condemnation of his Right Hon.
Friend's financial system, the House would observe,
that all the calculations of the opponents proceeded
on mere arithmetical points, which might be accu-
rate enough in the statement on paper, but were
drawn up entirely without reference to the policy of
enforcing or following up such calculations. But
there were other considerations to which it behoved
a finance minister not to turn an indifferent ear.
How came it that in similar cases the predecessors
of his Right lion. Friend, as Chancellors of the
Exchequer, had pursued exactly the same course as
to the stock in which the redemption of annuity
had been made? Why had they purchased into
the 3 per Cents. in preference to the 4 or 5 per
Cents., as recommended by the lion. Member, not
for the first time certainly ? Because the commis-
sioners for the reduction of the national debt always
bore in mind that the public had contracted 1001.
of debt in times of distress in the 3 per Cents, on
an advance of 601, or thereabouts. Nor did they
lose sight either of the fact that the highest priced
stock was that which was liable to the greatest con-
tingent loss. In all cases of reduction of interest on
stock, or substitution of stock, a bonus was neces-
sarily given to tempt the stock-holder to subscribe
to the newly created stock. The present bonus,
although asserted so roundly to be an injudicious
one, was the lowest bonus ever offered in a similar
transaction relative to the funding of Exchequer
Bills. The profit, in fact, on the sale of this stock,
to the amount of 3,000,0001., was 96,0001., all
whieh would redound to the advantage of the
public.
Mr. POULETT THOMSON was surprised to
find his Hon. Friend's sentiments had been so far
misrepresented during the debate. His Hen.
Friend had, throughout his speech, argued the ne-
cessity of getting rid of the funded debt; but he
had at the same time objected, and in his mind very
properly, to the mode in which it had been at-
tempted to.be got rid of in the present instance. It
was clear our situation was very different now, in a
financial point of view, from what it was when it
had been the habit to give a bonus on a transaction
of this nature. Then our situation was one of such
pecuniary embarrassment, that we could not get
money without giving a bonus; but in the present
instance no such necessity existed, for we had actu-
ally the money in the treasury, and it might have
been directly employed in extinguishing the debt on
much more advantageous terms to the public. •

Mr. WARD observed that it was not to be in-
ferred that the terms were unfavourable, because
18,000,0001. had been subscribed, when only
3,000,0001. were wanted; for although it had been
known for some time that a funding would take
place, the extent was not known ; and when it be-
came known that only 3,000,0001. were required,
many persons found themselves over prepared.—
These persons finding the terms beneficial, in order
to obtain the largest proportion, subscribed for four
or five times the amount they would have taken.—
(Hear.)-,,The whole amount of Exchequer Bills was
28,000,0001. only ; and taking into consideration
that a large quantity was trust property, and that an
enormous proportion was in the possession of the.
Bank of England, he doubted whether 25,000,000
of Exchequer Bills were really available. With re-
spect to the sinking fund, he thought it was hard
that the British fundholder should be placed in a
worse situation than those of Prussia, France, and
America. It was part of the contract with the Bri-
tish fundholder, that a provision should be made for
the gradual extinction of the debt. But the sinking
fund had been gradually curtailed, and it was doubt-
ful whether the fund of 3,000,0001. was to be left.
In other respects he concurred with the Right Hon.
Gent, the Chancellor of the Exchequer, and hoped
that he. would persevere in his present plan of giving
a plain story, and that he would not be led to adopt
changes merely because they were changes. (Hear.)
Mr. HUSKISSON concurred in opinion with
those Hon. Members who had not despaired of the
resources of the country; and he agreed in the con-
cluding serithrieut of the Hon. Member for Dover
(Mr. Thomson), that Ministers had no other mo.=
tives, whatever animadversions might be cast upon
them, than to consult what in their view appeared
to !oe the best interests of the country. The pre-
sent seemed to he a renewal of the debate on Friday.
It had been stated, that as there was 4 4.:,l7phis of
3,000,0001., instead of funding Exchequer Bills to
that amouut, the surplus should have been applied
to the extinction of so much of the unfunded debt.
Looping at the facts, if it be true that Exchequer
Bills were selling in the poblic. market of the country
at a premium of from 50s. to 705., and sometimes
755.; if it be true that the interest is Os. per cent.,
and if it be also true that the law authorised the
purchase of these bills by Government at par, he
could curly say tlint it was a strange anomaly that
any persons should be found who would give a PFF7
mium of 60s. for a security payable at the end of
the year. The purchasers of the Exchequer Bills
must have had in view the invariable practice. He
admi;tcd that if Government had paid off any of
these bills at pax, he holders would have had no
remedy at law; but would it have been fair deEpling
The holders would have considered themselves
hardly dealt with; and, leaving out of consideration
Moral oblgations, it was not consistent with the
character of a country which prided itself upon its
strict honour and integrity to 'descend to such
act ; and if it were done, the consequence would be
t,t some future time we should repent it.—
(Heai.)--He could not therefore concur in the opi-
nion that Government would have done wisely to
select any particular bills to be paid off at par;' but
Government, in his opinion, might have taken ano-
ther course. A large quantity of Exchequer Bills
had been issued without premium, and were held
by the Bank of England, and the purchase of these
would have reduced the unfunded debt without in-
flicting any injustice.—(Hear.)—He (Mr. Hus-
kison) had frequently expressed in the House his
Conviction 4f Op expediency and the importance of
reducing the amount of the oufunded debt in the
hands of the Bank; and though the Hon. Ivienitier
for the Bank—(A laugh)—the lion. Member for
the city of• London, who is a Director of the Bank,
had eont,sntled that no inconvenience accrued from
this large amount o; the unfunded debt remaining
in the hands of the Bank; except in the case of a
panic—(Hear, hear)—he begged to say that thiS
said he had stated that no inconve-
wos a fearful exception.
Mr. WAR D
i
nience had arisen froro the unfunded debt altoge-
ther; not with reference to that port* of it in the
hands of the Bank in particular.
Mr. fIUSKISSPN continued :—lt was a cities,-
'
tion how far the quantity of unfunded debt was the
cause of the panial—how far the number of Exche:
quer Bills carried into the market had produced that
effect. During tile iqier no regard had been paid to
the issue of Exchequer Bills ; but if we continued
the same disregard, the country might be involved
in enormous difficulties. He therefore was prepared
to see as large a reduction of Exchequer Bills as the

~,
. ".

surplus admitted'; but if.it was proposed, as from
the intimation which had been given to the House
he concluded it was the intention to do, to make, at
a future period, a' stilt:further diminution of the un-
funded debt, he theitightit should be done by ten-
ders and competition.::' He was aware that the
Right Hon. Gentleman- haddorte. cal former or-
casions, but there was
,a great 4jffere.oo the cir-
cinnstances the c 'ountry, inebet)o7tertifs might
have beedobtaine3 from the eae•eiriesi.iif competi-
tion, if there had been a free bidding. He (Mr.
Huskisson) had been told that more than one tender
had been made of more than the 3,000,0001. He
wished to say one word upon another topic,—the
purchase by the Commissioners of, the sinking fund
in the Three per Cents., instead of the Three and a
Half per Cents. As a member of the Finance
Committee, he (Mr. Huskission) had suggested the
purchase in the Three and a Half per Cents., in-
stead of the Three per Cents., and he did so on the
ground of the superior advantage which would be
gained by the public. The natiooal debt was not
so much a debt as a great public annuity; and it
became, therefore, expedient to reduce the annual.
charge as much as possible. The Right Hon. Gen..
tleman then pointed out, by a variety of calculations,
the loss sustained by the public from purchasing in
the Three per Cents. instead of the Three and a
Half per Cents. The holders of the Three per
Cents. were not desirous to see those funds reduced ;
and taking the average price at 75, when he now
found them at 87, he could not contemplate the re-
duction of interest but as very remote. He would
recommend that the surplus revenue should be em-
p)oyed for a given period in reducing the quantity of
unfunded debt in the hands of the Bank of England.
Mr. BARING considered that there could not be
any dissent from the principles just asserted by the
Right Hon. Member for Liverpool. The question
appeared to him less one of public faith than of
public interest, and he therefore agreed with those
who contended that the 3,000,0001. Exchequerßills
4hich Mr. Canning had issued, and for which he had
received 31. 10s. premium per cent., should not be
fimded above par. And for this simple reason, sup-
Posing there were no other—the present holders and
the original purchasers are not the same persons, the
bills having frequently changed hands, like all other
Government securities in the money market. He
also thought it would be wise policy to take up the
deficiency bills as well as the Exchequer Bills at par,
and thus save the public the bonus at present paid
the one, and the 31. 10s. premium paid on the
other. He did not consider that the effect on the
currency would be such as the Right Hon. Master
of the Mint had asserted, if the Government had
oaken up the Exchequerßills of which the Bank were
the holders at par, instead of those floating in the
money-market. In his mind ;t would occasion no
difference in the amount, and thence in the value of
the currency ; and all the inconvenience would arise
from the public misconceiving the effect of such a
proceeding, to be occasioned by the withdrawal of
the small note currency, arid thus inflame the preju-
dice against a return to cask payments. With re-
spect to purchasing in the Three and a half instead
of the Three per Cents., he really could not see
the sacrifice of the public money which some
Honourable Members declared to have arisen
from the Government's selecting the latter ;
because the effect of such selection would be
to, in a very short time, bring the two prices
to a relative level. With respect to the general
question, of the impolicy of keeping up a large
amount of unfunded debt, he agreed with those who
entertained apprehensions from the present large
amount. The subject was one of great importance,
not only in its bearings on our finances, but the in-
ternal and external political relations of the country,
and therefore could not be too deliberately investi-
gated by the legislature. In this investigation no
precedent should be taken from our financial pro-
ceedings in the late long and expensive tsar, when,
owing to the Batik Restriction Act, a system of
ruinous extravagance and profusion was pursued by
every successive Chancellor of the Exchequer. He
lamented, that since that most mischievous Act had
been repealed, . the country had not been more ena-
bled than it had been to apply itself to the redue,
tion of the debt which it had Incurred during the
war; bat much of this was owing to the mock Sink-
ing Fund with which the Government had been for
years pretending to reduce the debt with one hand,
while they were actually adding to it with the other.
But he was glad that this pretended sinking fund
system was about to be abandoned. Had Mr. Pitt's
plan of a sinking fund been acted upon with the
amendment clause proposed by Mr. Fox, the real
proportion between the debt we were incurring, and
the taxes which we were levying to meet that debt,
would be clearly shown, and'the extraordinary pro-
fusion arid waste of the public money which the war
system of finances necessarily occasioned, materially
checked, if not rendered wholly impossible.
Mr. J. MARTIN could not admit that the loss to
the public which the present system of taking up
Exchequer Bills at a premium produced, was so
great as Hon. Members had asserted.
Mr. WARBURTON entirely Concurred with
what had fallen from the Hon. Member for Abing-
, den as to the anneal loss produced by Government
purchasing in the Three per Cents., on their fun:ling
Exchequer Bills to the same amount.
After a few words from Sir J. WROTTESLEY and
Mr. MABERLY, the report was received,—the seve-
ral resolutions read and agreed to, and a Bill founded
on them ordered to be brought in.
On the motion of the CHANCELLOR of the Ex-
CHEQUER, the report of the Committee on the, Sink-
ing Funds Acts was received; the resolutions read
and agreed to; and a Bill founded on them ordered
to be brought in,
The Metropolis Roads Bill was read a second
time, and ordered to be committed on Friday next,
on the motion of Mr. G. DAWSON.

The CHANCELLOR of the EXCHEQUER
moved the third reading of the Clerk of the Pleas
(Ireland) Bill
Mr. MOORE opposed the motion on the part of
two petitioners against the Bill.
The CHANCELLOR of the EXCHEQUER
opposed the motion.

After a few words from Mr. A. DAwsoN in sop:
portof the claims, and from Mr. SUGDEN against it,
the gallery was cleared for a division, but the mo-
tion was ultimately negatived without a division,
and the Bill was read a third time and passed.

IRISH FISHERIES.
Mr. A. DAWSON moved the second reading of
the Irish Fisheries Bill.

Sir A. CHICIIE TER took that :opportunity
to observe, that Government ought, by every means
in its
.power, to foster; protect, and extend those
fisheries._

The Bill was read a second time, and ordered to
be committed to-morrow.
LIFE ANNUITIES' BILL.
Upon the Motion for receiving the Report of dic
Committee on the Life Annuities' Bill;
Mr. JOHN WOOD said, he was anxious to take
that opportunity of calling the attention cf the
House, and particularly of the Noble Lord opposite,
who held the of of Commissioner of Woods and
Forests, to a Clause in a Riff now pending, entitled,
A Bill to Consolidate and Amend the Laws relat-
ing to the I‘lanagerneut and Improvement of his
MajestysWoods, Forests, Parks and Cha,es,
of the Land Revenue cf the Crown, within the
Survey of the Exchequer of England, and of the
Laud Revenue of Ireland; and for extending
certain provisions relating to-the same to the Lies of
Man and Alderney." In that Bill, which he under-
stood was to be brought under the consideration of
the I louse to-morrow (this day), there was the fol-
lowing passage... In the next place, so much
of the moneys to arise from the said annual income
as the Lord Nigh Treasurer, or the Commissioners of
his Najcsty's Treasury fbr the time being, shall,
from time to ante, think proper, shall be applied to-
wards the payment and discharge of Me costs, charges,
and expences of the repairs, alterations, and improve-
ments of Ruckingham•house, and the buildings,
offices, and grounds appertaining- and belonrio

) '

-.., • •
.%-.4... . ,
• . • IN:4k •, , ...4,%
a,
thereto, :Teed to-the aPprwationNforesaid." Now
this, he considered a most unfair, and improper
clause. -

The SPEAKER told the HOU,:Meniber, that it
was altogether irregular to allude, Upon
,the discus-
sion of one question, to another which was fixed for
a future evening.
Mr. JOHN WOOD thought, that upon a ques-
tion of Finance, it was competent to any Member
to make any observation, or ask any question.
Mr. GORDON thought the matter_urged. by the.
Hon. Member for Preston worthy the serious -con-
sideration of the House.

The Report was then agreed to.
GREENWICH OUT-PENSIONS BILL.
Mr. A. DAWSON moved the Order of the Day
for the House going into a committee on the above
BM. The Bill went through the committee.—Re-
pOrt to-morrow.

MURDEROUS ATTEMPTS' (SCOTLAND) BILL.
On the motion of the LORD-ADVOCATH of SCOT-
tbe above Bill went through the committee.
-1-Report to-morrow.

TAILZIES (SCOTLAND) REGULATION BILL.
On the motion of Mr. KENNEDY, the above Bill
was re-committed.

Mr. SUGDEN felt objections to some clauses of
these Bills, but more particularly to the machinery
of them, which would be a most fruitful source of

Mr. FERGUSSON voted for these Bills because
he conceived that they applied, not to the Act of
1685, but to the aberrations from that Act ; and
that they put the people in the same situation in
which they were under the Act of 1685.
After a few words from the Lord Advocate, Mr.
R. Grant, Sir C. Forbes, Mr. Fergusson, and Mr.
Kennedy, the House resumed, and the Chairman
reported progress, and asked leave to ait again to-
morrow (this day), which was granted.
The other Orders of the Day were then disposed
of, and the House adjourned at Half-past One.