The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1853-08-02 00:00:00

THURSDAY, JULY 28,

CTE —The House resolved itselfH E-
The House met at noon. The Cork and Bandon Rail-
way (No. 2) Bill was read a third time and passed.
into committee upon the South Sea Annuities Dis-
senStiOeuntTsH, SwEhle when ther I TCI EHSA.
NR of the
EXCHE-
QUER c
QUER moved resolutions to the following effect :-
1. That provision be made out of the Consolidated
Fund for paying off the stocks of the South Sea
Company in respect of which assents to commute
shall not have been signified, and for paying to the com-
pany the amount of their capital not commuted under
the act of the present session. 2. That the company be
permitted to commute, within, a limited time, the in-
terest on their stock in respect of shares standing in the
names of the Accountant-General of the Courts of Chan-
cery, of the Accountant in Bankruptcy, and of trustees
and others disabled from voting in the General Court of
Proprietors, into any of the stocks or securities autho-
rised to be created by the act of the present session, and
the Three-and-a-Quarter per Cents (1844), upon such
terms as the Lords of the Treasury may see fit to offer,
provided the assent of the company be signified within
a certain time. 3. That the company be permitted to
commute, upon the same terms, the interest in respect of
such further amount of their stock as may be required to
be invested as a guarantee fund for their administration of
private trusts. He explained the reasons why he pro-
posed to extend this option to stock held in trustees or
joint names, which amounted to the largest portion,
whereas, these parties being disabled from voting, the
decision of the company was carried by a minority of the
property, and he had been informed that a large propor-
tion of these parties were desirous of the commutation,
from which they were precluded by the law. The object
of the third resolution was this :—The South Sea Com-
pany had long entertained a project of undertaking the
office of voluntary trustees in private trusts, and a bill
was being passed for that object, which required as a
condition the establishment of a guarantee fund. The
effect of the second and third resolutions was to prevent
the necessity of launching upon the money market next
year £2,500,000, to be immediately absorbed again. He
thought the best course was to enable the Treasury to
offer to the parties either the power of accepting the
option given by the statute of this session, or the Three-
and-a-Quarter per Cents, created in 1844, which would
shortly become a Three per Cent stock. It might, perhaps,
be thought that parties who had commuted under the act of
this year should be placed upon a similar footing ; but he
thought it would be better to await the result of expe-
rience, to intrust the Treasury with a discretion, and to
deal with this part of the question next session.—Mr.
DISRAELI observed, that these resolutions involved very
serious considerations. The Chancellor of the Exchequer
had expected from his scheme of commutation not less
than £lOO,OOO, whereas his plan had entirely failed. the
calculations upon which it was framed having proved illu-
sory. The first resolution merely fulfilled an obligation
with creditors, and to that he did not object ; but with
respect to the second, he objected to adopting a new
scheme to prop up one that had failed. The Chancellor
of the Exchequer proposed that a power should be granted
to the Government very unusual, if not unprecedented,
framing the terms of a financial proposition. In the first
place be thought it most unwise to confer upon any mi-
nister power to enter into a financial bargain of any kind ;
and, secondly, the antecedents of the present ministry
were not such as to make it an exception to the rule.
The wisest course, in his opinion, 'was to conclude the
arrangements as soon as possible, and let it be understood
what the loss would be ; and he thought it would be most
unwise, at the end of a session, to be patching up a scheme,

CISTOA;

Custom
not the

adjourned.
—Mr. HORSFALL

said that there e
of thp spssio

he should be glad to hear whether or
such intention.—Mr. WILSON said ha

was glad to have the opportunity of stating that the Go-
vernment had no intention of withdrawing it, and it was
almost impossible, from the state of the arranzeruents
made at the custom-house with reference to the Bill, that
it could be postponed till another year. He proposed to
mit the bill 'pro forma that night, with the view 01
a great many alterations which had been agree!

inserti

on, after

vhich the bill would be reprinted, and he hoped
early next week to obtain a morning sittingfor its discussion•
AFT:ACA'S MAILS.—Mr. HORSFALL inquired whether
t Lord of the Admiralty had received any corn'

the F,r

munication complaining of great irregularityTn7edelii-
very of letters by the African mail contract steamers, and
whether any measures were being taken to prevent a re-
currence of the same. Probably, the right hon. gentle-
man was aware that the last steamer neglected to call at
two principal trading ports, as it should have done accord-
ing to contract.—Sir J. GRAHAM had not heard at the
Board of Admiralty of any special complaint of failure le
respect to time on the part of these particular steamerst
but the }hard of Admiralty had given general notice to
all parlies under contract that they would enforce the ape'
cial contract in re4ard to the observance of time with
more rigour than hitherto. No representation had been
forwarded to the Admiralty that the last African mail
steamer had not touched at all the proper places.
INDIA BILL.—On the report upon the Government of
India Bill, Sir J. PAKINGTON moved the insertion of t
clause in the bill, enacting that the salt monopoly should'
cease, and that the manufacture and sale of salt in India
shall be absolutely free, subject only to excise or other
duty. He could hardly believe, he said, that he was 0'
pealing to the advocates of commercial freedom to put 00`
end to a monopoly which was fatal to the welfare, the
health, nay, the lives, of the population of India, and
highly injurious to the shipping interest of this country.'
Sir C. Woon, in resisting the motion, observed, that the
salt monopoly, as it was termed, which was no longer 9
monopoly of sale, was only a mode of collecting 0
revenue which could not be commuted for any other
tax.--The motion was supported by Mr. J. plimo-
MORE, and opposed by Sir J. HOGG, who entered into
many details respecting the production of the native
salt, and the revenue derived from this source.-""
Lord J. RUSSELL said he hoped, that in acting upon
this proposition the House would consider whether it
would not he better not to set the example of regulating
the taxation of India, but, leave it in the hands of the In-
dian Government.—Mr. DISRAELI said that Parliament
was now called upon to consider what should he the Govern-
ment of India for a considerable period, and if it was true
that the salt monopoly did produce consequences injurious
to the great body of the people of India, how could the,
evil be dealt with except by the British Parliament ? and
what better opportunity could present itself. Upon a di-
vision, the motion was carried by 117 to 107 (leaving the
Government in a minority of 10), and the clause was or'
dered to be added to the bill.—Sir C. WOOD moved two
clauses,—one reducing the qualification for directors from
£2,000 to £l,OOO stock, all the directors, elected and aP'
pointed, to have the same qualification ; the other clause
fixing the salaries of the directors, which he proposed'
should be £l,OOO, those of the chairman and deputi•
chairman 1,500. The House having gone into committee
upon this clause, the opposition was renewed, and in
end the chairman reported progress, it being understood
that the question should be resumed at the third reading
of the bill.

HACKNEY CARRIAGES.—In committee on the Hackney'
Carriage Bill, a clause was moved by Mr. LOWE, to alic't.
cabmen 6d. for each additional passenger over two. Aft
a lengthened discussion, the clause was carried by 90 to I.l'
A clause was then moved and agreed to legalising a chgrge
of Is. for every mile or part of a mile beyond the distance.
of four miles from Charing-cross. Several other bills were,:
advanced a stage, and the House adjourned at five minute'
past three o'clock.

FRIDAY, 29th JULY.

The house met at noon

CO\IMUTATION OF STOCK .—ln —ln committee on South Ses
Stocks, &c. Commutation Act, the CHANCELLOR of the E):;
CHEQUER. replied to the si eches of Mr. Disraeli and Sir r•
Kelly on the previous day, denying that there was any inters=
tion to offer to the holders of South Sea Stock any Wort
terms than those which they had already declared, or th.e„
he desired to have granted to him an unlimited time to
negociate with them. The whole scope of the resolution
was nothing more than now offering to those holders ei
South Sea Stock who were by law disqualified frotot
accepting the option held out to other holders by the °es
of this session, the identical terms which those other
had thought proper to decline.—After some discussion
the resolution was carried by 119 to 69.—The third retsre
lution was then agreed to.—The house resumed, and
report was ordered to be brought up on Monday.
mit-
ASSESSED TAXES.—This bill passed through ee`-•
having '-
tee, the CHANCELLOR of the EXCHEQUER
d.
mated his intention to consent to almost all the amen
ments proposed by different members.
third time
The Stamp Duties (No. 2) Bill was read a
and passed.
CLITHEROE ELECTION.— Mr. HAMILTON brought 11P"
a report from the Clitheroe Election Committee, that a,
witness named Thomas Fowler had been guilty of will_ti }
prevarication. The Speaker was directed to issue
warrant for the committal of the witness to Newgate•
THE INDIA BlLL.—This bill was read a third time'
Upon the question that the bill do pass, Mr. Huywoul,
moved a clause to the effect, that the system of letting
land be altered, with the view of encouraging small pro-
prietors. The clause was negatived after a short discus-
sion. Several other amendments met a similar fate..."
Sir C. WOOD then moved the following clause :—"
stead of the yearly sums allowed under the bye-laws
the said company to the chairman, deputy chairman, to",
other directors, for their attendance upon the business of
the said company, there shall be allowed to the chaira3o3l
the deputy chairman, and directors, under this act, the
yearly sums following : that is to say, to the chairman:
£l5OO a year ; to the deputy chairman, £l5OO a Year;
and to every other director, £lOOO a year."—The hoes
having gone into committee on the clause, Mr.
FIELD moved as an amendment that the salaries of ti,.t
chairman and deputy chairman should be £lOOO eoe':,
—The discussion of tee previous evening upon this subje'r
was renewed, and the same arguments enforced on tit
side.—The committee divided, and the amendment wen
carried by a majority of 101 to 85.—Sir C. WooD then
n
said that he would adopt £lOOO each for the chairtaer
and deputy ohairman, and £5OO each for the othed
directors. This was agreed to, the house resumed, ell
the bill passed.
RELIGIOUS TEST.—The House went into committee on
the Universities (Scotland) Bill. Mr. F. SCOTT moveuis
as an amendment, to the second clause, that the w°,4,0
" upon the true faith of a Christian" be inserted. I,`:
object was to secure that the professors should be CV";
tians. The committee divided, and the amendment We
negatived by 81 to 37. The bill then passed throng
committee.

The Transportation Bill was read a second time. red
The Employment of Children in Factories Bill pas-
through committee.
The Encumbered Estates (Ireland) Act Continu3o
Bill was read a third time and passed.
a tbe
WRIT FOR CANTERBURY.—Mr. J. SEYMER move-
issue of a new writ for Canterbury.—Lord J. Russoo
moved as an amendment that no new writ be issued 0'
next session. The debate was adjourned.
LIFE ASSURANCE.—Mr. WILSON obtained leave to as;
fine the insurance offices, whose policies of insurance op
lives would entitle the party insured to have reduction,°
income tax, and stated that next year government lir
tended to bring in a bill to regulate all insurance offices'
The House adjourned at 35 minutes past two.