Common Council.
The Times, 1824-05-27T00:00:00

A Court of Common Council v;asyesterday held at Guildhall, in cznsequence of a requisition received by the LAord Mlayor, to consi- der the expediency of farther prosecuting the bils brought into Par- liament in regard to the payment of the city bonds; and for the dis- posal of other city business. HIDE AND SKIN, AND SMITHFIELD AiSARKETS. A petition to remnove the Hide and Skin-mark-et from its present situation in consequence of the great inconvenience it occasions by causing tae thoroughfare in Higb-street, Aldgate, to be blocked up by earts, &c., for several hours of the day, was referred to the Com- mitte of City Lands; as was also, aftera short discussion, a petition for the enlargement of Smithfield market. COUNTY COURTS' BILL. On the motion of SIr. Alderrnan WooD, a petition was ordered to be presented to the Hlouse of Lsrds. praving for an alteration of so much of the County Courts' bill ai affected the privilege ofthe Corporatior respecting the appointment of the clerk of the cointy court ot Middlesex. CITY BONDS. ;I.r. FAVELIL brought up the re ort from the Finance Comvp.Lttee upon the subject of paying off tlie city bonds. It recosuo'ended a reduction of the interest from 5 to 4 per cent., allowb n month the bondholders from the passing of the act, either 'iO ssnnt tot reduction, or berepaid the principaL The repor. wenrt cacula tions to show that the corporation would effo..C a saving Iy adopting this measure. Mlr. FAVELL, in mnoving that thip bourt doarevihtecm t tee in their report, defend ed. 0 ? oragreeomith the commit-e breach of faith, which ,Lwl oeen brought against themi by the bond- hiolders, in adopiting f '. ,Is measure;, and contended that they rt;,a fllyi justified '.n paying of these' bonidL if they coald, antt thger_- by effctl. ag a saving to the corporation to a considerable anmount. olr C. S. HUNTER avowed that he was a deeply-interested party in this question, and therefore regretted being oblged to speak uporn it. But he coald not help complaining of the mode in which the committee had proceeded, as not being so fair and open as he should have expected. Hie admitted that tber2 w;as some groand for an anxiety te pay off the debt in respect ofthe navigation-tolls; but he denied that there would be a saving accomplishedl by the payment of thUodebt secured upon the Orphan's Fund, or of ihat upon the coal- niatket, convinced as he was, upori good authority, that the mninister would not reimit the stamp upon the new bonds; and, conceiving as he did, that it would be unreasonable and imuproper to ask the of. ficers to remit their fees. MIr. JAMEs suggested, that it would be better to allow the report to be agreed to, and the hon. baronet could then bring forward his motion in whatever shaped he pleased, and would be entitled to the reply. This suggestion being acted upon, the report was agreed to. Sir C. S. HUxTER then enforced his arguments against themea- sure, which would be an act of great injustice to the bon) holderi, who were led to suppose, by the officers of the Corporation wbeo they were about to purchase, that the boncds would only be paid off out of the annual surpluses of the respective funds upon whiclh thev- were charged. It would therefore be unreasonable and unjust for the sake of a future saying tothe city of 4,6001., (even if it could. be accomplished,)to inflict an injury upon the bond.holders to the cx3. tent of 31,0001. Hc concluded by moving that the committee be its structed not to proceed with the bills before Parliament, respecting the Orphans' F und and coal-market debts. Air. DIXON seconded the motion, and argued that the city wouji be guilty of a breach of faitli in pursuing the measure. Mr. HICK, moved an amnendment_that it be referred back to the committee to adopt such measures re-specting the whole of th(e bll&- as thoy shall beadvised. MIr. RousE seconded the amendment. If Parltament considereda there was any thing unfair in the measure, they would throw it oua' Mr.Jv;si contended that the measure would be a gross V.olasibp ofpublic feth oa the part of the corporation; and that it would be higifly impolitic to inflict a present Injury upon their creaitors to refct a saving EO years hlnce, even if it could be effected, which he denied; for he insisted that it would be accompanied with a loss, and not a Caving. This was not the case of an ordinary bond to secure the repayrnent of' sum of money, each of these bonds was FurharIsed as a security for an annuity; and the putchasers were thereby induced to give a higher price for them than they otherwise would. We supported the original motion. Mr. Alderman LUCAS spoke on the same side. Mr. Aldermra WOOD said, that when he was bringing forward th.aS motion, he was aware he should give offence to some of his friends; and accordingly he was told that he would hear of it in Carnrnon.halL He replied, that no threat should ever deter him frorn discharging wvhat he conceived a public duty; not even the -kof losLang the seat which he had the honour to hold. The wor- thynlderrman contended, that the measure would be attended with a eavmr to the city, and great advantages to the Public at large-: and argued that there woul3 he no injustice done to -the bond-holders, who y purchased the bonds at so low a price as 801 in con- seqtncR of the dis.ant period at 1Vhich they were then likely to be After a few words from Mr. FAVELL and Mfr. JAMES, Sir C. S. HUO1TEa replied. The quention was then put, -and the amendment carried without a division. COMMlfON COUNrCIL.