§ House in Committee on the New Zealand Company.
§ The CHANCELLOR OF THE EXCHEQUERsaid, that the object was to authorize an advance by way of loan, out of the Consolidated Fund, to the New Zealand Company, of a sum of 136,000l. The right hon. Gentleman moved—
That the Commissioners of Her Majesty's Treasury of the United Kingdom of Great Britain and Ireland be authorized to advance the sum of 136,000l., out of the Consolidated Fund of the said United Kingdom, by way of loan, to the New Zealand Company.
§ COLONEL SIBTHORPsaid, he should decidedly object to the vote until they first heard what chance there was of getting the 1182 money back. He did not know why the hon. Members for Coventry and for Montrose, who professed to be such warm advocates for economy, should absent themselves when a vote of that magnitude was proposed; and, with all respect for the Chancellor of the Exchequer, whom he respected still more because he happened to be a relative of his own, he did not think it right for him to bring forward a vote for so large an amount at nearly one o'clock in the morning.
§ The CHANCELLOR OF THE EXCHEQUERsaid, if his hon. and gallant Friend and relative would take the trouble to read over the correspondence on this subject that was lying on the Table, he would find the necessity for this loan and the prospects of its repayment set forth more fully and satisfactorily than he (the Chancellor of the Exchequer) could attempt to explain them.
§ Resolution agreed to, and ordered to be reported.
§ House adjourned at a quarter past One o'clock.