§ Order for Third Reading read.
§ MR. W. WILLIAMSsaid, he wished to obtain an assurance from the First Commissioner of Works, that the Crown rents arising out of the public improvements in question would be sold without delay.
§ SIR WILLIAM MOLESWORTHsaid, so soon as the Government could get the full value for those Crown rents, they would be ready to sell them.
MR. HUMEsaid, he must complain of irregularity and deviation from sound principle in these attacks upon the Consolidated Fund.
§ The CHANCELLOR OF THE EXCHEQUERsaid, he did not know whether the hon. Member imputed irregularity with regard to the original transaction out of which the necessity for this Bill arose, or as to the Bill itself. He (the Chancellor of the Exchequer) would be the last man to propose to the House to make any charge upon the Consolidated Fund, to the de- 165 triment of that fund; but in this case the expense was already saddled upon the public, and the whole question was, whether it should remain in the form of debt, at a heavy charge for interest, whilst we had balances at the bankers, or whether we should employ those balances in paying off the debt, and thereby transfer the interest to the benefit of the Consolidated Fund.
§ MR. WALPOLEsaid, he wished to know—supposing it appeared to the lenders of the money that the Approaches to London Bridge Fund was insufficient to guarantee them the repayment of the money they had lent—whether his right hon. Friend was perfectly certain that by putting this charge on the Consolidated Fund, and releasing altogether the land revenues of the Crown, which ought never to have been charged, the whole principal and interest were likely to be paid.
§ The CHANCELLOR OF THE EXCHEQUERsaid, he felt the greatest possible certainty on the subject. The population of London might be decimated—for they did not know what calamities might not occur—but adverting to the rate at which the coal fund now yielded, nothing to his mind was more plain than that the "Approaches Fund," and the other assets which were liable, would be amply sufficient to guarantee the whole of the debt and interest.
§ Bill read 3°:—On Question, "That the Bill do pass,"
§ SIR WILLIAM JOLLIFFEmoved the addition of a clause, providing that an annual account should be rendered by the Treasury of the sums paid into the Consolidated Fund, and of the disbursements therefrom under the authority of the Bill.
§ The CHANCELLOR OF THE EXCHEQUERsaid, he had no objection to the clause. He wished, however, to add the following explanation to his preceding statement. The simple reason why the Bank of England and the other principal capitalists had refused to lend money upon the security of the London Bridge Approaches Fund was, that that fund was pledged for other purposes, and that therefore there were no means left to repay such loans.
§ MR. ALCOCKsaid, he wished to know whether the right hon. Gentleman could give any guarantee as to the time when the coal duties would cease?
The CHANCELLOR or THE EXCHEQUERsaid, that that was a matter regulated by Act of Parliament, and that he 166 did not think it likely that the present or any future Chancellor of the Exchequer would propose to extend the term; but if they did, no doubt the hon. Gentleman would be in his place to resist them, and that probably with success.
§ MR. CARDWELLsaid, that nothing could be more easy than to refer to the coal accounts.
MR. BLACKETTsaid, he must beg to dispute that; and he should like to be informed when certain returns, for which he had moved at the commencement of the Session, would be laid upon the table? Those returns were dependent, it was fair to state, not upon the Government, but upon the authorities of the City.
§ Clause agreed to.
§ Bill passed.