HC Deb 07 August 1882 vol 273 cc1100-1

Clause 19 (Adjustment of account as regards accumulations of fractions of a penny on the dividends of the National Debt).

MR. ARTHUR ARNOLD

said, he was sure his hon. Friend would admit the justice of this money going to the National Debt Commissioners, and not being swept into the Exchequer. Fractions of a penny had never been paid over to the Exchequer. They now amounted to £120,000, and it was now proposed to transfer it to the Exchequer.

MR. COURTNEY

said, he could not in justice assent to the proposal. The money was not to be swept into the Exchequer, but was to be used for a partial remission of the Permanent Debt.

Clause agreed to.

Clause 20 (Quarterly payment of dividends on 2½ per cents).

MR. R. N. FOWLER

said, he supposed the Government could not help bringing on this Bill at this time of night; and, therefore, they could not complain that those who were interested in it should have something to say upon it. This was not a very large matter, but it involved considerable principles. The 2½ per cent Stock was a very small Stock, created by the present Chancellor of the Exchequer in 1852; but if this clause was agreed to it would be getting the thin end of the wedge in in reference to the larger Stocks. If this was applied to the Government Stocks, where would it end? Would Railway Companies have to pay dividends quarterly? He would move the omission of this clause.

Motion made, and Question proposed, "That the Clause be omitted."—(Mr. R. N. Fowler.)

MR. COURTNEY

pointed out that the present system involved great loss and inconvenience to the Exchequer.

Question put, and negatived.

Clauses 21 and 22 agreed to.

Clause 23 (Advance of money by National Debt Commissioners for payment of commutation under 41 & 42 Vict. c. 63).

Amendment proposed, in page 12, line 15, to leave out the second "a," and insert "any."—(Mr. Courtney.)

Amendment agreed to.

Clause, as amended, agreed to.

Clause 24 agreed to.

Clause 25 (Removal of doubts as to Crown rights to escheats, fines, and recognisances within certain liberties of the Duchy of Lancaster).

Amendment proposed, in page 14, line 18, after the word "Fund," to insert the words "or out of the growing produce thereof."—(Mr. Courtney.)

Amendment agreed to.

Remaining clauses agreed to.

Schedules agreed to.

House resumed.

Bill reported; as amended, to be considered To-morrow.