§ Order of the Day for the Second Reading read.
§ LORD REDESDALE moved the second reading of this Bill, which was a substitute, in the shape of a Public Bill, for the Private Bill—the Land Transfer and Mortgage Bill—which was discussed in their Lordships' House some days ago, and with respect to which some of their Lordships had expressed an opinion that the subject was one of too much importance to be dealt with by a Private Bill. He did not pretend that the present Bill was perfect. If it were now read a second time, however, he proposed that it should be referred to the Select Committee to which the Bill of the Lord Chancellor on the same matter—the Land Securities Bill— had been referred.
§ Moved, That the Bill be now read 2a.
§ THE DUKE OF MARLBOROUGHsaid, this Bill required very careful consideration. It gave power to trustees to lend money upon debentures, secured upon real property, and he was afraid it would be, taken advantage of by Companies engaged in various speculative kinds of business, and that the result would be to damage 1595 the debenture system, which, within proper limits, was very useful.
§ LORD TAUNTONconceived the whole subject to be one of the greatest importance, and he believed that legislation with respect to it by means of a Public rather than by a Private Bill would cause the matter to receive greater consideration.
§ LORD REDESDALEobserved, in regard to the objection that speculative companies of various kinds might obtain privileges under the Bill, that one subject for the consideration of the Select Committee would be to define the character of the companies to which these powers should be confided.
§ Motion agreed to: Bill read 2a accordingly, and referred to the Select Committee on the Improvement of Land Act, 1864, Bill.