§ Order of the Day for the Second Reading read.
LORD THURLOW, in moving that the Bill be now read a second time, said, that the measure related to questions of account and not of principle. Acts of 1863 and 1883 authorized the conversion of Three per Cents Hold by the National Debt Commissioners on account of the Post Office Savings Banks into Two-and-a-Half per Cents, the difference in value to be paid off by means of a 20 years' annuity. Owing to the present high price of Government securities, the rate at which the annuity was paid was really too high; and although it was simply a matter of account between the Treasury and the National Debt Commissioners, it was thought right to make the amount paid to the latter as nearly correct as possible. Under Clause 2, it would be 151 calculated according to the market price of the Funds, with a margin to secure the National Debt Commissioners from loss. The 3rd clause would enable the Treasury, from time to time, to redeem the remainder of the £2,000,000 borrowed from the National Debt Commissioners, which was advanced to the Indian Government during the Afghan War, originally as a loan, but later as a gift. The Bill was not one in the details of which that House could properly interfere.
§ Moved, "That the Bill be now read2a" —(The Lord Thurlow.)
§ Motion agreed to; Bill read 2a accordingly; Committee negatived; and Bill to be read 3a on Thursday next.