HL Deb 30 June 1891 vol 354 cc1838-9

House in Committee (according to order).

Clause 1.

LORD HOBHOUSE

In Sub-section (2) of Clause 1, I have an amendment to move of a very simple character. The object of the Clause is to enable the directors of companies or the other authorities mentioned, to provide funds to meet the losses upon transfers. The object of the Bill is to facilitate transfers, and it seems a fair thing that the fund for compensation should be provided by a charge upon transfers. As the law at present stands, by the Companies Clauses Act, the charges which they can make upon transfers are limited to 2s. 6d. per transfer, and the charges which the other authorities can make under the Commissioners Act are limited to 5s. per transfer. What is now proposed is that the companies or authorities, as the case may be, should be empowered, among other modes of raising the compensation fund, to charge an additional fee upon transfers, being an ad valorem amount not exceeding 1s. in £100—that is 1s. in 2,000 shillings. It is obvious that is a very trifling fee and it seems to fall upon the right shoulders. It falls upon persons who can never feel it because it is so small.

Amendment moved. In Clause 1 (2), line 13, after ("income") insert ("or by fees not exceeding the rate of one shilling on every one hundred pounds transferred, to be paid by the transferee upon the entry of the transfer in the books of the company or authority.")—(The Lord Hobhouse.)

LORD HERSCHELL

The second Subsection of the 1st Section enables the company to provide the fund either by insurance, reservation of capital, accumulation of income, or in any other manner they may resolve upon; but a doubt has been expressed that this Bill might be so restrictive as to exclude this particular charge, which is certainly regarded by some of the leading railways, who are probably the best judges, as the most suitable way of raising this fund. I have only heard, I may say, from one or two of them,—but I see no objection to this amendment. Of course the matter will become public, and I shall have no objection to accept the amendment.

Amendment agreed to.

Bill re-committed to the Standing Committee, and to be printed as amended. (No. 204.)