Commons Sitting of 24 February 1807

MINUTES.
The following is a list of the committee appointed to take into consideration the petition complaining of an undue return for the county of Mayo: J. Woolmore, A. H. Holdsworth, W. E. Lockhart, hon.G. Elliott, hon. C. H. Butler, hon. T. C. Onslow, P. C. Bruce, C. Leigh, J. D. Porcher, G. Skene, T. D Drake, lord R. S. Fitzgerald, T. Tyrwhitt; nominees, hon. J. Butler, hon. T. Knox.—On the motion of lord Temple, the house resolved itself into a committee on the South Sea Trade bill. Counsel being declared to be in attendance on the part of the South Sea company, Mr. Cripps moved that they be called in. This produced a long discussion. On the one hand, it was contended by lord Temple Mr. Jacobs, Mr. Corry, Mr. Courtenay and Mr. C. Wynne, that no case had been made out to prove the necessity of the delay, which the hearing of counsel Must occasion. The petition from the South Sea company did not state, that they sustained any injury from the bill. Without a clear proof of injury could be shewn, they were not entitled to be heard by counsel. Their charter had been granted to them with this express limitation, that they should trade to the possessions of the king of Spain alone, as was demonstrated by the exceptions in that charter. One million and a half of
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British property was at stake, the security of which depended on passing the bill with promptitude; for if any of the valuable ships that had been freighted to Buenos Ayres should chance to be lost before the bill should be so passed, the underwriters would not be responsible. The bill had been brought in with the consent of the company; for when it was first discovered that the voyages to South America were illegal, his majesty's ministers had thought it their duty to bring in a bill in order to render them legal. In December last, a draft of the bill was sent to the directors of the South Sea company for their opinion, and in January a committee of the directors attended the privy council, when a discussion of the principle of the bill took place. Several alterations suggested by the directors were agreed to by the privy council, and the directors then signified their approbation of the bill, of which the bill then before the house was a copy, word for word, with the exception of those changes of expression which the recapture of Buenos Ayres required, If any claim could hereafter be made out for compensation, the justice of the house would induce them to listen to such claim with the attention which its merits demanded.—On the other hand, it was maintained by Mr, Cripps, sir T. Turton, and Mr. H. Thornton, that the petitioners ought to be heard by counsel, and that the petition could not throw any obstacle in the way of the plans of government, or the commerce of the country. The directors of the South Sea company had a great duty to fulfil. They were the guardians of the property of the holders of their stock to the amount of above 26,000,000 l. The statement made on a late evening, that for 65 years the company had allowed their right to lie dormant, was untrue for during the whole of that period they had been in the habit of granting licences, although it was allowed that those licences were not of much value. The right which their charter conferred upon them was valuable and transferable, and were it offered to the ports of London or Liverpool, might doubtless be exchanged for a large consideration. During the last week the directors had received numerous letters from proprietors, in different parts of the country, urging them, should Buenos Ayres again fall into the hands of the English, to avail themselves of their privileges. With regard to remuneration for the loss of these privileges, a very moderate one Was desired,

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The duty on goods exported to and imported from Buenos Ayres was 12½ per cent. This duty might easily bear the addition or an eight per cent. which would afford the small remuneration required.—The motion for hearing counsel was then negatived Without a division. The blanks in the bill were filled up, and the report was ordered to be received on Thursday.