§ On the motion of the Chancellor of the Exchequer, the House went into a committee upon the Life Annuities Act, when the right hon. gentleman moved an instruction for leave to bring in a bill to give effect to the recommendation of the Finance Committee, by repealing so much of several acts as empowers the Commissioners for the reduction of the National Debt, to grant Life Annuities.
Lord Althorperose to support the motion, which was absolutely necessary. The facts were shortly these: a statement had been laid before the Finance Committee relative to the financial condition of the country, drawn up in a very able, clear, and satisfactory manner, by the right hon. the Master of the Mint. It appeared, by this exposition, that these annuities had been sold at a considerable loss to the country. The evidence on which this statement was founded, was a letter from Mr. Finlayson to the Treasury. By this letter, the toss to the public was represent- 1136 ed as going on at the rate of 8,000l. a-week, and the total loss during the last three months was stated to have amounted to 95,000l. Mr. Finlayson stated, that he had made representations of this loss to lord Bexley, so long ago as 1819, and afterwards to lord Goderich. It was very unfortunate for the country, that these inquiries had not been followed up, as it was beyond all doubt, that however exaggerated Mr. Finlayson's case might be, the transactions had been highly disadvantageous to the country. They could not undo what had passed, but they should prevent loss for the future.
§ Leave was given to bring in the bill.