HC Deb 08 February 1866 vol 181 cc274-5
THE CHANCELLOR OF THE EXCHEQUER

said, he moved that the Speaker leave the Chair, in order that he might submit to the House preliminary Resolutions for bringing in two Bills founded on principles which had obtained universal approval. The first of them aimed at the extinction of two small funds which belonged to the old Sinking Fund, which was cancelled by Parliament forty years ago. The other fund arose from the interest on unclaimed stock and unappropriated dividends. He also proposed, in connection with the Post Office savings banks, to pass a Resolution for the confirmation of permanent annuities, according to a plan peculiarly accepted by Parliament, at first in a formal manner, and which had the effect of contributing to defray the charges of the National Debt by a sum which exceeded £100,000 a year. By this means it was proposed to create £5,000,000 of stock, and the plan would operate advantageously on the annual charges of the country, and that was an operation to be extended as much as circumstances would permit.

Motion agreed to.

Acts considered in Committee.

(In the Committee.)

Resolved, That it is expedient to amend the Laws relating to unclaimed Stock and Dividends and to Donations and Bequests, and to grant powers for cancelling certain perpetual Stocks of Annuities standing in the names of the Commissioners for the Reduction of the National Debt on account of unclaimed Stock and of Donations and Bequests; and to make provision, out of the Consolidated Fund, for any charge which shall arise in consequence of the said unclaimed Stock having been so cancelled.

Resolution to be reported To-morrow.

Resolved, That it is expedient to amend the Laws relating to the investments for Savings Banks and for Post Office Savings Banks, and to grant powers for the conversion of certain perpetual Government Annuities standing in the names of the Commissioners for the Reduction of the National Debt on account of the Fund for the Banks for Savings, and also on account of the Post Office Savings Bank Fund, into certain other Stocks and Annuities; and to provide for due payment thereof out of the Consolidated Fund.

Resolution to be reported To-morrow.