HC Deb 04 June 1877 vol 234 cc1293-4

Order for Second Reading read.

Motion made, and Question proposed, "That the Bill be now read a second time."—(Mr. E. Stanhope.)

MR. PARNELL

said, he would not oppose the second reading of the Bill, if it was a matter of form, but he protested against the practice of taking second readings at a late hour. It was in all probability an important Bill. [Laughter.] Well, it was impossible for every Member to study all the Bills.

MR. MONK

thought it objectionable that a Member of the Government should merely rise and by taking off his hat move the second reading of a Bill. He did not know what the principle of the Bill was; indeed, he believed there were not 20 hon. Members who did, and he desired some explanation on the subject from the Government.

MR. E. STANHOPE

said, the Bill had been introduced mainly in consequence of representations made to the Board of Trade, arising out of the recent decision of the Master of the Rolls, which rendered the law on this subject very uncertain. At the instance of many hon. Members of the House, of many important companies especially in the North of England, and of other commercial and trading Bodies, it was found necessary to place beyond a doubt the power of Companies to reduce their paid up capital. The Bill provided proper safeguards, and the Courts would impose proper restrictions; but the measure was of so simple a character that he trusted that the House would at once agree to the second reading. The Government was perfectly ready to take into consideration any suggestions that might be made in detail in Committee.

MR. MORGAN LLOYD

hoped that when the Government was introducing a Bill to explain and render more definite the provisions contained in one clause of the Companies' Act, 1867, it would also endeavour to deal with and render more clear another clause on which the Court of Appeal was the other day divided in opinion. He referred to the case of Twycross v. Grant. Of course, legislation now would not affect what had taken place; but for the future it would be well to define more clearly what was intended to be admitted, and what was to be restrained by the clause to which he referred.

Question put, and agreed to.

Bill read the second time, and committed for Thursday.