HC Deb 01 August 1881 vol 264 cc450-1

Considered in Committee.

(In the Committee.)

MR. ANDERSON

said, the state of the House showed the hopelessness of opposing these Resolutions to-night; but he appealed to the Government, when they were so strong that they could do whatever they pleased, to be merciful as well as strong, and not to press the Committee to commit the House to a measure which was far from advisable. The meaning of these Resolutions now to be proposed was to impose £2,000,000 a-year of taxation on the country for 21 years, and that was far too important a proposal to be brought up in the expiring hours of an arduous Session, when the country had had no opportunity of considering whether the proposal was good or bad. He did not wish at present to discuss its goodness or badness, but to raise the question of the Government bringing it forward at such a time when so very many Members had gone home under the impression that no Business of importance or of surprise would be brought before the House.

LORD FREDERICK CAVENDISH

explained that these Resolutions were only preliminary to the introduction of a Bill, and that, so far from the proposal being a surprise, the Chancellor of the Exchequer had clearly explained the matter in his Budget speech.

  1. (1.) Resolved, That it is expedient to grant powers for the conversion of certain 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 Banks Fund, into certain other Stocks and Annuities, and to provide for due payment thereof out of the Consolidated Fund.
  2. (2.) Resolved, That it is expedient to authorise the conversion of a portion of the Government Stocks or Annuities standing in the name of the Paymaster General on behalf of Chancery into certain other Stocks or Annuities, and to provide the guarantee of the Consolidated Fund for the security of such Government Stocks.
  3. (3.) Resolved, That it is expedient to authorise the conversion of certain Exchequer Bonds into Permanent Annuities.
  4. (4.) Resolved, That it is expedient to amend "The Savings Bank Act, 1880."

Resolutions to be reported To-morrow.