HC Deb 08 March 1889 vol 333 cc1331-2
* SIR J. LUBBOCK (London University)

I hope the House will allow me to move the Second Reading of this Bill. It is introduced on behalf of the London Chamber of Commerce and the Institute of Bankers, and is intended to consolidate the law now scattered through several Acts of Parliament and a number of legal decisions. Merchants and bankers are anxious that the law on this important subject should be comprised in one simple and comprehensible Act. There are also certain points on which the law is uncertain, or as to which, at any rate, it is not clear, and which it would be desirable to have determined. The new parts, though not important in themselves, nor involving any new points of law, are important from the magnitude of the sums involved. For instance, the legal necessity for notice in writing is done away with. As a matter of fact, it is constantly omitted. The term "advance" is extended so as to include the incurring of liability, and a factor's power to pledge is made the same as to sell, and conversely. These points, however, are technical; I believe they are generally approved; and, at any rate, they would fee best dealt with in Committee. Per- haps it would be advisable that the Bill should be referred to the Standing Committee on Trade. I beg to move the Second Reading.

Motion made, and Question proposed, "That the Bill be now read a second time."

* SIR MICHAEL HICKS-BEACH

Sir, it will be a very proper thing that the Bill should be read a second time and referred to a Committee; but it can hardly be referred at present to a Standing Committee on Trade which has not yet been appointed.

MR. BARING (London)

I hope the Bill will be referred to examination by the Standing Committee on Trade, and I hope the Government propose, as soon as possible to set up this Standing Committee.

* MR. SPEAKER

If the hon. Baronet confines his Motion to Second Reading and names a day for Committee it will be competent for him when that date arrives to move the discharge of the Order, and to move that the Bill be referred to the Standing Committee.

Motion agreed to.

Bill read a second time, and committed for March 15.