§ MR. HAZELLI beg to ask Mr. Chancellor of the Exchequer whether all perpetual pensions have now been commuted; and, if not, how many and which of them remained uncommuted; and what is their total annual value; and whether there is any reason why the process of commutation should not now be carried to a conclusion?
§ THE CHANCELLOR OF THE EXCHEQUERFull details of all perpetual pensions and other charges were laid before the Select Committee, which inquired into the question in 1887. The only commutations since effected, and reported to the House by Treasury Minute, have been the payments to the Duke of St. Alban's, Lord Downshire, Lord Ex-mouth, and the Heritable Usher for Scotland. The payments in respect of copyright compensation to the Scottish Universities have also ceased to be made, being merged in the annual vote of £42,000 to those institutions. The reason why the process of commutation has not been carried to a conclusion is that the Treasury are practically precluded by the action of the House from offering more than 27 years' purchase, and such an offer is not attractive in view of the fact that it needs a good many more years' purchase to establish the equivalent of Government securities.