HC Deb 15 June 1906 vol 158 cc1292-4

[SECOND READING]

Order for Second Reading read.

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

*CAPTAIN CRAIG (Down, E.)

said that he was under the impression that a Motion was to have been moved that the Bill should be read that day throe months, but since that opposition had evidently been withdrawn it would be unnecessary for him to submit the arguments which he believed would have in any case persuaded the whole House to permit the Bill to pass through uncontested. Those Members who were thoroughly acquainted with the hardships of the large number of investors in the Debentures of loan societies in Ireland, especially in the counties of Fermanagh, Tyrone, and Donegal, would agree with him that through a fault in the law, and owing to a decision under that law, a great hardship had undoubtedly been imposed on debenture holders which this Bill was now brought forward to correct. There were something like 1,000 cases where the maximum investment was under £10; he supposed the average would be.£4. The amount of money outstanding under the Bill which it was hoped to recover was about £45,000. Although it could not be presumed that the whole of that amount would be eventually recovered, still oven if half were recovered from the defaulting societies it would certainly be a great advantage, particularly in Fermanagh, where he was personally acquainted with the facts of the case. On the face of it this might not appear to be a very important Bill. It might seem to be a Bill designed simply to correct a legal error or to assist whore another Bill had failed. The root of the Bill dealt with a much-felt want, which was to recover money for those who in their innocence had subscribed to the debentures of these various societies. Clause 4, which had been introduced by the Attorney-General, showed great wisdom. He was glad it met with the approval of every section of the House, because very often, when monies were recovered whore debts were long outstanding, a little hardship might be inflicted. In this clause great tolerance was shown by providing that the total amount recoverable in respect of any loan made under the principal Act should in no case exceed the amount lent, together with simple interest thereon at the rate of £5 per cent, per annum. As to the extension of time for taking-proceedings under 14 & 15 Victoria, chapter 93, the Bill simply proposed to extend the period from six months to twelve months. He appealed to hon. Members on both sides of the House to allow the Bill to pass, especially in the interests of the counties of Fermanagh, Tyrone, and Donegal.

Question put, and agreed to.

Bill read a second time, and committed to the Standing Committee on Law, etc.