HL Deb 27 June 1839 vol 48 cc919-21
The Marquess of Lansdowne

, on moving the third read- ing of this bill, said, that it was his intention to move some alterations. There was a prevalent practice in the city of London which was technically called "forbearance," that was, when a bill was expired, it was renewed without a payment and fresh advance; and the object of his amendment was, to enable a person who forbore to take the same rate of interest as if there was a new advance. The other amendment was, to extend the operation of the bill to other securities besides those already mentioned — to "warrants for goods, bills of lading, and other commercial securities."

Lord Ashburton

said, that giving authority to take any amount of interest for advances on goods was, in his opinion, objectionable.

Bill read a third time.

The Marquess of Lansdowne

moved the insertion of the words "warrants for goods," &c. This amendment had been pressed upon him by those who were well versed in commercial affairs, and as warrants for goods represented property in transitu, he saw no objection to the proposal.

Lord Ashburton

remarked, that those who wished for a repeal of the whole of the usury laws would, doubtless, agree in this amendment; but he thought the power ought not to be extended beyond the principle laid down by the bill as it originally stood.

Lord Brougham

objected very strongly to the introduction of the words, "or other commercial security." They would give rise to contests in courts of law, for there was no such term known in law as "commercial securities." He wished his noble and learned Friend (Lord Wynford) could show him where there was any legislative or judicial construction affixed to the term.

Lord Ellenborough

suggested, that the amendments ought to be printed. They were afterthoughts, and it was only due to justice and to the interests of the persons who would be affected by them, that their Lordships should not legislate upon such an important subject without a previous opportunity being given to their Lordships to consider well the nature of the amendments proposed.

The Marquess of Lansdowne

had no objection to postpone the further consideration of the amendments until they were printed.

Amendments to be printed, and to be further considered.

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