HL Deb 28 June 1839 vol 48 cc1004-5
The Marquess of Lansdowne

, in moving the further consideration of this bill, felt it his duty to call their Lordships' attention to the amendments he proposed. It was intended to extend the operation of the bill to what were technically called "forbearances," and to that there seemed little objection, but a doubt was yesterday entertained whether floating securities ought also to be included. The bill, as it had passed the third reading, included advances on Exchequer-bills, public annuities, East India Stock and Bonds, Bank Stock, and South Sea bills, and he proposed to add the words "or upon any goods or merchandizes, or warrants, or bills of lading." This amendment proceeded on the same principle as the clause that parties should have every additional advantage that could be fairly afforded to them for negotiating assistance. Four houses might require relief—the first might be enabled to offer a large mass of Exchequer-bills—the second might offer a large mass of South Sea Slock—the third might have many casks of sugar—and the fourth might have warrants representing a large amount of sugar; and would it be expedient to deny relief to the two last classes? The object of the bill would not, indeed, be attained, unless facilities were afforded, to enable parties in want of assistance, to pledge every sort of floating security. It was impossible fairly to estimate the value of such advances. One of the first houses in the country, during a crisis a few years ago, required assistance. There was not a house that was established on a firmer foundation, but, in consequence of the sudden operation of the crisis, it was upon the point of giving way, and was only prevented, in consequence of advances from the Bank of England, who made them without hesitation or doubt, and so saved, not only that particular house from ruin, but many of the houses in the county of Lancaster. In his opinion, they ought to enlarge the operation of this bill, so as to include every species of security.

Amendments agreed to, and the bill passed.

Back to