HL Deb 04 August 1840 vol 55 cc1253-4

Lord Monteagle moved the order of the day for the House going into committee on the Loan Societies Bill, when

The Marquess of Salisbury

said, that this bill asked their Lordships to pass an art of indemnity for all usurious acts committed by those societies up to the present time. To that he did not so much object, but he did object to the power which was asked to charge 15 per cent. upon loans. There was, however, some difficulty in fixing what the rate of interest should be, and on this point he had looked to the rate of interest fixed by loan societies in Ireland. He thought 15 per cent. too high, and he should therefore propose to reduce the rate fixed in the bill from 15 to 10 per cent. He should also propose to amend the bill further, by providing that the meetings of loan societies should not be held in public-houses.

The Duke of Wellington

was glad to think that the loan societies in Ireland had succeeded. Much credit was due to Mr. Bagot, of Bagot Castle, for the interest he had taken in the establishment of those bodies in that country, and he was happy to find that the example of Ireland in this particular had been followed in London.

The House in committee. Bill passed with amendments.

House resumed.