§ Order of the Day for the Third Reading read.
§ Moved—"That the Bill be now read 3a."1352
§ LORD MONTEAGLE
observed that the limitation of the operation of the Incumbered Estates Act to three years had caused a great amount of property to be pressed into the market within a limited period, with a consequent depreciation of its value; and there was now a vast quantity of property before the Commissioners which it was impossible they could deal with during the term fixed for the duration of the Commission. Now, the effect of this Bill, which extended the period for the presentation of petitions without any corresponding continuation of the powers of the Commissioners, would be, that land would still continue to be accumulated in the court, without any enlargement of the time for its sale; and he feared that this must result in a still further depreciation of the value of landed property in Ireland.
§ The EARL of DERBY
said, that the object of this Bill was to prevent a glut, from the forcing of a great number of estates into the market at the last moment. In order to attain this, it was necessary to extend the time for the presentation of petitions, which would otherwise expire in the present year; but as the powers of the Commissioners would, under the original Act, still continue for two years longer, there would be ample time for Parliament hereafter to consider whether it would be necessary to extend the operation of that Act, or whether it might not be practicable altogether to abolish this exceptional tribunal, by adapting its machinery to the ordinary tribunals, and giving them the requisite facilities for discharging the duties now discharged by the Incumbered Estates Commissioners. The present Lord Chancellor of Ireland was in favour of the latter course, and was exceedingly anxious that nothing should be done to give permanence to the Commission, until it had been carefully considered whether its duties might not be performed by the ordinary courts. If that was not found practicable, there would be ample time in the next Session of Parliament to extend the further existence of the Commission.
§ After a few words from the Earl of STRADBROKE, which were not audible,
§ On Question, Resolved in the Affirmative.
§ Bill read 3a accordingly, and passed.
§ House adjourned till To-morrow.