ANNUITIES REDEMPTION BILL. (Hansard, 30 June 1856)

EARL POWIS
complained that this Bill had reached its present stage without any explanation of its provisions. The measure was one of great importance, and demanded their Lordships' best attention. It provided for the capitalisation of the annuity of a noble Duke (the Duke of Grafton), but said not one word as to what was to be done with the money—it did not state whether the money was to be vested in trustees, or placed absolutely at the disposal of the party in question. The annuity had originally been granted to sustain the title, and he thought that means should be taken to continue it to that use, as the title was not at all likely to become extinct. He also found by purchasing the annuities this year, when we were obliged to resort to loans to equalise receipt and expenditure, a dead loss to the country of about £40,000 would be incurred, seeing that for every £100 we received we issued £111 2s. 6d. stock. Had we waited for a surplus year the transaction might have been effected without loss.

§ LORD STANLEY OF ALDERLEY
said, that the disposal of the redemption 12 money would be arranged by the law officers of the Crown, with the view of preserving the original purpose of the annuity intact.

§ LORD MONTEAGLE
said, that the question for consideration was whether or not the Bill met the justice of the case. It should be remembered that the Bill did not actually effect a commutation, but gave necessary powers for effecting a commutation. He thought, however, that the facts were as yet not before the House with sufficient distinctness; he would therefore suggest that the third reading of the Bill should stand over for a short time.

§ LORD REDESDALE
concurred with the noble Lord in thinking that the House was not sufficiently informed as to the parties entitled in remainder to this pension.

§ LORD STANLEY OF ALDERLEY
explained that the terms of the Bill empowered the Lords of the Treasury to pay the monies to the parties entitled. He would, however, postpone the Bill, for the purpose of obtaining further information, until Thursday next.