§ Bill read 3a (according to Order.)
§ LORD ST. LEONARDS moved an Amendment on one of the clauses to the effect, not of taking away arbitration altogether, but of leaving the arbitrators at liberty to determine the rate of interest at which the reversionary rights belonging to the Church should be disposed of.
1154§ THE EARL OF CHICHESTERopposed the Amendment of the noble and learned Lord. Its effect would be, not to take away the arbitration, but to leave the arbitrators at liberty to determine the rate of interest at which the reversionary right of the Church should be discounted.
§ LORD ST. LEONARDSsaid a few words in explanation. The value would not be determined by a single arbitrator, but by several. His object was to secure the future benefit both of the lessees and the Church.
§ THE EARL OF HARDWICKEsaid, that if the proposition of his noble and learned Friend were adopted its effect would be to deprive the Church of a large portion of the property which belonged to it. Under the circumstances he hoped his noble and learned Friend would not press the Motion to a division.
§ THE EARL OF DERBYhoped the noble and learned Lord would not divide the House. The Select Committee was unanimous in favour of the Bill in its present form. It was clear that if the sum paid for a reversionary interest ought to bring in the full value of that interest, it could not do so if the reversion was discounted at 6½ per cent, when the ordinary interest of money was only half that rate.
§ Amendment withdrawn.
§ THE EARL OF HARDWICKEbrought up some additional clauses.
LORD CAMPBELLrecommended that the Chief Justice of the Court of Queen's Bench should no longer be ex officio a member of the Commission. He himself had been regularly summoned, but had always found it impossible to obey, and had never yet been present at a single meeting of the Commissioners.
THE BISHOP OF LONDONstated that he had been requested by his right rev. Friend the Bishop of Oxford to inform their Lordships, that it was not his intention to proceed further during the present Session with his proposal relative to paying the chancellors of dioceses out of the Common Fund of the Ecclesiastical Commission.
§ THE EARL OF DERBYsaid, there was no doubt that some improvement was needed in the mode of paying the Chancellors, but it was a subject which required very careful consideration, and he thought the right rev. Prelate had done wisely in postponing it until next Session.
§ Other Amendments made.
§ Bill passed, and sent to the Commons.
§ House adjourned at a quarter past Seven o'clock, to Monday next at Eleven o'clock.