HL Deb 17 April 1860 vol 157 cc1884-5

EARL DE GREY AND RIPON moved the second reading of this Bill. He explained that at present the Treasury, retaining the powers vested in them by the Municipal Corporations Act of confirming certain mortgages made by corporate bodies, were to be empowered by this Act to carry out a system which had been adopted in Ireland, by which provision was made for paying off these mortgages by instalments without the intervention of trustees. The general scope and object of the Bill, therefore, was to enable the Treasury to sanction the adoption of one uniform and general rule with regard to these matters, only dispensing with the appointment of trustees and simplifying the arrangements generally.

LORD REDESDALE

inquired whether the word "may" in the first clause of the Bill, empowering the Treasury to insist on the formation of a sinking fund, was to be considered as merely permissive, or as making it imperative upon the Treasury to do so?

EARL DE GREY AND RIPON

said, it appeared to him the exercise of the power was optional in this case.

LORD REDESDALE

said, he thought it of very great importance that Municipal Corporations should not be allowed to mortgage their property without at the same time creating a sinking fund. He was aware that they were extremely anxious to have that power, not only with respect to their real property, but in respect also of the rates, which were sometimes heavily mortgaged without a sinking fund being created, This was very objectionable, as it was entailing a heavy burden on succeeding generations.

THE LORD CHANCELLOR

was understood to say he was not prepared to cede, to the extent demanded, the necessity, or even the expediency, of the object proposed by the Bill, but if it were felt to be desirable, he certainly thought the provisions of the measure should be of a character which should give to the Treasury a right to exercise their judgment in each case submitted for their approval.

Bill read 2a and committed to a Committee of the whole House on Friday next.

House adjourned at a Quarter before Seven o'Clock, to Thursday nex Half-past Ten o'Clock.