HL Deb 23 June 1868 vol 192 c1917

, in moving that the Bill be now read the second time, said: This is a Bill to extend the provisions of the Thames Embankment and Metropolis Improvement (Loans) Act of the year 1864, and to authorize the application of the London Coal and Wine duties to the; Metropolis Improvement Fund. It also enables the Metropolitan Board of Works, to borrow an additional sum for the completion of its Embankment works on the north and south side of the Thames, and the new approach to the Mansion House from Blackfriars. By several Acts of Parliament since the year 1861 the Metropolitan Board have been empowered to raise sums amounting in the whole to £2,480,000 for carrying out their works on the banks of the Thames; but, for various reasons, with which perhaps it would not now be necessary to trouble their; Lordships, this sum has been insufficient for the purposes for which it was intended. The Board is therefore authorized to raise a further loan of £1,850,000, and the Bill enables the Treasury to guarantee this additional sum. As collateral security to the Government, the Board charge these loans upon the metropolitan rates and also upon the lands purchased for these improvements. It has been agreed with the present mortgagees that £185,000 a year will pay off the principal and interest of the existing debt by the year 1882, and as the amount of the Coal dues, which by an Act of the present Session have been extended to 1888, produce upwards of £210,000 a year, the security to the Treasury appears adequate, and it is not likely that any charge will fall upon the rates of the metropolis. I beg to move, the second reading of the Bill.

Motion agreed to: Bill read 2a accordingly, and committed to a Committee of the Whole House on Friday next.