§ (The Earl of Carnarvon.)
§ SECOND READING.
§ Order of the Day for the Second Reading, read.
THE EARL OF CARNARVON, in moving that the Bill be now read the second time, said, its object was to enable such Colonies as pleased to turn the bonds and debentures which they issued into registered stock. The Bill was considered at great length last year; it was brought almost to its final stage in the House of Commons, and had only failed on account of the lateness of the Session and of some negotiations that were going on. This Bill contemplated two forms of stock—one payable to bearer, and the other to the person named; and it provided that where it was desired the two forms should be made convertible. An 666 undertaking was given that no Imperial guarantee, direct or indirect, should attach to this stock. Many of the clauses of the Bill had been taken from the National Debt Act of 1870, and a great deal of the Bill, which would be extremely valuable both to the Colonies and to England, was due to the ability of that distinguished colonist who was Prime Minister of New Zealand for a long time, and was now Agent General for New Zealand in this country—Sir Julius Vogel. He did not say that the idea was his, but he it was that put it into the legislative shape in which the Bill now appeared before their Lordships.
§ Motion agreed to; Bill read 2a accordingly, and committed to a Committee of the Whole House To-morrow.