SECOND READING. (Hansard, 17 May 1886)

THE CHAIRMAN OF COMMITTEES (The Duke of BUCKINGHAM)
, in moving that the Bill be read a second time, explained that its object was to remove difficulties which the Governors of Queen Anne's Bounty found themselves in in regard to the repayment to them of the loans which had been made to incumbents of benefices. The Bill proposed to enable the Governors to meet the difficulty by extending the time of the mortgages, and to reduce the payment of the instalments by a considerable amount, without diminishing the security. The reason for the introduction of the measure was the great fall that had taken place in the value of the glebe lands on which the loans were secured. In the case of one benefice, the income of which was nominally £325 per annum, it was now reduced to £250. In another case an income of £672 was represented by a yield last year of £265; and in a third case, where the income was stated at £361, only £181 had been realized.

§ THE EARL OF POWIS
said, he considered that the only question was how far the term should be extended. He was afraid that the extension given by this Bill might create a hardship in some cases where the incumbent would have to pay instalments on a mortgage created years before he had come into the living. There were very few cases in which the works in respect of which the loans were granted would last 50 years.

THE ARCHBISHOP OF CANTERBURY (Dr. BENSON)
said, he hoped that their Lordships would read the Bill a 1151 second time. The extension which was prayed for in it was very necessary, and involved no alteration in principle. Thirty years had formerly been calculated as the time within which loans were to be repaid; but owing to the late depression in agriculture it had been found that 30 years was not a sufficiently long period, and one extension had been already granted. Owing to the continued depression the extension then granted was not sufficient, and there was a necessity for the extension for which the Bill asked.