* LORD PLUNKETMy Lords, I rise to ask your Lordships to read this Bill, which has passed through all its stages in the other House a second time. The object of the Bill is to remove a legal obstacle which, up to the present, has prevented the Raiffeisen system of Agricultural Credit being successfully applied in the United Kingdom. The only suitable machinery for working these banks is in the Friendly Societies Act, 1896; but, as the law stands at present, there is one fatal objection to working under this Act, as it precludes societies from borrowing from persons 164 other than their own members. Accordingly, this Bill has been introduced to permit certain societies, working under the Friendly Societies Act, which have for their object the creation of agricultural credit associations, to borrow money outside their own membership. At the same time, it carefully stipulates that only societies registered for this special purpose shall have such powers. Of course, my Lords, before this Bill was introduced the friendly societies were consulted, and the Registrars of friendly societies in England and Ireland have both agreed to it. Prior to this difficulty being discovered several banks started working in this way in Ireland, and the result of two years' working was most promising. They proved of real use to the small farmers and labourers, and the loans were punctually repaid by them. There are now, my Lords, some 16 new societies registered under this Act ready to work, and only waiting for this legal difficulty to be got over by the passing of this Bill. The Bill applies, of course, to the United Kingdom, and I hope it may be of great use in England and Scotland, but it is in Ireland that it is at present urgently needed. It has been supported by all shades of Irish political opinion, and I leave it with great confidence in your Lordships' hands.
VISCOUNT MIDDLETONMy Lords, having had some experience in this matter, I must add my testimony to what has fallen from the noble Lord behind me as to the great benefit which the passing of this Bill will confer on the industrial community in Ireland, who need every assistance they can receive. I regard this Bill as a useful adjunct to other Measures which may help to better the position of all those engaged in agriculture throughout Ireland. I hope that the most serious consideration will be given to this Bill, and that it may meet with a favourable reception at your Lordships' hands.
§
Question put—
That the Bill be read a second time.
§ Agreed to.
§ Read the second time (according to order), and committed to a Committee of the Whole House on Thursday next.