§ Order of the Day for the Second Reading read.
THE LORD PRIVY SEAL (THE EARL OF CRAWFORD)My Lords, I will explain in a few words the object of this Bill. It appears that stockbrokers in Ireland charge commissions which were laid down by Statute in the year 1799. This rate of commission is now obsolete. All other stockbrokers in this country and elsewhere are allowed to charge higher rates. This Bill proposes that the licensing of stockbrokers shall be carried out by the Lord Lieutenant in Ireland. These licensees will be required to give securities for their good conduct and the proper management of their business, and the Bill also provides that the sum of two shillings and sixpence per centum should be the maximum commission chargeable by a licensed broker on his dealings, with a penalty if excessive charges are imposed. As I say, in England stockbrokers are liable to no such limitations as exist in Ireland, and representations have been made to the Irish Government, which considers them just, that the antiquated Statute of 1799 should be amended. The request seems reasonable, and I submit to your Lordships that the Irish stockbrokers should be placed in a 1106 position equivalent to that occupied by stockbrokers in other parts of the United Kingdom.
§ Moved, That the Bill be now read 2a.—(The Earl of Crawford.)
§ On Question, Bill read 2a, and committed to a Committee of the Whole House.