Sitting of 2 October 1841

MINUTES
Bills. Read a third time:—Exchequer Bills Funding; Exchequer Bills Appropriation.
Petitions presented. By Mr. Sharman Crawford, from Ballymoney, for placing the retail spirit trade of Ireland on the same footing as that in England-

EXCHEQUER BILL FUNDING.
On the motion for the third reading of this bill,
Mr. Williamsbegged to ask the Chancellor of the Exchequer whether or no the whole amount of 5,000,000 l. had been subscribed for, and, if not, what portion had been subscribed for—how much in Exchequer Bills, and how much in money?
The Chancellor of the Exchequerhad staled the other evening, that the amount subscribed for altogether was 3,644,000 l. What were the proportions of money and Exchequer Bills he was not able to say, but the hon. Gentleman would see that the information, if he could give it, would be of no use, because the parties were at liberty in completing their subscriptions to make up part in money, or the whole in Exchequer Bills, as they might find convenient. He might say, that a large proportion had been subscribed for in Exchequer Bills, but it did not follow that, at the conclusion of the settlement, money might not be given instead of them.
Mr. Williamssaid, that if the whole amount of 3,500,000 l. should be settled for in Exchequer Bills, it would follow that the right hon. Gentleman would fund 1,000,000 l. more than he originally contemplated. He would therefore be obliged

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to have recourse to the second portion of the bill, to raise the 2,400,000 l. deficient in the revenue, by the mode of the commissioners for the reduction of the national debt inscribing their names in the three per cents, with a view of sale afterwards; at least so he understood if. He considered that, by the terms of the bill, it was imperative to accept the subscriptions of Exchequer Bills to the amount already subscribed. By that operation, the right hon. Gentleman would add to the funded debt more than was actually necessary to relieve the Exchequer Bill market according to his view. Looking at the present state of the money market, he did not see any necessity whatever of reducing the amount of Exchequer Bills, when he considered there was a saving of interest on Exchequer Bills, as compared with the funded debt. The last return he had seen stated, that the highest amount of interest on Exchequer Bills was 2d. per day. [The Chancellor of the Exchequer: It is 2 ¼ d. now.] He had seen no return of that kind. Such being the case, there was no difference.
The Chancellor of the Exchequersaid, that such being the case, the interest on Exchequer Bills was greater than the interest in the funds, and the public would gain the difference of some shillings in the rate of interest. With regard to the bill, it gave to the Lords of the Treasury the power of making up the sum necessary at the completion of the subscription by the issue of Exchequer Bills, or the sale of stock in the market. The hon. Gentleman would not wish him to state which course the Government intended to take, as it might produce an influence on the market, which the hon. Gentleman must feel, would not be desirable. The Government had the power to do whatever might seem to them at the time most advantageous for the public interests.
Bill read a third time.

PRISON DISCIPLINE ABUSES.
Mr. Hawesbegged to put a question to the right hon. Gentleman, the Secretary for the Home Department, upon a subject to which he felt that public attention ought to be called. The right hon. Gentleman was aware that the last report from the Inspectors of Prisons had been for some time on the Table. He (Mr. Hawes) had gone through the report, and it struck him that it contained accounts of some
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gross violation of prison discipline. He thought it belonged to the province of the Secretary for the Home Department, to see such abuses corrected. He thought the report, and the cases in question, deserved the best attention of the right hon. Gentleman, and he would be glad to receive some assurance that the subject would not be overlooked.
Sir James Grahamwas glad to have an opportunity of stating, that he was aware the last report of the Inspector of Prisons, did contain matters worthy of the most serious attention of the Executive Government. He had not yet had time to give to it that attention which the importance of the subject imperatively demanded, but it had not been altogether overlooked. He had issued instructions to the Inspectors of Prison Discipline, to add to their reports an appendix, dividing the subject matter into two heads; first, matter to which the attention of the Executive Government should be directed, as being immediately subject to the control of the Secretary of State; and, secondly, such farther matter as, in the opinion of the Inspector, might, in a future Session, require the attention of Parliament. As soon as he received such a report, he would turn his attention more particularly to the subject; and, with regard to the last report, he partook in the views of the hon. Gentleman opposite, as to the necessity of his attention being directed to it.
Adjourned.

MINUTES.
Bills. Read a first time:—Exchequer Bills Funding; Exchequer Bills Appropriation Read a second time:—Poor-law Commission; Population Payments.

CORN-LAWS.
The Earl of Radnorwished to give an explanation of a statement he had made last night, respecting the average price of foreign corn. In stating the average at 40 s. 6d., he had omitted to mention the expense of freight, which would be about 5s. per quarter, and should have been added to the average.
Subject at an end.
Adjourned.