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credit they obtained by pledging partnership concerns that traded the property of their shareholders, with their own money, and banks and the enormous evils which re- trading with the money of others. sulted from their mismanagement. To limit the liability of banks He illustrated his argument by would be to limit their credit, reference to the case of the Liver which was their sole capital. He pool Borough Bank, and observed opposed the motion. that it was found, whenever a The Chancellor of the Exchegreat failure of one of these banks quer said, he concurred in the took place, that it arose from the objection of Mr. Collier to the paid-up capital having been wasted form of the resolution, and proand squandered through misman- tested against being bound down agement, though it still continued to a formula that the unlimited to obtain credit in the money- liability of joint-stock banks was market, owing to the unlimited injurious to the interests of the liability of its shareholders. In public, the inference being that support of the principle of limited it should be prohibited. These liability applied to joint-stock banks had two functions—one the banks he appealed to the recorded issue of notes, another the reopinions of Lord Liverpool, Mr. ceipt of deposits ; and there was a Huskisson, and Lord Althorp, distinction in respect to liability and to the experience of foreign between these two functions. countries; and he asked the When a country bank issued House, which had decided in notes, although they were not a favour of limited liability in part- legal tender, they did practically nerships in general, to apply discharge the function of money ; the same principle to joint-stock therefore the notes of a country banks.
bank circulated upon the credit of Mr. Cowan opposed the motion. that bank, and it would not be He had been always opposed, he just to deprive the holders of the said, to limiting the liability of security of unlimited liability, banks, and he was unconvinced by which was not, in that case, inthe speech of Mr. Headlam, who jurious to the interests of the pub- ! had mistaken the cause of the lic. The whole question would, evils he had mentioned, which had however, fall within the scope of resulted from a system of gross the inquiry of the committee on mismanagement, breaches of trust, the Bank Acts, the re-appointment and practices which should be made of which he was shortly about to indictable offences.
propose, and he was under the Mr. Collier said, if the resolu- necessity of opposing the motion. tion had been based upon the Mr. Malins was of opinion that principle of non-interference, Parliament should not stop short leaving parties to do as they in the application of the principle pleased, he should support it; but, of limited liability, which should as it pledged the House to the be applied to banking as well as to condemnation of unlimited lia- other branches of trade. bility, he was compelled to vote Mr. Hankey moved, by way of against it.
amendment, the following resoluMr. Weguelin remarked that tion:-“That the present law, there was a distinction between enforcing the unlimited liability of
shareholders in joint-stock banks, the measure was threatened with requires alteration."
serious opposition from the Bishop After a short reply by Mr. of Oxford and some other bishops Headlam, the original motion was and peers, the noble Earl thought negatived, and Mr. Hankey's it advisable not to proceed further amendment was likewise rejected with his bill before Christmas, but on a division by 118 to 47.
when the order of the day for the A question of considerable in- second reading came on, he anterest to the Church of England nounced the postponement of it was involved in a Bill which was till February, while at the same laid on the table of the House of time he explained the object of Lords at this time by the Earl of the measure as affecting the rights Shaftesbury. A strong sense of of incumbents to prohibit Church the inadequacy of the means of England services in their afforded to the poorer classes of parishes. The services in Exeter attending the public service of the Hall last summer, he said, were inChurch, had induced some influen- tended to meet the wants of a large tial persons, both lay and clerical, portion of the community which was in the early part of the present virtually excluded from public woryear, to organize a special service ship; they had been eminently on Sunday evenings at Exeter successful, and had produced a Hall. On these occasions, some deep effect on the minds of the of the bishops and leading clergy working classes ; but they were of the Establishment had de- now at an end in consequence of livered sermons expressly adapted the prohibition of the incumbent, to such congregations as the ser- though they had been sanctioned vice was designed to suit, and by the Bishop of London. In the success of the experiment, his own mind he had strong doubts so far as the number of those of the legality of the step taken brought together to worship by the incumbent, but, assuming was concerned, was complete. In that it was legal, he had felt it to the autumn of the present year, be his duty to introduce this meaan attempt was made to renew the sure, and thus rescue the Church Exeter Hall services, but, although of England from a disability under the Bishop of London gave the which she at present laboured. step his full patronage and sup. Lord Shaftesbury concluded by port, an unexpected difficulty arose saying that he was willing to poston the part of the incumbent of pone the Bill for a time on account the parish in which the place of of the representations which had meeting was situated, who, in the been made to him that the bench exercise of a legal right assumed of Bishops were opposed to it; to belong to him, issued a prohibi- he therefore begged leave to move tion against the performance of that the Bill be read a second time the service. It was for the pur- on the 8th of February next. pose of preventing such a conflict Lord Derby expressed his satisof authority between an incumbent faction that the Bill was to be and his diocesan that Lord Shaftes- postponed. He was not competent bury, who was warmly interested to say whether the Exeter Hall in the special services in question, services had done good or not, but introduced his Bill. As, however, he was averse to legislation on this
particular case, involving, as it monopoly which should stand in did, an alteration in the whole the way of the teaching of the parochial system. As the Bill Gospel. was to be postponed to a fixed The Bishop of Ripon, having day, he hoped there would be no preached at one of these special premature discussion of its princi- services, was anxious to testify ple on the present occasion. that the congregation was mainly
The Bishop of St. David's was composed of the working classes. one of those who deprecated the Lord Campbell believed the undue haste with which this mea- power proposed to be given to the sure had been pressed forward. bishop might be safely granted, He concurred with a good deal of and that it would be exercised most what had fallen from Lord Shaftes- beneficially for the Church and the bury, but he doubted whether the people. success of the Exeter Hall services L ord Panmure expressed his had been so great as was stated, regret that these Exeter Hall serand whether the working classes vices had been suspended. He did attend in such numbers as was had been present on several occasupposed. With regard to the sions in different parts of the hall, present measure, he sympathised and he found himself surrounded heartily with the effort to extend by operatives and mechanics disthe influence of the Church among tinguishable by their dress, and by the working classes, but he hoped every sign by which the position this object might be effected with- of men can be known. He out any important innovation on could also distinguish the effect the parochial system.
of these services in the atten. The Bishop of London had no tion paid and the evident piety charge to make against the incum- of the congregation. He could bent who had prohibited the Exe- not help remarking also that a vast ter Hall services. He had no proportion of those present were doubt acted conscientiously, but at men. As a sincere friend of the the same time, as he, the Bishop Church of England, he desired of London, believed, without the nothing more than to see such exercise of a sound discretion. The congregations as those which asright rev. prelate then entered into sembled in Exeter Hall last suman explanation as to the supposed mer assembled in Westminster opposition of the bench of bishops Abbey. to the Bill, and went on to express The second reading of the Bill his satisfaction that there were to was then postponed to the 8th of be services in the nave of West- February. minster Abbey; but even when The distinguished services of Westminster Abbey and St. Paul's General Havelock, with whose exwere thrown open there would still ploits in India the whole country be need of further church accom- was now resounding, received pubmodation, and he hoped that the lic recognition at the hands of the right of the Church of England to Crown and of Parliament during have services in other places would its brief sitting. Prompt as it be recognised. He could not be- was, the acknowledgment came too lieve that it was ever the intention late. At the very time when the of the law to give an incumbent a conduct of this noble soldier was
the theme of every tongue, and already 62 years of age, and at while speakers in Parliament were that moment surrounded by danvieing with each other to express gers which made the continuance in fitting terms their testimony to of his life most precarious, was an his merits, death had terminated inadequate reward for services so his career. The fatigue and anxiety great as he had rendered to the consequent on his arduous labours nation. The public voice out of had proved too much for his con- doors strongly concurred with this stitution, and the hero of Lucknow opinion, the expression of which had sunk under an attack of dysen- from many influential quarters, intery on the 22nd of November. It duced the Government to reconwas on the 7th of December that sider the matter, and to consent the Lord Chancellor communicated that the annuity proposed for Geneto the House of Lords a message ral Havelock should be continued from Hor Majesty, announcing her during the life of his son, a young intention of conferring a pension on officer of great promise and distincGeneral Havelock of 10001. a-year. tion, then serving on the staff of The gallant officer had been already his father in India. The Bill for created a baronet, and raised to the creating the annuity was therefore rank of K.C.B. The resolution in withdrawn, in order to introduce favour of the annuity was unani. the necessary alterations. The mously agreed to by the House of circumstances which transpired beLords, the Earl of Derby, in elo- fore the Houses met again proved, quent and fitting language, second. indeed, how deficient the proposed ing the motion of Earl Granville. measure would have been to meet In the House of Commons Lord Pal- the exigency of the case. merston moved a similar resolution, The business for which Parliawhich was warmly seconded by Sir ment had been called together John Pakington; but that right hun. having been despatched on the baronet intimated an opinion, which 12th of December, both Houses found much support on both sides adjourned for the Christmas recess, of the House, that the proposed the day fixed for their re-assembling grant of a life annuity to an officer being the 4th of February, 1858.
FRANCE.-Opening of the Legislative Session-Speech of the Emperor
--Meeting of the Paris Conference-Views of the French Government respecting the Danubian Principalities–Rupture between the Legitimists and Orleanists—Letters of the Duc de Nemours and Comte de Chambord--Dissolution of the Legislative Body-Opening
of the new Session— Address of the President BELGIUM.—History of the struggle between the Liberal Party and the
Roman Catholic Party, or Parti-Prétre-Bill respecting Charitable Bequests and Donations-Excitement of the Populace-Report of the Ministers to the King–His Reply--Dissolution of the Belgium
Chambers. NEUFCHATEL.-Final settlement of the dispute between the King of
Prussia and the Canton of Neufchatel-Articles of the Treaty of
Mediation. War with PERSIA.-Reinforcements sent to Bushire under General
Sir James Outram-Victory over the Persians at Khooshab-Expedition against Mohammerah and capture of the place-Expedition up the Karoon River and capture of Ahwaz-Peace concluded between Great Britian and Persia- Articles of the Treaty.
TRANCE. – The Legislative the King of Prussia and the HelT Session of the Senate and the vetic Confederation has lost all its Corps Legislatif was opened on warlike aspect, and it is permitted the 16th of February, by the Em- us to hope soon for a favourable peror, at the Tuileries, who deli- solution. vered the following speech:
“The good understanding re“Gentlemen Senators and Gen- established between the three protlemen Deputies,-Last year my tecting powers of Greece renders opening speech ended with an in- henceforth useless a prolonged stay vocation of the Divine protection of the English and French troops I besought it to guide our efforts at the Piræus. If a lamentable in the way that should be most disagreement has taken place reconformable to the interests of specting the affairs of Naples, we humanity and civilization. That must impute it to that desire which prayer seems to have been heard. animates both the Government of
"Peace has been signed, and Queen Victoria and my own to act the difficulties of detail, arising everywhere in behalf of humanity from the execution of the treaty of and civilization. Now that the Paris, have come to an end by their best understanding prevails bebeing fortunately surmounted. tween all the Great Powers, we
“ The dispute that arose between ought to work seriously to regulate