would like to know who were to be the divisional commanders, and whether they were to be under the general officer commanding the district. If that were to be so, he ventured to say from his knowledge of the Auxiliary Forces that such a plan would not work. Why should not divisional commanders be directly responsible to a department of the War Office established to deal with the Territorial Army? He asked also whe her the divisional commanders were going to be officers who believed in and had sympathy with the Volunteers. It would be of no use to have old officers of the Regular Army who did not believe in the Volunteer Force, and who would turn round and say "I told you so; they cannot do it." They wanted men who would command the confidence of the Volunteers, and if they did not secure the services of the right kind of officers the scheme of the right hon. Gentleman was foredoomed to failure. Then the Volunteers were to serve in Ireland, he supposed, even under Home Rule. If that were so, they would probably have a very hot time of it. [Laughter, and cries of "order."] MR. W. REDMOND (Clare, E.), on a point of order, asked whether the hon. Member was in order in introducing the question of Home Rule, because if he was, then he himself would feel entitled to speak on that subject. *MR. CARLILE said the proposal that Volunteers were to serve in Ireland was a very great addition to their responsi bility, in view of the other responsibilities to be imposed upon them. In return they were to get some privileges. They were not to serve on juries-a duty many of them liked because of getting the day off-and they were to be allowed to vote, a thing which they could do already under ordinary circumstances. Under those conditions and with those privileges Mr. Carlile. the right hon. Gentleman would require 75,000 recruits a year; but he did not believe that he would get 10,000 on the terms he offered. The right hon. Gentleman had not told them the constitution of any Advisory Board at the War Office, which should give advice to the authorities on the subject of the Auxiliary Forces. An Advisory Board had sat for some years, and they would be interested to hear whether the right hon. Gentleman proposed to establish such a Board as they rec n ly had. He could not overlook the fact that while hon. Members were now so anxious to get to bed, during the afternoon there had not been more than twenty-seven Members of the Liberal Party sitting behind the Secretary of State for War. He hoped the country would not fail to take note of the fact that when the right hon. Gentleman was making one of the most important statements of the century the keen interest of the Liberal Party in the House of Commons on vital matters affecting the defence of the country was illustrated by the presence of only twentyseven of the supporters of the Government. No wonder under such circumstances they were in a great hurry to closure the debate and get home to bed. Question put, and agreed to. Bill ordered to be brought in by Mr. Secretary Haldane and Mr. Buchanan. TERRITORIAL AND RESERVE FORCES BILL. "To provide for the reorganisation of His Majesty's Military Forces, and for that purpose to authorise the establishment of County Associations and the raising and maintenance of a Territorial Force, and for amending the Acts relating to the Reserve Forces," presented accordingly, and read the first time; to be read a second time upon Tuesday 9th April, and to be printed. [Bill 92.] Adjourned at twenty-six minutes after Eleven o'clock. Speech indicates revision by the Member. An Asterisk (*) at the commencement of HOUSE OF LORDS. Tuesday, 5th March, 1907. LUCAS PEERAGE. Petition of Auberon Thomas Herbert, the claimant to the Barony of Lucas of Cradwell, that he may be permitted first to have discussed and decided by this House the question whether the said peerage descends as of right to the Petitioner, such question depending upon the interpretation to be placed upon the Clauses of Limitation in the Patent of Peerage (and the confirmatory Act of 15 Charles II., cxv.), and the validity of such clauses; and that the further question of abeyance be postponed for the future consideration of this House if it should decide against the Petitioner's contention that he is entitled to a Writ of Summons as of right; and also that he may be permitted to refer in his printed case and in any proceedings which may follow in this House to the documentary and other printed evidence in the case of the Lord Great Chamberlain determined by this House in the year 1902; read, and referred to the Committee for Privileges. PRIVATE BILL BUSINESS. The LORD CHANCELLOR acquainted the House, That the Clerk of the Parliaments had laid upon the Table the Certificate from the Examiners that the Standing Orders applicable to the following Bill have not been complied with :-London County Council (Tramways and Improvements). Kendal Corporation Bill [H.L.], Sheffield Corporation Bill [H.L.], Su ton Colfield Rectory Bill [H.L.].-Reports from His Majesty's Attorney-General received, and ordered to lie on the Table. Galwey's Divorce Bill [H.L.].-House in Committee (according to order): An Amendment made: Standing Committce negatived: The Report of Amendment to be received To-morrow. House in Committee (according to Fitz Gerald's Divorce Bill [H.L.]. order): Amendments made: Standing Committee negatived: The Report of Amendments to be received To-morrow. PETITIONS. COMPANIES (DEBENTURES AND DEBEN- Petitions in favour of: of Central The same was ordered to lie on the another company; British and Mer Table. Middlesbrough, Stockton-on-Tees, and Thornaby Tramways Bill [H.L.].-Presented; read 1; and referred to the Examiners. Heywood and Middleton Water Board Bill [H.L.].-The Chairman of Committees informed the House that the opposition to the Bill was withdrawn: The orders made on the 25th of February and Thursday last discharged, and Bill committed. VOL. CLXX. [FOURTH SERIES.] cantile Assurance Company and another company; Royal Exchange Assurance. Company and another company; and the Guardian Assurance Company, Limited, and another company; Read, and ordered to lie on the Table. RETURNS, REPORTS, ETC. CHURCH ESTATES COMMISSION. Fifty-sixth Report from the Church Estates Commissioners, for the year preceding 1st March, 1907; Presented (by Y L. Brougham and Vaux. L. Tweedmouth. L. Herries. L. Monkswell. L. Ashbourne. L. Montagu of L. Macnaghten. L. Stanmore. L. Burghclere. L. Shuttleworth. L. Knaresborough. L. Haversham. Read, and ordered to lie on the Table. COMPANIES (DEBENTURES AND DEBEN- [SECOND READING.] Order of the day for the Second Reading read. LORD AVEBURY: My Lords, I have presented petitions in favour of this Bill signed by the Central Association of Bankers, which comprises practically all the English bankers, both London and country, and though I cannot speak so positively as regards the Scottish and Irish banks, I know that some, and I believe the whole, are also in its favour. Other petitions are from the Committee of the Stock Exchange, from the London Chamber of Commerce, from the leading Insurance Companies, from Messrs. Baring, Rothschild, and other leading merchants, from the Institute of Chartered Accountants, and the Institute of Directors. The object is to carry out the recommendations of the strong Departmental Committee appointed by the Board of Trade to consider the position of the law relating to Joint Stock Companies. There are several minor provisions as regards debentures with which, at any rate at this stage, I do not think I need trouble your Lordships. But the most important and the really urgent question has arisen in consequence of a decision given in the Law Courts last spring. That decision was, I presume, quite correct; but it was entirely in opposition subject, and covering most, if not all, of to what we had all supposed to have been the points dealt with by the noble Lord. the law. It had always been assumed that if a Company had a right to issue, say, £1,000,000 in debentures, they might, if they had a surplus of funds, pay off some of them, and re-issue them when they could employ the money in their business, always provided that the legal maximum was not exceeded. This, in fact, was frequently done, and many Companies kept a balance of debentures or debenture stock in hand as a convenient security on which they could borrow from time to time from their bankers or an insurance company. It has now been held, however, that debentures so purchased or redeemed are ipso facto cancelled and cannot be reissued, and that those which have been so re-issued are no better than waste paper. This is a serious position for the Companies, and still more for the public, because no one who holds debentures or debenture stock can tell in such cases whether his security is good or bad; and no doubt the position would have considerably affected the value of debentures and debenture stock, if it had not been assumed by all concerned that Parliament would certainly alter the law so as to conform to what we had all assumed that it was, and what we think it ought to be. The Committee of the Board of Trade unanimously recommended that this should be done, and the Bill carries out their recommendation. So far as I know, there is absolutely no opposition to the Bill. It is really urgently required, and I hope your Lordships will give it a Second Reading. Moved, That the Bill be now read 24.(Lord Avebury.) THE EARL OF GRANARD: My Lords, I am sure noble Lords on both sides of the House will agree that there is some necessity for a change in company law. His Majesty's Government have no intention of opposing the Second Reading of this Bill; and it may interest your Lordships to know that the Government propose next week to introduce into your Lordships' House a Bill dealing with this LORD AVEBURY: My Lords, I am very glad indeed to hear from the noble Earl who has just sat down that the Government intend to introduce a general measure. There are, no doubt, other points in company law to which attention has been called by the Departmental Committee, and which it is very desirable should be dealt with. This is, however, a modest Bill, dealing only with one part of the subject, and which it may be easier to pass than a larger measure. am, therefore, glad to hear that the Government offer no opposition to the Second Reading. I *THE LORD PRESIDENT OF THE COUNCIL (The Earl of CREWE): My Lords, I think it would be for the convenience of the House, if this Bill is now read a second time, that it should not be proceeded with until your Lordships have had an opportunity of seeing the Government Bill. The noble Lord may then wish to certain Amendments. propose He may think that some of his points are better than our points; if so, of course he could propose to include them in the larger measure. But I think it would be a pity to proceed any further with this Bill until the House has had an opportunity of seeing the Government Bill. HOUSE OF COMMONS. Tuesday, 5th March, 1907. on the Condition that Clause 18 is modified, so as to apply only to the intended railways, and to those companies concerned whose shareholders approve there The House met at a quarter before of:-That the Committee on the Bill do Three of the Clock. report how far such Order has been complied with." "That, in the case of the Boston Spa Gas, Petition for Bill, the Standing Orders ought to be dispensed with:That the parties be permitted to proceed with their Bill." "That, in the case of the Burnley Corporation, Petition for leave to deposit a Petition for the Bill, the Standing Orders ought to be dispensed with:-That the parties be permitted to deposit their Petition for a Bill." "That in the case of the Great Northern and City Railway Bill, Petition for dispensing with Standing Order 128 in the case of the Petition of Milner's Safe Company,' against the Bill, the said Standing Order ought to be dispensed with." "That, in the case of the London County Council (General Powers) Bill, Petition for dispensing wi h Standing Order 128 in the case of the Petition of Walter Clarkson,' against the Bill, the said Standing Order ought to be dispensed with." "That, in the case of the Alexandra (Newport and South Wales) Docks and Railway (General Powers) Bill, Petition for dispensing with Standing Order 128 in the case of the Petition of National Sailors' and Firemen's Union of Great Britain and Ireland,' against the Bill, the said Standing Order ought to be dispensed with." "That, in the case of the Barry Railway Bill, Petition for dispensing with Standing Order 128 in the case of the Petition of National Sailors' and Firemen's Union of Great Britain and Ireland,' against the Bill, the said Standing Order ought to be dispensed with." "That, in the case of the Cardiff Railway Bill, Petition for dispensing with Standing Order 128 in the case of the |