NEWS OF THE WEEK.
it/FR GOSCHEN has so far been wonderfully successful
with his Conversion Bill. There has been no obstruction, and little serious resistance, except to the clause giving is. 6d. per cent, to bankers and brokers for their trouble in converting. This was denounced on Tuesday by Mr. H. Fowler as a bribe to agents to advise their principals wrongly; but the amendment was rejected by 24.4 to 147, the House evidently thinking that the commission, which amounts to 2300,000 in all, was exactly like the commission granted to a loanmonger who takes a loan "firm?' On Thursday, in the debate on the third reading, some desire was expressed for a clause widening the discretion of trustees; but Mr. Goschen was of opinion that the existing rule supports the national credit. He proposed, therefore, that the discussion be postponed till Lord Herschell's Trustee Bill came down from the Lords ; and this being accepted, the Bill was read a third time, and sent to the Upper House. Outside Parliament the measure still finds favour; those Consol-holders who dislike conversion have been steadily selling, and still the Two-and-Three-Quarter per Cents, remain nearly 1 above par. The great bulk of the new stock will facilitate dealing, and make it, therefore, most attractive to those large holders who may want their money at five minutes' notice. It is hoped that the new stock will be called Consols; but the market seems inclined to call it " Goschens,"—a novel compliment to a Chancellor of the Exchequer.
