The Express.
London, England, 1847-06-11 00:00:00

THE EXPRESS, FRIDAY EVENING,

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Col. T. WOOD suggested that words should be ail.
making the resolutions imperative on promoters of bills.
The CHANCELLOR of the EXCHEQUER weeded le
Mr. H. Hinde's amendment, but thought Co. Wood's 'm-
ention inconsistent with the spirit of the resolution. Tr
resolution as amended was then agreed to.
On the second resolution,
That the deposits made in relied of all railway billarmLelbe ENO&
togs au winch shall have been suspended, shall be lb spa
depositors ; but that before proceeding in a future sorb^ rapers r
the lame amount shall be again duly Mill la, ass is 81811604*
big orders of the House of Commons.
Mr. GISBORNE thought that these resolutions were
evidence that government was about to abandon the Rail-
ways Bill. He thought that any regulation or legislation on
the subject of railway bills, would be inefficient until the
house established a proper judicial tribunal for the trial of
their merits.
The CHANCELLOR of the EXCHEQUER stated that
government inteaded to proceed with the Railways Bill on
Monday next.
Mr. E. ELLICE deprecated any general discussion until
that bill came before the house.
After some further conversation, the resolution win
agreed to.
On the third resolution—
That a dams shall be inserted in every . ailway bill, in the potent
and every future gemion of parliament, prohibiting
say the payment of
interait or dividend in respect of calls (except the interest by way
of disemint m subseriptlom preload, agreeably toe VteL c. 16, B. 24)
out of the eapluil authorised to be raised in such bill, either by means
of mils, or of any power of borrowing contained therein.
Mr. B. DENISON proposed an amendment to the effect
that this roglution should only affect future bills. He
thought o ould he unfair to apply it to bills which had
already been introduced into parliament.
Mr. RICARDO opposed the amendment. He objected
to the practice of paying interest out of capital, which was
merely taking mousy out of one pocket to put it into the
other. Besidi s, it involved the necessity of making more
frequent calls. In the case of the North Staffordshire Rail-
way, the entire body of shareholders had approved of the
discontinuance of the practice.
Mr. C. RUSSELL approved of the practice of paying in-
terest on calls. It was an important consideration with per-
sons who looked upon railways as a permanent investment
for their money.
After some Mettler conversation,
The CHANCELLOR of the EXCHEQUER said that it
was only two or three years ago that the system of paying
interest on calls had been introduced, and the object now
was, to revert to the previous, sounder practice, and prevent
the application of call
inquirepd whethehre on caital to t payment of interest.
Mr. C. RUSSELL restriction would
apply to railway bills already passed ?
The CHANCELLOR of the EXCHEQUER—No • it will
apply only to bills now before parliament and future
Mr. HUME looked upon the payment of interest on cells
aa an inducement thrown out to ignorant people to invert
their capital in railway 'peculation,. He should support the
resolution.
Mr. HUDSON said his bon. friend (Mr. C. Russell) had
held that the payment of interest on calls had been the
means by which many of the large railway undertakings of
this country had been carried out. So far as the midland
and northern lines were concerned, he could say that that
, had not been the case. Parliament did not sancuon the pay-
, ment of interest on calls until a few years age, when it was
thought right to give every encouragement to tilway enter-
prise. In this he thought parliament had not acted wisely;
and he hoped the house would not consent to the amendment.
Mr. C. RUSSELL explained that what he had said wee,
wi the payment of interest on calls had been the means of
yrMrdng a healthy class of investors into railway ups-
sidadolta
Er G. STRICKLAND supported the amendment, though
be did not approve of the payment of interest out of capitoL
Mr. GROGAN regretted that the step now proposed lied
net been taken earlier, and suggested that railway companies
which already had their acts, as well as those which were
row before parliament, should be prevented from paying
interest on calls.
Mr. CHAPLIN concurred with the resolutions generally,
es a mild and proper corrective of the existing evil ; but wee
also of opinion that the restriction with regard to the pay-
ment of interest should extend to past as well as present
reß-
wayfbills. (Hear, hear.)
Lord CLIVE considered it unjust to those proprietors who
bed invested their money upon the faith that interest would
, be paid on calls for parliament, after having sanctioned that
podple, now to turn round upon them to prevent such
So fir as the bills of the present session went, the
opisafis of such a restriction would be but partial, as
many led already passed ; he thought, therefore, it would
be balm not to apply it at all.
Mr. H. HINDE thought it might be wise to consider
whether the Dissolution Act of last session might not be
extended to shareholders who had signed contracts on the
faith of payment of interest since.
Mr. BAILLIE thought it hard on those who had come to
parliament at great expense, that the restriction should fa-
rad to all bills of the present session.
Mr. STRUTT would not oppose the amendment if he
saw any injustice in the resolution. No body of directors
could assure their shareholders that parliament would par
the clause, authorising the payment of interest on calls. In
many cases that clause had been disallowed by the com-
mittee, though—and it was to be
.regretted—in several it
had passed.
Mr. R. YORKE objected to the restriction being made
retrospective.
After a few words from Mr. E. Daemon, the CHANCEL-
LOR of the EXCILEQCER, and Mr. MMITERMAN,
The house divided—For the redistioa 7O
For the reesdialost 27-43
The two next martian. were weld to without discus-
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lir. HTNDLET eageneed by regret thee*. esnissibee
had not turned their orenties to the p=t roars
what were called Itairquallor mg eighth
of juggling which rattling it impossible for the boo=
capitalist to know Oat Wise about in dealing with railway
shares.
Lord CLIVE inquired whether, in the case dna sarly•
motion bill containing powers to amalgamate billow
dent of each other, it would be 'officer that shift *WA
have paid up the capital authorised to be raised ?
The CHANCELLOR of the EXCHEQUER rolibl,
that any one company might amalgamate with another, pro-
vided the capital in both cases was paid up.
Mr. H. HINDS mowed an amendment to leave out the
words " shall prove to the satisfaction of the railway coin-
=brooms."
The CHANCELLOR of the EXCHEQUER considered
it most desirable that there should be some authority to test
the actual payment. This was all the commissioners would
have to do in the matter ; they would have no discretion be-
yond ascertaining whether the conditions imposed by parlia-
ment were fulfilled.
The amendment was negatived.
In compliance with a suggestion of Mr. Hurts, the
CIIANC2LLOR of the EXCHEIII:SR inserted the word " pros-
pectively" before the words " paid up ;" and in answer to a
question from Lord Cure, the right hon. gent. expressed a
hope that the operation of the resolution would be to induce
those companies which bad been got up merely for the pur-
pose of sole, to stop altogether.
Mr. E. ELLICE, in reply to inquiries, said that the com-
mittee were of opinion that three-fourths of the capital
ought to be paid up, but as companies were already em-
powered to borrow, when one-half their capital was paid up,
such a resolution on the part of the committee would only
appear to make the rule more stringent, while it would be
practically useless.
Mr. HUDSON (in reply to Mr. HATTER), said that the
one-half capital required to be paid up by this resolution was
share capital, and had nothing to do with borrowed capital.
After some conversation on the subject,
The CHANCELLOR of the EXCHEQUER moved the
addition of the words "by means of shares," making the
resolution run thus One half of the capital authorised
to be raised by means of shares;' and the resolution so
amended we agreed to, as were also the remainder, the