The Express.
London, England, 1847-02-17 00:00:00

effect of this ? The shareholders who were obliged to, pay up
"bold incur certain debts and liabilities on moment of mart.
(ego held by persons who had no share., and the first ap-
Skidoo of the money of the people et England would be—
fog what ? To enable thi se shareholders to pay off their
illeridages and debts. (Loud ministerial cries of " Hoar,
leerre.") And this was to be dote" bemuse," said the hon.
for Sunderland, "it was desirable to clear the
because the house would then have additional se-
' be the discharge of the debt to the public." (Great
" loo" But then," said the hon. member for Sunder-
kat the English railways ! Some of then are
borrowing money at 5 and 6 per cent."-
-31 r. HUDSON.—No ; 41.
Sir it. PEEL.—WeII, then, 44. Would the hon. mem-
ber be good enough to tell him what the Irish railways
would be able to borrow money at? (Loud ministerial
emery) " See what I have done," said the hon. mmber.
"Such la the state of the money market in Great Britain
Mat I base been able to raise capital to the extent of ten
mtllisme within four months. In making my calls, I abso-
lutely lest money ; but I entered into these things from a
knowledge that they would be useful to the country—
, (laughter)—in don't impute to me any interested motives,
for I✓amino shareholder in any Irish lines ; and though I will
give you all the advice and assistance in my power, as for
your shares I despise them!" (Great laughter and cheer-
ing.) But to whom, let him here ask, would accrue the profit
which these advanoes of money for Irish railways would
secure ? If his hon, friend held no shares, it was notorious
that there were many other persons in England who were
shareholders in Irish lines and, betides individuals, was it
sot very possible that certain of the English railway com-
panies themselves were more or less directly interested in
the projects of the sister kingdom? (Hear, hear, from the
ministerial side.) The hon. member for Radnor, who had
spoken in the early part of that evening, could not avoid
referring to the profits which English lines would de-
rive from corresponding lines in Ireland. " See," said
he, "what a profit there will be for the English
railway companies. You cannot make lines from Dublin
to Waterford or to Limerick without increasing the traffic in
this country. Passengers and goods coming from the ex-
treme terminus will not stop half way. We shall have them
same the channel ,increasing the resources and capital of the
railways of this country." Well, and if English railways,
paying 10 or 12 per cent., were such groat stakeholders in
the success of Irish lines, on what principle could they ask
him to advance publics money to increase the profits of a
speculation which was, in fact, thus abundantly
yingsup-
their own resources (Loud cries of " Hear,
:' Supposing these Irish railways to be attended with
all the profitable results the hon. member for Radnor had
deamibed, would it be fair—would it be just—to impede
the money market of this country, to impose fresh taxation
upon our people, in order to give these shareholders at 34 per
cent., the money for which they ought to be paying five ?
(Loud andgeneml cheering.) Why,tming itthat six per cent.
would be paid for these sixteen millions, raised by way of
loan; in the money markets of the kingdom, there would
be a clear gain to the shareholders of 2i per cent., or
upwards of 25,0001. per annum on every million of money
which the government advanced them. (Repeated cheers.)
If, therefore, the probability was that English railways
would make so much profit bythe extemism of Irish railways,
they had better take bares in them aimieelves, if they have
not done so already; and be earmesdyshorted them, with
his hen. friend (Mr. Undated as* bead, to come ftiemend
liberally and do that for booted's@ his boo. blend
was now asking the government le t .Ebsraliy air *NIL
(Cheers.) Bat, after all, continued the debt Ina beemat,
Et this neemure were really a meneme tabulated, as the
sable Lard believed, to be a great blimment for the regs.
aeration et Ireland, be (Sir K. Pasi)ebeedd not be prepared
ea
esto=drietir i
laic itiwwoullubteireut
tie I=blidedielldbl, had so Much money,
lbw *Oil nag spoil It gib iniidshely greater prospect of
odomeocheiboaamosibloamotooptiolly to feel doubt and lite.
lierassecelcar fltsweekesi had adverted to a
gavi:Lich waseetbe very foandlikaeltbe whole 'tegument.
I admit," said la, "Me truth age Admit principle that it
is bolter to leave commercial selerPrile unencumbered by
government or other interference.** The hon. messier was
no doubt right. The principle wee not only true, unkrenally,
but, as regarded Engla,it wee particularly upt. in England
the prospect of commercial gun was all bat infftwecd the
speculator. He calculated the cost of his under-
taking—the capital which must be invested—the
labour which most be

upon sane
...mates be decided whether he could eafaly embark
in the *theme or not. But haviag acknowledged the justice
of the
.principle, the hon. member drew back. " I acknow-
ledge, said he, " that it Is just ; but I do not ac-
knowledge its applicability to Ireland. There politi-
cal considerations must outweigh commercial considera-
tions, and there I do not think that these princi-
ples apply." That was the hon. gentlenme's argument, and
that argument be (Sir R. Peel) was prepared to contest.
In his judgment it did not appear, from the arguments and
statements which be had heard, that Ireland Wu not an ex-
ception from the application of that principle, which was
admitted to be abstractedly true of England. (Hear, bear.)
He had listened attentively to the speeches which had been
made in favour of the measure, and if the assumptions and
statements of the speakers were correct, the ordinary opera-
tions of commerce ought to tempt the application of
capital, and not only that, but it was the duty of Irish-
men to encourage it from their own resources. (Hear.) The
noble lord the member for Lynn made this statement : He
said, " Complete the Irish railways, complete 1,500 miles of
Irish railways, and see what a bonus it will be to the Irish
landlords ; the land on every square mile adjoining the rail-
ways will be improved, every acre in their vicinity will have a
positive additional annual value of 10 per net. in the shape
of rent." (Hear, hear.) Taking the number of acres
that would be so improved, according to the calculation
of the noble lord, it would give an increased annual
rental of 1,900,0001., or, if converted into capital, not
less than 23,000,0001. (Hear, hear.) 23,000,0001. to Irish
landlords, to be derived from Irish railways! (Hear, hear.)
Well then, why did not Irishmen seek to realise it. (Hear,
hear.) They were willing to do every thing to relieve Irish
destitution, and to improve, permanently, the moral condi-
tion of the labouring poor, and had they not a right, after
the statement of the noble lord, to call on Irish landlords to
give every facility to this enterprise, from which they would
derive 23,000,0001.? (Hear, hear.) Then again, there were
the Galway fishermen—the Claddahmen, es they were
called—who, they were told, caught in one night, her-
rings which might be sold at a low rate for 4,0001. The
noble lord the member for Stamford (the Marquis of Granby)
said " See what • benefit railroads would be to these fisher-
men, who could then take their fish to Dublin and other
places, and, instead of lying idle for three or four nights, at
a lam of 4,0001. a night —Gaughter)—they would be able to
catch fish every night to the amount of 4,0001." (Laughter.)
Well, but wu not that also a matter of speculation and com-
merce f (Hear, hear.)
Mr. HUDSON: There was no money.
Sir R. PEEL.—There was the 10,000,000/. which the hon.
gentleman had raised. (Loud cheers.) There was mone.
(Hear, hear.) But he wished to know why, if thee rail-
roads were so profitable, British capital was not invested in
them. (Hear, hear.) The hon. member for Shrewsbury
said that political considerations overwhelmed the commer-
cial considerations; that shareholders in Irish railways
found it too difficult to procure lend; that the tenure
was too complicated ; and that there was much more diffi-
culty in that respect in Ireland than was experienced
by English companies. He (Sir, R. Peel) would then
my—simplify the means of procuriig land. (Hear, hear.,
The noble lord proved that great WNW& would be derived
from it, lad that it would be lastinit—ike Irish landlords even
to give the lead than fey i seetravagant sums for it.
Let the ware of lend dm, on hair terms, be facilitated.
He bairn& distmeddeci could be more easy than to do so.
It had thee rat he ham saes of the Shannon navigation.
This the gave the award and determined
ON I 7 Owe general satisfaction. He knew
flew ilellsolik • ffiuds were ; but he earnestly en-
Anil& Ibeme is a friendly spirit, to consider whether
Vane of Irish railways was not by affording
I essery •kw e acquinng ef land? (Hear, hear.)
OW advised em to press on the government the policy of
r ambling the Railway Commissioners to deal with land
1 as they dealt with it in France and Belgium—namely by
giving it at a fair award. But the hon. member said 'that
men were taken off the railways in Ireland by some party
peeseasion, and that the men could not go to church or
elstipol. What wee the care for these religions differences ?
Whig, luring men together on the railway board, give
tham sommon interest and they would forget these die-
esesiess. .Bat if Irishmen were to be taught that they
Melded lam other claims of her Majesty's setdeets—that
Mar VOW set tit to be trusted with their own 'mourns—
*** they will do everything for them renew& animosities
*mad prevail. (Hear, hear.) But enable them to take
part in the concerns of their common country, and those
religious animosities which sow obstructed the progress of
eadererlo, these religious animosities would dine year, for
Mugu and duty, would combine to Woes men to
discourage
the*. rear, boar.) hOse. geotleman said that there
was ari coat mine in. Mallow, which if developed, and in
the nefghbouthoordo:fpaisomuld be a source of great
wealth. Well, thee, sot men of smite and capi-
tal eetioute the dodo the Mallow coal mine,
sad
1,11
noPital to boor (Hear, hear,) The
US. mid that the Maeda would be stimulated,
s" bat, 110 Undo answeresed. But he (Sir
B. Yeariammelit ambled mhollosr, if they did overlay
Irish sad Maya added proposed by ths
bill of tie hard, It wmald beim the advantage of the
bleb geellde.,„_ ow, Imari.i:lo44lMi the house to oh-
"T" =a• see to the eldest of the
a Ode 'a oseposiums, Mom encouragement
given la 1416 eateeprise sn hales wwwliacks• Loot year be
himself mossolesi to adrowe sem of money to an-Irish rail-
way on the same prissiple n Spas: commercial enterprises.
He was not prepared is tart'llsd.wberw dreadful calamity
visited Ireland, it might sot be vim, under conditions, to
give some encouragement told& mihways. But the noble
lord proposed to give it thew/ream where railway bills had
passed. ('` No, no.") Thu easoday they had was the leisure
of the railway. Every rawer eampway is
respect of which
en Adelina, of monispilaMegstast hare, it wall
said, a certifluts ; but . the eartiliate da.
shareholders lefasedtooleliensitaidlWlPlJlMOO Ina ta"
the railway into their own beads and DWI aloaloolos of
failure there wee no remedy against the sum of the share-
hoiden. He would opt my that they-1M Os aid rails—
(laughter)—but they had the concern !that He was not
averse to an occasional application of public capital
to encourage certain enterprises here, and partici.-
larly in Ireland. But what he deprecated was such
a supposed encouragement as would paralyse individual ex-
et-len curl tic application of individual capital. (11^ar,
hear.) He believed that an advance of such a snm of money
by the government as would be doable the amount of capital
absolutely subscribed would be an interference on the part
of the government carried to such an extent es
would paralyse individual exertion. (Hear, bear.) The
noble lord might say that his estimate of a pro-