The Express.
London, England, 1847-05-01 00:00:00

statement of the mumparty was this: the whole lino vainest
200 miles keg; about MI miles, eiteseing as far as Carioca,
wary weedy opened ; sod the trade urn that poetise was
113 that, aliesr amities the ordiaary me essitens
tar the monies of the Rae, it nail ny a manila soft se
Intermit to And amnia eisearity flm the whole of the obeesses
whisk* —wisaff as' reesiii gm*. Then cola be
assault ISMY eseseoesese et* Wolli rate of biome is
the army vairket, des seamaay wend not within'
avistanu be able to carry on the works in
the cosine of this you. The resat would be, that they
woold he elaiini te discharge a eimiderable number of pee-
wee when*" hal employed throughout the winter, not
as they stated, awl be bed no sink truly, with a view to
the'? own intend manly. butte order to afford employment
in the disguised Minn awes l Sallow and in the county
of Cork. The sempsny had gelled up every farthing re-
qu' red by the act, awl many parties had paid their cats in
advance. They alb god that they would be able to
complete 110 miles by the summer, to open the line
fr Dahlia to Limerick early in the autumn, and to
co.nplete the commeaication to both early in the year 1849:
Toe whole sum advanced by the government, and emcee-
ready by the company, would be employed in the actual
construction of the earth-work and brick-work of the line.
Teas company having already paid for the engines, cerriagoi,
and rails, not only the 500,0001. to be advanced by the govern-
ment, but the same sum to be advanced by the company
would be applied to the employment of labour. It was stipu-
lated that for every 1000091. advanced by the government,
the company were to ley down another 100,01)(11., and no
sc,:ood adman eras to be mode by the government, until it was
proved that the 200,0001. advanced conjointly had been actu-
ally expended on the line. (Hear.) Under these circumstances
the government thought it would not be disadvantageous to
make the advance ; and he could not help saying that while
in the sees stated there war good security for the whole sam
being repaid, in that of relief works the repayment was only
to .:tied to one-halt With regard to the other railways, ha
lad blare mentioned that the public works loan commis-
sioivrs hod agreed to make advances. In one case, th it of
the Waterford and Kilkenny Railway, the amount was (as
esti understood) 84,0001., and in another, that of the
Dublin and Drogheda Railway, 36,0001. He would now
state, the purport of the second resolution. Late
iu the lest session, a vote of the house was taken
for allowing the sum of 50,0001. by way of grant for the
promotion of useful works in Ireland; the condition being,
that parties in that country should themselves contribute a
certain amount. Many applications had been made for the
money; and about sin weeks ago there was one which had
for its object the improvement of the navigation of the
upper part of the river Shannon, so ea to admit of o larger
description of steamers, which it was believed would be a
great advantage to the northern part of Roecomoson and the
aunty of Sago. For that purpose it was proposed to
apple 50,0001., leaving a balance of 40,00.)!. undisposed of.
0; all the works undertaken in Ireland, none had been so
advantageous hitherto as the construction of fishery piers,
which had contributed to increase the supply of food,
and farm a totally new source. The establishment of some '
curing-houses in different parts of the western coast had ini-
tiatol- the people I. that part of the country in the secret of
eat.ng deep-sea fish. A very considerable tithing trade had
been carried on, and the different establishments had, se
nearly as possible, paid for the outlay. It was
then, to apply a further sun to the construction siorl=
piers, and the chairman of the Board of Works, =el
the funds were administered, Lord Mooney, had
that the money could not be more usefully employed. If
necessary, it would be proposed to repeal the act of lan see-
aim, in order to devote the 400,0001. of which he had
spoken to this object. That was the purport of the
second resolution, which related, in point of fact, not
to an additional sum, but merely to a different appro-
priation. Now, his simple object had been to state
precisely what were the views of the government co.lbse
question, in order that there might he no inisopprehesselem;
en 1 having done so, he should leave the matter in their
hands.
Mr. GIOULBURN mid that if he felt any difficulty
with respect to the motion before the haute, tt
wee on account of the results which might ulti-
matey low from it, as regarded the financial situation of the'!
country. (Hear, hear.) He must state his apprehensions,
not with a view of censure, bat in order that, forewarned,
they might be forearmed, and that they might not involve
themselves ultimately in serious pecuniary difficulty. Now,
the proposition of the right hon. gentleman was, to advance
to three railway companies the sum of 620,0001., to be taken
from the amount proposed to be raised by loan for the
general relief of the population of the sister country. Ia the
Ant place, he would observe that the statement that thieves
merely an extension of the principle applicable to pidolis
works in general, appeared to him not to be supported by
feet. The principle on which advances for public works
Ye! lately rested war this : a regular annual sum had been
devoted to the purpose of assisting such public works,
without distinction as to country or as to the
character of the works, provided the security were sufficient.
The advances so mode constituted no burden whatever on
the consolidated fund, aad did not is any way subtract from
the 1111211 which was available for the public service ; for while
the set of 1842 allotted 360,000/. a year for the pupae of
nuking advances, the repayment on account of advances
previously made amounted aunually to the same sum, so
that the financial arrangement' of the government were iu
no degree affected. In consequence of the difficulty of
raising money at the present moment, it was proposed to
plum a large additional sum at the disposal of the
commissioners. He could not cuttemplate that proposal
without some degree of apprehension. (Hear, Lear.) The
house ought not lightly to eanctioa gmuts out of the conso-
lidated fond, either in the shape of advances or in that ef
public pante ; for if, in addition to the annual charges
which devolved upon the country, advances of large sums
wer made from tame to time out of the consolidated fund,
that necessarily reduced the balances in the exchequer, and
th- reduction produced an augmentation of the quarterly
deficiency bills, which, so far an it operated to divert to the
assistance of government stuns which might otherwise heaved-
able toe the aceoramodatioa anode were, in a certain degree,
- additional

especially le periods of sINWaW: a source of
ein'..•arramment. (Haar, hear.) He viewed, therefore, with
peculiar jealousy any proposed nereentation of the charges
on the consolidated fund ; and if he had spoken on the
subject on the previous occasion, one of his chief arguments
against the motion would have been the difficulty arising
from an Increase of the deficiency bills. (Hear.) Although
he was new relieved from bit alarm with regard to this charge
of 620,0001., which the right honourable gentleman
sail had been provided for in his previous calcula-
tions, yet he could not but think that there were still
grounds for inculcating upon the government prudence
with respect to the future. The right hon. gentleman pro-
p sled, on that oceasioe, to make en advance to a particular
railway company, which had paid up half its capital, and
was therefore authorised to borrow the remainder. Now, in
the first place, be would ask whether, if this advance were
made, the right hon. gentleman could refuse to make a eimi-
ler one to other companies placed in the same position?
(Hear, hear.) This company could borrow money to com-
plete the line on the terms upon which money was now to
be mocured in the market, and it was the interest of share-
holden that a line should be constructed within the shortest
possible period ; they would make sacrifices in order to get
some return for the capital expended. If this company went
into the market at that moment, 8 per cent. was the lowest
amount at which they could borrow the money which they
r”i red. Bat the government came to their aid and said,
11 will lend you half this money at 5 per cent. ;,, thereby
redwing the amount which they would otherwise
hue to pay from 8 per cent. to 81. 10s. per cent. Such
being the advantage of the arrangement to this particular
company, what would be the effect upon a competing
company, which might be in an equally prosperous condi-
tion, and equally ready to avail itself of such assistance ?
(Hear.) If this company, when it went into the market,
lad to barrow money at 8 per cent., was it not obvious that
unlees the same measure of bounty were extended to both
companies equally, they gave to one an advantage over the
other which was not consistent either with justice or with
theordinary course of such dealings? He thought, therefore,
tbst if the right hon. gentleman had consented to make this
eivance, unless he very distinctly proclaimed the contrary
and adhered to the proclamation when made, he would be
pressed, and justly so, to extend corresponding advantages
to all similar undertakings which had fulfilled the condi-
tions imposed—(hear, hear)—and, if that were the case, he
knew not to what extent the amount demanded might pro-
ceed. Nor, indeed, if this system should be extended, would
the inconvenieners of it be limited to the partial operation
upon different lines ofnilway. The railway companies which
were u4steil, having half the required amount furnished to
them by government at five per cent., would obviously be
able to give higher terms for the remainder than other
companies which had to compete with them. (Hear, hese)
When other companies offered eight per cent., they could
afferd nine, and thin would they raise the market rate one
pee cent. It appeared to him, therefore, necessary to incul-
cate great caution la transactions of that nature. They
knew bow ready persona were to avail themselves of the
slightest hope of eminence, and how difficult it was to resist
claims which had been admitted in similar cases; sad if,
inland of being a solitary instance, this proved to be the
origin of a series of measures, he feared the consequences
which would be produced by such an acumuletion. (Hear,
hear.) He felt sure that that was a time when, lade-
pendently of the panic which at present prevailed—a panic
which he, in common with the right hon.. gentleman, In-
hered to be an exaggerated alarm, rinsing from the
circumstances of the moment—(hear, hear)—and front
some mieeendart on the part of those to whom
the remegemeat of the monetary transactions of
this cassia IMO imunitted—balieviag in the truth of what
was stated the Ober sight by those who were the most com-
petent to form astigaist IS the natter, that the circula-
tion of the aensay was folk that trade was never Ice a
healthier state and that whatever panic prevailed at that
moment ...tad shortly subside; severtheless he saw ens*
in the state of this country, at the present moment, to kirk
Yin to enforce upon the government and upon the ke.e
the greatest dune of prudence, with respect to the flame,
last they should Involve themselves in difficulties, not a=
of a monetary character, but from which it
not be easy- to provide a remedy. The present shale of
Me country was owing to a combination of causes whkb, he
believed, would never be winsome& Is eorabinaties et my
antecedent period. Is the first lase, it was notiebas
that a part of the Idegder bed been visited by Aeolian
famine, and that the ereeteree bed been the necessity of
ileport ing • great queallty prevhisse ; and the
had not been to
to this imam but had opmsle
upon every Israguit country Is oar immediate abb.
bearhesd, so M le misses the difficulties of our ems. Mate
was rarer are et resetry difficulty against wldelh le we
seaniam that they amid take the greatestoseihis Igamer
lions. The "item of this coutirry hadbeen seised
at a are • rate. That system, while it led Mai
real resew eteribratitt, and would, ultimately, be par
Melia astern eikerese to these who embarked in it, r
aril el to the whsle did, nevertheless, in the neat
brisase, swift to the sionetary interests of