The Express.
London, England, 1847-05-15 00:00:00

eider them, tad then, between the two, no adequate result
was arrine at. (Hear, hear-) He therefore kit that some
further securities should be metered, not with the view or in
a direction to cheek the iuvestment of capital on railways,
kr he regarded the advantages of railways to be inestimable,
to have exceeded any conceptions we have yet formed of them
—(hear, hear)—but for the purpose of checking wild and
reckless speculation in illegitimate undertakings (Hear.)
Mr. W. COLLEIr advised the withdrawal of the
motion.
I Lord O. BENTINCK thought the motion almost wholly
I unintelligible. Wo had already had toil much of foreign
loans, having lost within the last few years about seventy
millions in Spain. He thought this resolution would
be exceedingly mischievous if it were in any way to
have the effect of curbing just and fair speculation'
in railways. His noble friend the member for the
county of Durham had spoken of the large amount
of capital invested in the company of which his hon. friend
the member for Salisbury was chairman, but it should he
remembered that at the time that capital was embarked, the
20 per cent. on capital for one of the most important French
lines (the Paris and Rouen), which was required by the
French government, was subscribed fifteen times over by
English capitalism. He (Lord Cl. Bentinek), thought it
better that such capital should be employed rat home ; and
sure he was, that if they insisted on putting all sorts of
restrictions on English railways, they would not prevent
speculation, but would drive the capital from this country
where it had been so profitably employed, and place it in We
coffers of rival nations.
Tho CHANCELLOR of the EXCHEQUER thought
that his hon. friend the member for Montrose would take
the most prudent course if he withdrew his motion. At the
same time, he thought that the di-cussion which had just
taken place would prove most beneficial both to the parties
immediately interested and to the public at large. All
parties in the house had concurred es to the great adventam s
of railways, and all agreed that investments in such under-
takings could best be made at home. There was another
point which had been touched on, and upon that point he
must say he fully concurred in the general view of the house
—namely, that the state of railway legislation was such a• to
require a legislative remedy. At the same time he did not think
that all the blame could properly attach to the railway COM-
panies. The mode in which some committees had passed bills,
upon which the reports of the railway cosonsiasioners contained
the fullest Miura:sat:on, was to be regretted. There was an-
other point worthy of consideration--whether it might not
be expedient for the house to take some steps in regard to
nilway bills now before parliament. Some were of opinion
that it might be advisable, by some interference, to postpone.
the calls for capital, and so to check, for a time, those specu-
lations which in themselves were laudaele, but the prosecu-
tion of which, in the present state of the country, must
occasion great inconvenience. This was a suhji ct to which
the consideration of the members of the government and
the house might be advantageously directed, and with this
view he would recommend either the withdrawal of the re-
solution
for the present, or the adjournmeut of the debate
to some future day. (Hear.)
Mr. HENLEY said a few words, in reference to the con-
flicting reports of the committee on standing orders and the
railway cornmeal= in a particular are, and complaining
of the modem which many railway bills were grouped.
Mr. MORISON had expected that some reference would
have been made to the prejedicial effect the calls fur capital
for the prosecution of railway speculations at such a time
must hove on the trading and manufacturing industry of
the country. The returns showed that the money expended
in such speculations during the last two years had been not
leas than 40,000,0001., and 28,000,0001. within the last 15
months. But the last two peers were years of nr•fitahle
bosinen, but now there would be calls to a still greater ex-
' tent in a Ins profitable year, while at the same time a large
sum must be raised for Ireland, and he feared also that so
inconsiderable amount would be wanted for the relief of
distress in this country before the year expired. (Hear,
hear) To him it appeared icapereible and absurd to suppose
that we could find the money required for the coneruction
of half the lines for which bills had already passed!
Parliament had encouraged railway speculation by giving
great privileges to railway companies, and money hod been
taken from other occupations to be invested in railways in
consequence of the his her interest they gave. The effect of
this was to raise the race of interest generdly, and as in
manufactures the interest on money was often the chief cost I
of production, the small manufacturer, who had no resources
of his own to fall hank upon, and who was compelled to bor-
row money to early on his business, could not go on, inas-
much as the profit upon the production would not be suffi-
cient to pay the interest. The conuquence of this would be
that thousands of workmen would ee thrown out of em-
ployment. This was a position of is Jain to which the house
muse apply some speedy remedy, and the only one that nig-
Fasted itself to his mind was to reduce the profits on capital
Invested in railways to the same level as that on capital in-
vested in other ways. (Hear, and "Oh !") Some parties
must suffer in the end, far it was not to be supposed
that these large profits would not ultimately fall to
the level of profits derived from money invested
in the ordinary wan ; but the only way of arrest-
ing the evil was, for parliament to refuse to confer
those privileges on railway companies which it had been
hitherto in the habit of conferring, and to reduce the profits
iu railways to the lees-I of ether investments. (Hear.) With
regard to the resolution be was indifferent whether it was
carried or not. It had at least answer, d one good purpose
in producing the discussion which had taken place, and
directing the attention of the legislature to the subject. (Hear.)
Mr. HORSMAN contended that the amount parliament
had authorised to be raised (160,000,0001. for railways not
constructed, besides which the bills now before parliament
involved an outlay of 82,000,0001.), was altogether out of
proportion to the resources of the country. (Hear.) The
question was whether, with the concurrence of the railway
companies themselves, some restriction should not be placed
on this enormous outlay ? Understanding, however, from
what had fallen from the Chancellor of the Exchequer, that
government was at length about to consider the question of
superintending the railway legislation to a certain extent,
he would advise the withdrawal of the motion.

Mr. NEWDEGATE did not deny that the amount of
capital authorised to be raised for railways being applied to
that purpose under present circumstances, would be at.
tended with great inconvenience, but protested a :ailst the
doctrine that it was the duty of that house to cripple the
movements and transactions of all future and existing rail-
way companies, for the purpose of reducing their profits.
(Cheers; and an expression of dissent front Mr. Morison.)
He understood the hon. gentleman to suggest, u a check to
railway •petnlation, the interference of the house to diminish
the profluon that species of investment. (Hear.) Thi I was an
extraordinary doctrine as coming from a free trader; and he
meat protest against the principle of interfering with the
national investment of capital,. (Hear, hear.)
Mr. MORISON had merely recommended that the profits
, on railways should be made equal to those arising from other
species of investment.
Mr. MITCHELL believed that no issue of paper money
would be effectual in preventing the conoequences of inordi-
nate expenditur-.
Mr. STUART recommi n led that the motion should be
withdrawn.

Mr. TRELAWNY was of opinion that capital expended
in railways, except in much as returned in the shape of
diri-
dande, was sunk and lost to the country. (Oh, oh.)
Mr. AINSW ORTH contended, on the other hand, that
the money spent in making railways was most usefully ex-
pended. He objected to any legislative interference in legi-
timate railway speeulations. (Hear.)
Mr. HUME said the object which he contemplated by his
motion had been completely misunderstood. It was not his
interfere in the least with the freedom of the --

design to em-
ployment of capital, hut to prevent particular classes from
obtaining privileges from parliament by which they were
able to make greater profits on capital than others. (Hear,
hear.) He 'would be able to prove that one company, with
a capital of 4,000,0001., divided ten per cent., and distributed
3,900,0001. of bonus. (Hear, hear.) He thought the time
had come when something ought to be done in reference to
the subject, and as the right hon. gentleman the Chan-
cellor of the Exchequer wanted time to consider whether
something more effectual than what he suggested could not
be done, he would postpone the question till this day week.
He must, however, protest against the appointment of a
committee, as the house was already in possession of ample
information to enable them to come to a decision.
The debate was then adjourned to next Friday.
BUSINESS OF THE HOUSE.

Lord J. RUSSELL gave notice that he would proceed
with the Poor•law Administration MI before the other
orders of the day on Monday; sad on Friday he proposed to
go on with the Prisons Bill, and after that with Supply.