The Express.
London, England, 1847-02-05 00:00:00

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sad that by meheffir sat determination, they world
overcome the difficulties, whir surrounded them. England
had her bad days es well u Ireland, au:l the time
woo when her cretin were ravaged by violence and
inoen-
diarism, when the Sovereign dare not enter his own city of
London. Even so late as 1812, 1,427,000 person were sop-
pored by the parish ratan and of dame not leas than
8.3 OM adult men were confined within workhouses, and
407.000 more adults were supported by the parish se. (Urn/.
hear.) The years 1841 and 1842 were years of great distress
in England. What had occurred since then to change the
face of again, and to restore England from a state of poverty
and distress to a condition the most prosperous that was ever
known in the annals of say country i He wee aware there
were some who ascribed this prosperity to those free trade
measures which were commenced in 1842--that the reduc-
tion of five-sixteenths of a penny on the duty on COUOII,
the free introduction of twenty-seven thousand head
of foreign cattle, the admission of foreigo timber,
at a reduced duty, and the free admissioa of feathers—
(laughter)—were the cause I f all the prosperity of the coun-
try. But, fur one, he was rather disposed to ascribe it to
that railway enterprise which rose up about that period—
(hear, hear)—and when he recollected that within three or
four years 13,000,0002 a year had been expended upon the
native industry of the country in theconstruction of railways,
mud that, as appeared term the reports of the committees of
the house, 200,000 Uri- -bodied labourers, who had been
called from the workhouses and the parish pay, received
upon an average 225. a week wages, it required no conjuror
to discover that the change which came over the
eireninotanees of the country, arose not front any
alterations in their commercial policy but from that
mighty spirit of enterprise which gave employment to so
many people. (Hear, hear.) In ell the inquiries which
had been instituted with respect to Ireland there was always
this conclusion, that the difficulties of that country must be
overcome by !stimulating the employment of her people.
(Hear, hear.) In 1836 the Irish railway commission
reco emended in their report that a system of rail-
ways should be carried out in that country with the aid of
loans from the government. The recommendation of them able
commissioners was confirmed by Lord Devon's commission,
who stated that the opening of communications through the
country by means of loans frum the government was the beet
means of finding employment for the people This led him
to the consideration of the existing state of railway enter-
prise in Ireland. He found that there had been passed acts
of parliament for 1,622 miles railway, and although some
of these acts have pawed so long since as eleven years ago
123 wiles of railway had alone been completed, and 11,4
more were only in course of completion in the present
year. This must prove to the house that there war some
weakness, same debility in Ireland, which prevented them
from carrying out those enterprises which in Eng-
land and Scotland caused the completion of 2,600
miles of railway, and had caused new acts to be
mimed for 4,600 miles more. Was it the circum-
stances of Ireland, or the state of the population, which
Jade tun a condition not likely to prove advantageous to
railway speculators ?—fter from it. A report, for a Stich
he was indebted to Mr. Stephenson, said that the popu-
lation of Ireland and the population of England and Wales
were, as nearly as possible, on a par. In England, it op.
pared, taking the last census of the year 1841, there were,
for every two acne and • fifth, one individual of population;
whilst in Ireland the population amounted to one for every
21 acres ; and taking into consideration the 7,0)3 acres or
bogs and water in Ireland, if they were to compare the cul-
tivated acres of England and Vs ales et ith the cultivated
acres of Ire land, they would find that the balance was in
favour of that e euntry, and that Imbue was more densely
inhabited than Eneleuld and Wales. Perhaps they would
tell him this might he a very good argument, as far as popu-
lation was cone. rind ; but what was the use of population
if they had no money to pry fur their conveyance by
rail tiny ? But his right hon. friend would tell them that popu-
lation mu considt red one of the first elements of railway
sue-
cee. (Hear.) However, it was not the fact that the popu-
lation of Ireland were incapable of travelling rum want of
means. By a return, for which he was indebted ta Mr.
Laing, he found that the number of passengers who travelled
by Cie Irish railways as compared with the number of those
who travelled either by thu English or Scotch railway■ far
exceeded them in number. The house might he surprised at
this, but the feet was, that whilst in the Stretch and English
railways the average number of passengers travelling
annually per mile, was about 11,800, on the Ulster rail-
way the number travelling was no less than 21,700, sod on
the Drogheda an:l Dublin Railway the number et pentetigers
was 18,000 per mile. He moult now compare these two
lines, which were only fifty-six miles in length, with the
London and Birmingham. By the two firmer, the Lumber
of pamengem, for one year, moll 1,111,000, and by the
latter, 1,108,000. If it woe to be objected then, to his
plan, that the poverty of the people of Ireland would
make railways in that country a ruinous speculation,
and that England could not advance money for that pur-
pose with any just expectation the, the debt would be tore),
he said that the practical experierce of the few railways
which had been already constructed in Ireland gave a flat
denial to such an objeetiou. (Hear, hear.) lie might be
uked, then, why it was tbat private speculators dud not
come into the market to stimulate railway enterprise in Ire-
land ? He was unable to answer She question, but the tact
woe, there was a feeling of distrust as to Irish speculations,
and there was an ignorance of that country in England which
prevented Englishmen from venturing their money in them.
(Hear, hear.) If proof were wanted of this he might instance
the case nf the North British Railway, and cotpare it with the
Inch Great Western tend Southern. Of the Great Southern
and Western Railway 50 miles had been completed, and as
yet it was only opened for passengers Of the North Bri: ish
Railway and its branches 72 mile* had been completed,whith
were partially opened for goods traffic as well as passengers.
Well, the result was, that the traffic of the Great Southern
and Water* Railway ins the last week was 1,0281. on 56
miles of relway, while on the North British Railway, which
cost 26,3001. per mile, &grist 15,0001 per mile, the cost of
the Great Southern and Western Ralway, the amount of
traffic exceeded that of the Great Southern and Western
only by 3391 per week. (Hear, hear.) Yet such was the
feeling in the money market, that while the worst railway
was at 40 per cent, premium, the other was at V. discount
on the shares. (Mew, hear.) Well, he had shown
that there was something of fashion, and something
et want of confidence which occasioned the un-
willingness of the English capitalists to invest their monies
in Irish railways. But if they looked to another part of the
question, they must recollect that most of the railway pro-
prietors in Ireland were the landlorla and tenants in that
country, and that the very calamity which now impoverished
and afflicted that country, furnished the very reason why
those proprietors should not he able to meet their calls ; and
the consequence was that some of the best speculations in
Ireland were now what was called "stuck fast" for want of
money. He would read the priers of a report which he had
received from two engineers, who had been travelling in
Ireland for the purpose of this very question of Irish rail-
ways. The noble lord here read the report to the
effect that the operations on the whole of the rail-
ways in the south of Ireland, consisting of 290 miles
in length, were either Mary or partially suspended
for want of funds to any them on. His (Lord G. Ben-
beck's) proposition wax, that the government should
come to their ai 1. (Hear, hear.) 'the proposition which
he had to make to the house was, that for every 1001.
properly expended upon railways, 2001 should be lent by
the government to the °earn es, at the same interest at
which the government could rain the money. It might
be said that the security was insufficient ; but with the in-
dulgence of the house lie should be able to show that with
the restrictions he should propose the security would be
amply sufficient. There sat beside him a gentleman who
was chairman to the management of 1,700 miles of railway,
who hail the conduct of 45,000.0001., and he was prepared
to pledge his commercial knowledge and character
that fioveroment would not lose one single farthing by
this proposition. (Hear, hear.) The right hon, gentleman,
the Lord Maser of York, would tell the house that the
worst railway under his direction would afford seven per cent.
security to government; and he himself would be prepared
to show that the worst railway in Belgium or Scotland
would amply pay for the money expended on it. He
was now speaking of paesenger-traffie. It was here entirely
a question of passengers. (Hear, hear.) Well, then, he
had said that his proposition was, that government should
lend oat at interest money at that rote at which they bor-
rowed. He believed that the interest now was 11. 6s. M.
per cent., but he would num° it to be 31 pee amt.
But the government were to take the security an the
entire line, so that the 3001. would afford ample ssoerity to
the government for the 71. The lice therefore that paid bat
21. Os. Bd. per coat, would afford perfect security for the
interest due to the government. (Hear.) But he would
show that there was no line which would not pay more than
this, The line in the empire on which the pose iris
receipts were lowest was the line from Arbroath to Yorke.
The ems receipts on that line, which cost 9,0001. per mad,
were in the first year but 4681., and the cost of working the
line was 2022, leaving to the government at that low amount
of traffic, a clear provision for 3i per rent. interest, and 2 per
cent. on the share capital. To show what that line was, he
must tell the house that all the traffic which existed previous
to the construction of that railway amounted to what could
be carried on • one-horse cart, which plied once a week be-
tween those towns. (Hear, hear.) The passenger traffic
daily, at present, was 247 persons, and lest year 90,000 pr-
essmen were carried on the line, and at paid 5 per cent. to
the shareholders. (Hear.) Having selected the worst line
in the empire, and taken it in its earliest infancy to show
that the security would be sufficlent, he had now to show to
the hour the grounds on which he confidently expected
that the passing of this measure would have the effect of
stimulating English capitalists, and that they would forth-
with set to work to complete the railways in Ireland.
[Mr. Hudson here interrupted the noble lord.) His right
hr. friend reminded him that the 1001. properly expended
was not the only security. They proposed to throw the
entire responsibility on the Railway Board established last
year ; end unless that board reported to the Comrainioners of
the Treasury that the railway promised to be at oar bene-
ficial to the country, to afford profitable employment, and to
give reasonable and sufficient security, the state was not to
be called upon for its money. He would show the house
what effect his proposition would have, if carried out, on a
railway then in existence. Take the case otthe Waterford
said Limerick Railway, which, of all the Irish Mtwara,' it
perhaps the one of moat national interest, and of which to
largest proportion of shareho'ders were Irish proprietors.
The cost of that railway had been estimated at
750,0001. ; but there was • power of borrowing 256,0002
more, and he had been assured that the experience of
railway companies in this country and in Scotland required
that he should assume that 1,000,0001. sterlint would have
been expended before the line was completed. fhe company
ha l already expended 324,0001. They were now stopped
for want at money, and the court/won was, that although
271. 10s. had been paid upon the 601. shares, titre shares
were at from 124. to 141. diecounti so that, in point of fact,
the market value of what had cost 324,0001.1er but 162,0001.
(Hear, hear.) Now, under his proposition, it would not he
necessary to make any further call. span the shantholdate;
theme shareholders would be ratted at once to demand See m
the government a loan equal to 648,000!., which would com-
plete their railway. What would be the effect of this? Itwasen