The Express.
London, England, 1847-11-27 00:00:00

_DECIMAL COINAGE.

11;ria.
heard, p
tram
areliblabopo.
a=01(

the T.
Damn,.
M.,

Dr. BOWRINIFIWMtuaxi-7-oust;leaiWom the Master of
the Mint whether any progress had been made in preparing
the decimal coinage which had been premised in the previous
eention. He wished in particular to know when they might
expect the two-4110cm mama
Mr. SHEIL expected that in a few day' the two-ettilling
pieces would be in circulation. He might add that In jus-
tice to the interest his hon. friend took in a question which
be had himself originated, he (Hr. Skeil) had presented him
wit► three of the two-ehilling pieces as specimens.
(Laughter.)
COUNTY COURTS.

In answer to an ii;o7nenber7ii;ll7GßEY said that an
inquiry was going on for the purpose of secertaining
whether a reduction might not be made in the fees of
county courts.
COLONIAL OFFICE.

Mr. ANSTEY wished to know from the noble lord at the
head of the government whether the appointment of Mr.
bierivale at the Colonial-office was to be permanent. Also,
whether the noble lord intended to oppose the production of
papers connected with that appointment.
Lord 1. RUSSELL did not know what papers the hon.
member meant to move for, and therefore eould not state
the ceases he would take. The appointment of Mr. Merf-
•ab wee made by the Secretary for the Colonies, to enable
Ida to merry on a most difficult colonial department.
IRISH LIGHTHOUSES.
. . .

Mr. HUME bad a question to ask relative to a recent
lamentable shipwreck on the coast of Ireland, in which 90
lives were seerdloed. It was reported that the lose of the
ship had been occasioned by the improper piecing of the
lights on the Irish coast. He wished to know whether the
Admiralty had ordered any inquiry on the subject.
Mr. WARD said that as soon as the account of the wreck
had reeeked the Admiralty, the chief offer of the coast
guard had been communicated with, and his account had
been received, but it did not vary front that published in
the newspapers.
_ MALT TAX.

In answer to Mr. DliillNolll7#-,
The CHANCELLOR of the EXCHEQUER stated, that
government hoped coon to introduce a bill which should do
away with all vexatious restrictions on malt and other 'n-
amable articles, when such restrictions were not necessary
to the security of the revenue.
BANE OF ENGLAND.

Mr. EWART asked the Ch;nCeTar..-4 the Exchequer
whether it wee intended to give the Bank of England autho-
rity (under the sth section of the Beak Charter Act) to
increase its issues on securities (beyond the prescribed basis
lof 14,000,00 W.), in consequence of the void caused in the
circulation by the recent failure of private banks (or joint-
stock banks) of issue?
The CHANCELLOR of the EXCHEQUER said he had
received no application from the Brink on the subject.
RAILWAYS.

The CHANCELLOR of the EXCHEQUER rose, in pnr-
name of the notice he had given, to move for leave to int:o-
da°, a bill to extend the time for the prams of hod and
(=on of works by railway companies. If the debate en
night of the salioaha taken the woes whitaba had
mooted, it would ham beta kb duty to Ado to the Owes
am only the reams whisk had induced the amematml
le take the seem they bed Okla, bas abut the
views Ow had heated Mute semis el moserelei peeruse.
Amon Main ousts oust be naked site poet sbeseptisa of
IZUcapital by railway compotes He did set /NM tO
wok ateorptioe was:l= es mote. nor
did he sek say am to the hod !suited se to
the MON hrie It Ma pest esdateas to at-
tribute la
_asp MHO Oa WM %Cams' "mat-
All be Word ant aqeMaisod

HOUSE OF COMMONS.—FRIDAY, Nov. 26. duct a bill to extend the tas fo't the purchase of land and
dont The Bream' took the their at 4 o'clock. om*tion of works by railway compam. If the debate en
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hat the abetradist of the railway funds must
have contracted the fleades NOMA of the amintry.
He did not suppose qrieslimenta would any. that
the floating capital of do sozoloy mom employed nobly in
carrying on the ordinary opoodono of ogehoilion OM.
=erne, and that lb. surplus NOM soro omplopoil la *car
further development, in bugling, mid la tan omeregoks of
those permanent works, including railways, which uhlstelill
so mach contributed to the national progress. But If Se
floating capital was too rapidly contracted, pressure mut
arise os those who had formerly enjoyed its general eiroula-
tioa. But this formed no muse of objection to railways.
He was fez from entertaining such views ; for there was as
person in the house who entertained • higher opinion of
benefits which they had created, and were creating, for lb*
country, than he did ; but floating capital was tanned over
from time to time, and consequently employed la roproder
tion ; whereas the money sunk in the construction of porno.
neat works, whether docks or railways, however ultimately
beneficial it might be, was necessarily lost for some time, ex-
cept in ao far as regarded the annual interest He did not
think that in saying that during the time of esmotrwedem
there would be a pressure on floating capital, he abroad
be asserting anything which by common consent would not
be recognised and admitted. To illustrate this by a familiar
example umpires a farmer to have a certain capita!, say
10,0001., employed in labour and other expends attendant
ea hie farm. It' that farmer abstract from that capital, for
other purposes however ultimately useful, there must be a
pressure felt in the discharge of his preview obligations.
The same would apply to a manufacturer who should
abstract any part of the capital of his trade for
other purposes, however ultimately beneficial they might be.
And what was true of the individual farmer or manufac-
turer was equally so as to the whole community. This pro-
cess of converting the floating capital of the country into
fixed capital in this way having been going on for some time,
and latterly to a very considerable extent, the ordinary com-
merce and trade of the country had naturally been crippled
and pinched in their operations. Thus, while the railways
were demanding and absorbing • large proportion of the
floating capital, the commercial world was unable to obtain
the amount necessary for carrying on its ordinary transac-
tions, and the consequence was that the capital of the country
was unequal to the !remand, and the rate of interest rose in
proportion. Upon this part of the subject he could not do
better, to exp.am his meaning, than quote the word: of a
very able paper, the Economist of last Saturday. (Hear,
hear, from Lord 0. !Sentinel.) Of course it was open to the
nod; lord to differ from the conclusions of the writer.
Lad G. BENTINCK—The article answers itself. (Hear)
The CHANCELLOR of the EXCHEQUER—It was
aided by the writs, is the Eseetaisiief thet—
a{ vosid be a meet daft art Imbsenve comes:bon, were it
Cillste be made. Worm dr word of demons la 1641, when
eet Waal ms throe..ad-0 Jar per cad., and at So
est dreeet, when Y k tree 7le few eat Sea
• rade show that • lop prim
,roleifbti:o arra midi roe &pm*
for 11.11111moid poem% Ire surto at the ham per;
bee fa Or ormiloro Sum km 8.4,9; dot it easoley
brim Sends See set wSo arse enormous deb to des
of ; de 11114mido
ark Illreadoo miaow the dm arm* ie.
illesemt Ur WS of oder emilley Where, and are wird, =AS to
mho rhoodo or womb of lido of loam oell Sot sm-
arm Is *me diploid of the meanswYi same bawdy et Ms So-
oral, is oorm mire of the raw derdedor of So mead of Me
eounti7.
This, he thought, was a most accurate statement of the ope-
ration that had now been going on for acme time, and more
especially during the last two years—and the ammo of in-
formation to which he had access proved beyond a doubt
that the proms bad been going on to an extent that few
were aware of, and was one of the main causes that had led
to the distress which the commercial world had bees enffering
under. That this was inevitably the effect of ouch a diver.
don of the floating capital of the country was no new opinion
formed after the commercial pressure had occurred. Mr.
Porter, in 1845, when he was connected with the Board of
Trade, represented to the then government that the demand
for capital for the railway companies was increasing
so fast, that he feared it would abstract from com-
mercial purposes so large en amount of the means
relied upon for carrying on the operations of commerce
as must produce considerable commercial pressure and die-
tram. (Hear.) This opinion was the more valuable, as
having been given • year and a half before the pressure
occurred. He would now state, from the official documents
in his possession, the extent to which the absorption of capi-
tal in railways bad been carried, premising, however, that as
refer:led the accounts of the railway companies, owing to the
various amalgamations, extensions of capital, and other causes,
it was impossible te arrive Many minutely accurate statement
of railway expenditure. He did not, therefore, pledge himself
to within one or two millions; but he believed the accountsaccounts
he was about to refer to were, en near as could
be arrived at, the actual amount which had been expended
The first statement was one that had been drawn up by Mr.
Porter, and contained an amount of the some authorised to
be raised, going bath to the year 1826, previous to which the
raising of only about one-and.a.h&Lf millions for the purposes
of railways had been sanctioned by parliament. Aocording
to this statement, the total amount authorised to be raised
from the year 1826 to 1835, was 19,000,0001. 11,1836 and 1837,
the early part of the first year being a period of cornmeral
prosperity, parliament sanctioned bill, involving an outlay
of 36 millions. The distress which occurred about that time
induced a disinclination to apply for railway bills, conse-
quently the expenditure authorised luring the next six
years was comparatively. small. In 1844 and 1845 parlia-
ment authorised the Tatung of 74 millions for railway pur-
poses. (Hear, bear.) And under the influence of the
mania—for he could give it no other name--for
railways that prevailed in the autumn of 1845,
800 plans were submitted to the railway board for railways,
bills for which were to be brought forward in the session of
1846, and the amount of expenditure sanctioned in that ses-
sion wee not less than 132 millions sterling. The total
amount of unite' authorised to be raised under the railway
bills which passed from the year 1826 to 1846 was 286,000,0001.
The amount authorised under the bills of last session was
38,000,0001. The returns he had quoted represented the
amounts parliament had authorised to be raised ; he did not
mean to say that these sums had been actually expended.
His noble friend (Lord G. Bentiack) had stated the
other evening that the money which was spent
in the purchase of land could not be said to
be withdrawn from the capital of the country, but
was merely a transfer of mosey from one party to another,
and the same might be said as to the sums paid for parld.
mentag expenses, which was also money merely transferred
from one man's pocket to another. Taking Mr. Porter's
calculation that one-fifth of the whole capita went in these
two items, there would remain up to the end of 1845, 145
millions as the amount authorised to be raised foe the pur-
pose of being abscised in the construction of railways. He
would next refer to a statement prepared by the railway
board of the amount of capital authorised to be raised by the
railway bill, from 1840 to the present time :
In 1640 the amount was £4,000,000
In 1611 0,300,000
In 1012
In 1643 4,300.000
in 1644 10.000,0 0

314001);(100
124,000,000
In 1847
These were the same authorised to be expended in
purchase of land, parliamentary expenses, and the construe.
tion of works. His noble friend k Lerd G. Hendrick) stated
pretty accurately, the other night, the amount that had been
expended since RHO, but the conclusion he drew would, if
adopted, lead the hoses into s gross error as to the actual
amount annually absorbed. His noble friend divided the
sum total by the whole number of years, the result of which
showed en average annual expenditure of 124 millions. But
this by no means gave a correct view of the cam (Hear.)
It would be seen, by the official account, that while the ab-
sorption of capital for railway purposes had gone on but to a
comparatively small extent during the earlier yews in-
cluded in the noble lord's estimate, and, consequently, bad
weighed but lightly on the commercial interests, daring the
later years it had inoressed to an enormous amount, and
bad, therefore, borne heavily on the trade and commerce of
the country. The estimate he was about to read had been
prepened by the railway board—end was an account, so far
as it osoli be ascertained, of the actual expenditure in the
Smooths of railways in each year, respectively :
Ia 1061 the smelt wee
In 1061 1,900,000

Is 11143
4,433,000
la M 164
La 1848 fin* ball-mar
sexed balt-year 10,080,000
14,100,000
In 1841 OM halt•year
mecnd half-year
36,485,000
And to carry it on, the amount expendedduring the first half
of the 'Resent year, 1847, was 26,700,000!.. His noble
friend said the other night that the total amount expended
during the five years to 1846 was 60,000,0001. The Board of
Trade made it 65,000,0001. ; but that included the purchase
of land and parliamentary expenses, on amount of
which, if one-fifth was deducted, the amount would stand at
62,000,0001., which, as to the total expenditure, very nearly
agreed with the estimate of the noble lord, though there
was a considerable difference from the noble lord's statement
as to the suns spent in each year. And with regard to the
last 18 months, from January, 1846, to the middle of last
summer, it would be sem that according to the calculation
of the railway board, the total amount expended was no lees
than 62,000,0001. ; and on referring to the half yearly ac-
counts of the several railway companies, he found that they
made itexeeed that amount by some one or two hundred
thousand pounds. This would show that the calculations of
the railway board were not excessive. It appeared, then,
that while the demand for capital for railways foi • long time
was not excessive, and consequently was comparatively un-
felt, from the commencement of the year 1846 it had become
so heavy and had increased in so extraordinary a
manner as to occasion serious evils. With regard
to the last half of the present year the demand had
certainly decreased to a very considerable extent, but Mat '
was in consequence of the great difficulty experienced in eh•
Mining money. (Hear, hear.) But supposing the expo&
tun had continued through the year at the same rata thee It
had tone on during the first six months, the amount absorbed
in railways foe 1847 would have been 84,000,0001. Is IW,
taking it at the same proportion, under bills already prig,
it would be 70,000,0001. ; in 1849, 47,000,0001. • anil
1860, 10,000,000/. The pressure consequent upon lie heavy
and continuous drain had, as was well known, been felt
severely in various parts of the country, and be thought the
home would concur with him that if it were provided that
the money yet to be expended in the construction of these
railway works—works highly useful is themselves, no doubt
—could he spread over a greater number of years, it would
be of great advantage to the country. (Cheers from
both *Moo) It was true that applications had been made
to t from various quarters, which would indicate a
a Rata straw - " that he
peNdl shadd
bad lea ukr4,=lll

ble, and upon the best consideration they had been
enabled to gire to the subject they had come to the opinion
that the objections 'phut compelling the stoppage of all
railway works were so great as to far more than counter-
baleen, any benefit that could arise. (Hear, hear.) The
meeense, therefore, which he should have to propose to the
would not be compulsory. (Cheers.) When he con-
siders& the number of eantrects in program; the employ.
Mot of Lbws agemient upon them ; the engagements
wheat bed boss eyed into with various manufacturers for
articles seesessey he he mimpletion of those contracts ; and
the mamba of workmen employed in the manufacture of
such @Mho who would Is soddenly deprived of the means
cf &thiamin by*. of the works, he concluded that
it would be most injadfelwY to attempt any compulsory in-
terferers. (Hear.) T u object, therefore, of the hill he
was Mad to introduce win to give to the railways in course
of construction an tummies of time for the purchase of land
and the construction of their work.. At present the power
as to the ;purchase of laud sad the construction of works, if
not completed within a certain time named in each com-
pany's act, ceased. Every company was also required to
raise a certain part of its capital within a stated thite. The
government thought it would be wise, under .desks
asst
cumstances, to relea•e them from these provides'.
was another class of railways, which it might be nerewary
to make some provision for. With regard to those railways
I which were in course of construetion he proposed to do no
more than to relieve them from the necessity of purchasing
the land and completing their weeks within the time speeC.
fled. The only parties who could possibly ho injured by this
arrangement would be the landowners, and for any injury
they might suffer he proposed to give them compensation.
dr. 11U DSON.—How are the &mutes to be ascertained ?
The CHANCELLOR :of the EXCHEQUER.—The
damage* would be assessed in precisely the same way as
damage with septet to land was 'messed at present. Then,
with regard to those railways whose works had not yet eom.
menced, as to these he proposed a much stronger mea-
sure, but still a voluntary one. (Hear, hear.) He proposed
to give further time to them for the purchase of land, and
to enact that the directors of such companies should not be
empowered to commence the works without the consent of
a certain proportion of the shareholders, to whom, as being the
parties most interested, he proposed to give a more effective
power than they now possessed over the directors in this
respect. (Hear.) He would now state the object he bad
in view in proposing the committee of which he
had given notice. With regard to the kills stand-
ing over from last session, as well as those which might
be introduced in the present, he proposed to appoint a com-
mittee, and to suggest to such committee some such step as
this—that all such bills should be referred to a committee of
the house, or to the railway board, to consider and deter-
mine which of them should be allowed to go on. It was ob-
vious that there were many bills—such, for instance, as in.
volved merely deviations or extensions, and would require
no large amount of capital, which it might be desirable
should be allowed to proceed • but he thought parliament
would exercise a sound discretion if it determined that no
railway bill should pass in the present session which
involved any large outlay of capital. (Hear, hear.)
They had all, he thought, to take some blame to themselves
for the large number of hats they had allowed to pass in
previous years. He did not throw the blame altogether on
the railway companies, for he thought parliament had been
equally to blame. (Hear, hear.) But perhaps in previous
years it would have been no easy matter to persuade the
house to impose some check on the course of railway specu-
lation. A committee was appointed in 18a, at the instance
of the right hon. baronet (Sir R. Peel), to inquire into the
subject, but though the government took up the subject, to
impose any efficient check was found to be so difficult, if not
impossible, that the attempt was abandoned. After he (the
Chancellor of the Exchequer) bad been appointed tooffice,
several friends waited upon him, and urged him to
adopt some measure to check the progress of rail-
way bills through parliament. But he did not at
that time see how that object was to be carried out.
He now believed opinion on this subject was materially
changed, even among the railway companies themselves, and
so far from anticipating from them any opposition to his pre-
position, he expected to receive from many of them the most
cordial support. (Hear, hear.) He had in hi. various com-
munications with the chairmen of most of the principal lines
on all occasions been most anxious to co-operate with the go-
vernment in checking, as for as possible, auy undue demand
of capital for the construction of new does, and in the course
he was now about to take be hoped be should receive their
cordial and unanimous support. (Chime.) A bill had
recently passed to facilitate the dissolution of railway corn.
ponies whose acts had not been obtained ; and
he had been applied to to propose a similar mea-
sure as to companies whose works had not commenced.
But to this he did not see his way clear. There was a great
difference between companies not formed and those whose
bills had pasted, and who had, in consequence, entered into
engagements with landowners and others, and be was not
prepared to say that it would be advisable to bring in a mea-
sure to release from the obligations into which they had en-
tered, companies so situated, without the consent of all
parties. (Hear, hear.) This, however, might be a subject
for the coneideratioa of the committee.
Mr. DIVETT—What will be the extension of time ?
The CHANCELLOR of the EXCHEQUER thought
that Irma point that bad better he considered by the com-
mittee. The doubt in his mind was, whether it ought to
be two or throe years beyond the time limited by the com-
panies' acts as that within which the land should be pur-
chased and the works constructed. In like manner as to the
proportion of shareholders whose consent should be ob-
tained, whether two-thirds or three-fourths, that also he
wished to leave to the committee. These were his general
views ; and the bill he now asked leave to bring in had for
its objects the extension of time for the purchase of land and
the completion of the works of those railways which had
obtained the sanction of the legislature, and also for the
prohibition for a limited time upon the directors of those
railways whose works were not commenced from commen-
cing the same until the consent of a given proportion of the
shareholders had been previously obtained.
The question having been put,
Cal. SIBTHORP did not rise to oppose the motion, but
to pretest against railways generally as a gross violation of
the rights of private property. He should like to know
what compensation could be given to a man for depriving
him of his land by main force ?
Mr. E. ELLICE said he had already on former occasions
unsuccessfully endeavoured to press his views of this subject
upon the government, namely, that most serious evils arose
out of the power conferred on those enormous corporations
of borrowing money to the extent of one-third of their capital
subscribed, and that some limitation ought to be put to that
powi r. He told the government of the right hon. baronet
that they could not arrest the 'peculation and competition
then going on in railways without some such measure, but
his advice was unheeded, as it was subsequently by the
government of his own friends. The consequence was that
the trader who had not such convertible security to offer as
railway companies, was obliged to sell at whatever he could
get to meet his liabilities, while those companies paid their
debts with bonds bearing only 5 per cent. He thought,
therefore, that that power had been, and continued to
be, one of the greatest evils affecting the country.
Another point of objection which the government had
I hitherto overlooked, but which it wee not yet too late to coon
eider, was the amount of dividend. He did not mean to
say that 10 per cent. profit was unressonably high, or more
than the public would willingly consent to pay ; bat In-
stances had been brought before that house where the profits
amounted, not to 10, but 100 per cent. He did not complain
of the parties who acquired those profits, bind the tomes-
I meet. who, by their sanction of those schemes, encouraged
men to invest and speculate is others. He made them tow
remarks in justification of his own views as expressed am
former occasion, and not in opposition to the motion of his
right lon. Mond, as ha admitted that the measure he was
introducing wee almost he only one it was competent for
him to prows. Ho evidently could not adopt the compd.
mey greesesom ft scold be unjust to say to men to whom
they led akewly panted .stain powers, that, for the public
1111•11WSINII. they should be totally withdrawn, and their
mularteklap Mopped. But he did think it was the ditty at
the government to limit those powers so as not to interfere
with the ordinary commercial transactions of the public.
Mr. HUDSON could understand the monition of the
honourable and gallant colonel to railways, ea he had bees
consistent from the beginning, but the honourable mend=
for Coventry, although opposed to the railway interest gene-
rally, contrived by his influence to get that house to 1110Ctila
an aboard scheme between Coventry and Soudan.
(Laughter.) He (Mr. Hudson) denied that the power
granted to railways of borrowing mousy had contributed to
the oomnaercial distress, or acted injuriously on the country.
He would not stop to consider whether that power was too
extensive. If the house should be of opinion that it was, he
i admitted that it was a fair subject for inquiry. But this he
could say, that none of the large companies with which
Ihe was connected, had exercised that power to its
limita—very fax from it. The right honoura-
ble gentleman the member for ' Coventry seemed
to think that the only party to consider was the borrower •
but what was the poor man of small capital to do with hie
few hundred pounds, if the borrower werels be restricted?
The right hon. gentleman would have him benefit trade by
lending it to the manufacturer of Manchester or other trader,
the v parties who wen most affected by the panic. (How,
hear.)ry U. thought railways a far safer and equally legitimate
investment. And, if the government removed it, the Ear
lish capitalist, whether large or small, would soon find the
means of investing it elsewhere. A large amount of English
capital had already been haunted in continental railways;
and no lees a sum in the present year than, he bad heard,
2,500,0001. (Hear, hear.) Capital must flow somewhere;
and he thought it a great blessing that it flowed where it
did. (Mnoh laughter.) He admitted that great Imes-
Tenience had resulted from so many lines being
passed by that house at the same time , and is
the very first speech he addressed to that house, he
told theta that a certain amount of distress must follow the
contemporaneous construction of railways and the free impor-
tation of corn, as the latter necessarily withdraw the gold
which should go to pay for the railways. It should not be
forgotten that every article that entered into the construe-
tion of railways was of British manufacture or predates ,• sad
that they must therefore add greatly to the comfort and OW.
ployment of the labourer and artisan. When the right hem
gentleman called upon the government to limit their pewees,
to be imminent, he should also demand that a check shouM
be pat upon the Liverpool merchant, to prevent his import.
ing more than a certain quantity of cotton, and that the
foreign merchant should be probihited from drawing
acceptances upon this country beyond a certain amount
All the operations of railways contributed by .nendint
the money in the country to benefit the labourer an relieve
the poor-rate. The public were much wiser and more die.
eriininating than the hon. member for Coventry knighted,
-4 would only lend where they had a chance of a return.
could not help thinking, therefore, that all this opposition
hostility to railway undertakings was founded upoa a
taken notion. It was a very remarkable fact that while
Chancellor of the Exchequer securities were at a die-
t,ruilway @amities wen at t premium. (Laughter.)

10....--,
quo that he now pro- MA:Mating
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—.wed, in net pa atop by wine compulsory and boetilit:
4.",* "Capital in wHways, upon mistaken nc
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war it gm rarr st Ow .372 depr,ue" the__Ch!n.cel
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lal fr.".
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