The Express.
London, England, 1867-07-26 00:00:00

THE RAILWAY COMPANIES BILL.

A meeting of railway directors, shareholders,
and creditors, convened by the committee who a few weeks
ago organised an opposition to the passage of the Railway
Companies Bill, 1867, through the House of Lords,
grounded on certain objectionable enactments, including
one which proposed the compulsory sale of railways, was
held yesterday afternoon at the London Tavern, under the
presidency of Mr. .1. D. Dr.LAsorrr, the chairman of
committee.

The CHAIRMAN congratulated those present upon the
fact that the clauses objected to in the bill bad been with-
drawn. The bill as amended by the House of Lords and
published on the previous day, had nothing whatever
' objectionable in it ; in fact, he thought, as it stood, it
was s bill that would be very useful to railways, and it
was very gratifying that the Lords' committee had re-
sponded to the general expression of opinion that had
been given in reference to the compulsory clauses. At
their last meeting a deputation was appointed to
wait upon the Duke of Richmond, the President of
the Board of Trade. and during the interview, at
which Mr. Cave, the Vice-President, was present, they
submitted a statement embodying the resolutions carried
at the meeting, and also the following :—" That the depu-
tatiou now submit that the passing of the compulsory sale
clauses of the Railway Companies Rill, 1867, would effect
the confiscation of millions worth of property now belon4-
ins to shareholders and creditors in railways. That this
would be done by a complete and total subversion and
alteration of the laws upon the faith of which the public
invested their capital and savings in such property. That
this alteration and change in the laws is being carried out
without giving the parties vitally interested any sufficient
time and opportunity to consider the measure so injurious
and detrimental to their intermits. That capital has been
embarked in railways by shareholders and creditors, upon
the faith of legislation well considered and defined,whereby
each class were secured the income of the property in such
priori • les as were understood sod agreed to by all parties
concerned. That any legislation to secure effectually
sad undoubtedly the rights and priorities con-
templated by existing laws the shareholders are
most anxious and desirous should take place.
That a compulsory sale of a railway must end in
the sacrifice of the property, inasmuch as its intrinsic
value is too great for ordinary and legitimate competition,
and that consequently, there being no purchasers, the line
must be sold to some party at a price much below its real
value, and in many cases not realising an amount even
sufficient to pay the creditors of the company. That this
was the result of the only compulsory railway sale that has
ever taken place, namely, that of the Bagnalstown, New
Ross, and Wexford liar, which, costing over 220,0001., or
10,000/. a mile, was sold for 2 ' 5,0001. or 1,100/. a mile—less
than the price of the rails and sleepers—and the net
amount, after expenses, being only 8,0001. not more than
four per cent. of the capital invested, or 15 per
cent. of the mortgage debts of the company. That
parties have invested their capital in railways on the faith
and securityof the present laws, and anyalterstion therein
whereby that capital is sacrificed sad destroyed is a cruel
and grievous wrong to thousaruls, and is calculated to pre-
vent all future enterprises for developing the resources of
the country from being assisted and supported by the sur-
plus earnings and wealth of the people." The
Chairman said that the result of their efforts, and
those of the public press, had eventuated in the
success of their movement, and in the withdrawal from
the bill of every objectionable clause. That being so it
would not be necessary for them to take any further action.
At the same time it showed that if railway sharehoblers
wished to combine to save their property and make it
profitable and advantageous they could get proper legisla-
tion to enable them to do so. He asserted that the govern-
ment and parliament victimised shareholders by limiting
the charges on one hand and the dividends on the other,
and said that the government ought to give them some
compensation, which they could do by sustaining the bor-
rowing powers of the railways.
Mr. HEREPATH thought the bill was now not only unob-
jectionable but beneficial. It had parsed through the
Commons in a meat mysterious manner, and they had
reason to say, in this instance, " Thank God, we have a
House of Lords !" _ .

The following resolution was then unanimously agreed
to : —"That the withdrawal of the compulsory sale
clauses from the Railway Companies Bill by the select
committee of the Hones of Ueda is most satisfactory, and
we now declare that the billNs Jest/a:dais unobjectionable."
Mr. J. AIIHRURT, a holder of 150000/. of railway stock,
and a railway director, expressed his opinion that the bill,
if unamended, would have been most disastrous,and that it
would have rendered his holding comparatively valueless.
A friend of his, • member of parliament, was amazed at
the mysterious manner in which the bill bad passed
through the house, and he (Mr. Ashbury) did not know
who was more to blame, the House of Commons, for hay-
ing passed the bill, or the shareholders for having shown
such extraordinary apathy as they appeared to have done.
A cordial vote of thanks was then passed to the chair-
man, and the proceedings terminated.

TAR MENBILip FOR MARYLEBONE AND THEIR
CONSTITUVITS.—Yaterait7 Mr. Harvey Lewis, M.P. and
Mr. Thomas Chambers, M.P.,presented themselves M.P.,
the Marylebone vestry, and ade a statement relative to
their votes in the house during the past session on mat-
ters more particularly affecting the local interests of the
parish. A vote of thanks was unanimously awarded to
them.

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