The Express.
London, England, 1850-03-06 00:00:00

TIMBER USED IN SHIPBUILDING.

Mr. MITCHELL moved, "That this home do re-
solve into a committee to take into consideration the duties

on wood, with the view of remitting the duty on all wood
used in shipbuilding." In timing to bring forward this mo-
tion he must express his extreme retest at the state of the
benches opposite. (Hear, hear.) [There were not above ten
bran. gentlemen present on the Opposition side of the house.]
When the question of the repeal of the navigation laws was
under discussion, they heel heard eloquent harangues from
the leaders of that party, stating that the effect of that
measure would be to throw the whole of oar shipbuilding
trade into the hands of f Termer. He deeply regretted,
therefore, that those hon. gentlemen were not present upon
this occasion, because he could assure them that this was a
question which affected the shipbuilders and shipwrights of
England alone, and not the weed merchants of England.
He was himself a wood merchant, and he would at once
state a fact to the house to demonstrate that position. In
the wther of 1842, previous to the first proposal of the right
hoe. gentleman the member for Tamworth, tor the reduction
et the timber duties, he received 105 s. a load for his timber.
At this moment he was selling exactly the same timber at
665. a load ; the deity previous to the right hon. baronet's
orow sal was 655., and now it was 15s , so that the consumer
in this country had reaped the entire benefit of every shilling
of du'y that had been remitted on foreign timber. ( Hear.)
The house was, doubtless, aware that by the bill of last
year the duty on all foreign ships—the manufactured article
—admitted to home registration, was entirely taken off ; but
upon foreign timber—the raw material—used in the manu-
facture of ships, there were three descriptions of duty ; first,
upon hewn timber. 15.. per load; second, upon all sawn
timber, such as planks, dens, he , 20s. per load; thirdly, upon
masts and spars, on the smaller sort, 249., and on the larger
description, 4is. a load. Every new ship built in this country
was "placed" by Lloyd's surveyor, who marked it as A 1
for a certain number of years veining from 13 A to 4 A—the
highest class having a right to remain 13 years on the first
letter, and the lowest class four yean—the difference arising
entirely from the materials of what the ship were composed
In stating, as he was about to do, what per centage the duty
on foreign timber formed on the gross cost of building a
ship, he assumed the entire cost to be 21. a ton more than
the number of years for which It was entitled to stand A
1 ; allowing 141. a ton for a 12 A ship, 101. • ton for an
8 A ship, and so on. He had also taken the duty upon
the different descriptions of lumb.r, and as be had betore
stated it, and in every case he had assumed that as much
foreign timber had been employed in each class as would
be permitted in accordance with Lloyd's rules. Based upon
these assumptions, he found that the per centage of duty
levied on theforeign timber used. upon the gross east of the
vessel, was—on a 12 A ship, 9-IGths ; on • 11 A ship, 5-Bths;
on • 10 A ship II ; on • 9 A ship, 44 ; on an 8 A ship, 61;
on a 7 A sbir, 12; on a 6 A, 131; on a 5 A, 151 ; on a 4 A,
17. Ile was ready to admit that this country was mainly
adapted to the building of the English class of ships, being
able to obtain English oak, and deal, African oak, and other
hard woods, from Jamaica; but he divided English A 1 ships
into three different classes, having three different purposes.
The first class, from 12 Ato 9A, were ships tit to carry on
trade with the East Indies and China—such as were built by
Green, Wigram, Smith of Newcastle, and others. They
were adapted for cargoes which laid a high freight, and,
being built altogether regardless of expense, to them the per
centage on the foreign timber was a perfect bagatelle. The
second class comprised 8 A, 7 A, and 6 A vessels, which were
employed to brig g corn from the Mediterranean, hemp, flax,
and corn from the Baltic, and, above all, cotton from the
United States. It was notorious that two.thieds of the
cotton now imported from the United States came over in
American bottoms, and these ships, therefore, or which was
levied a duty from Cl to 131 p!r cent., were thrown into
direct competition with the Baltic and United States' ships.
Ile now came to the 6 A and 4 A ships, and here a most
enormous premium was given to the foreigner. Those
ships were employed principally in the timber trade, and he
admitted that they competed with Canada, but he could not
conceive upon what principle the mother country was to be
taxed to the extent of 15 and 17 per cent. in order to enable
our colonic a successful) yto compete with us. (Hear.) With
regard to the highest class of ships, he did not think that it
was the interest of this country to encourage their too profuse
building. He did not think that the repeal of the naviga-
tion laws had been productive of injury to the shipping in-
tens's, but it was the fact that they were exposed to that
severe competition, and while labouring under the most
pressing diffleulies; for parliament ;had not thought fit to
reduce or abolish the duties on the most indispensable rir-
tielea in the building and fhting vessels. What he now
asked was, whether for so small a sum as 35,0001.
they should continue to do great injury to one of
the most valuable classes in the country. He hoped that the
right hon. the President of the Board of Trade would not in
replying quote the ease of ships bought in the northern
ports of the country by foreigners, although he (Mr. Mit-
chel) was rejoiced to think that the measure, in the passing
of which he hail co-operated during the last a ersion, hail not
produced the injurious effects prophesied by hon. gentlemen
on the opposite side of the house. l'he prices of the raw mate-
rials had been reduced most materially; timber had fallen
from 30 to 40 per cent. ; flax from 30 to 40 per cent. ; cables 20
per cent., and iron and copper in similar proportion. Taken
altogeth. r there never was a period when they were eo cheap
as they had been recently. That was the reason why some
few foreigners and many home owners had gone into the
market and purchased ships; but it did not follow that that
state of threw' would continue. lie hoped the house would
agree to the motion which he begged to submit.
Mr. HEADLAU seconded the motion. It was quite
true, as his honourable friend had stated, that the ship-
ping interest was not in that depressed condition which
had been predicted as the result of the repeal of the
navigation laws, but it was also true that it was subjected to
the most severe competition. He did think that the ship-
owners hid a right at the present moment to press their
very alb ong claims upon the house.
Mr. LA lIOUCHEIth; did not rise to complain that the
gentlemen connected with the ports of the country should
thus early in the merlon have been desirous of ceiling the
attentbin of the house and the government to the important
subject which the hon. member for Dridport had brought

forward, nor did he complain of the manner in which that
hon. gentleman had fulfilled the task. The subject had been
introduced to the notice of the house with very considerable
ability and gnat clearness, the result of a thorough know-
ledge of it in all its bearings. He (Mr. Labouchere) was not
disposed to enter into any thatrouray with regard to the
general principles of the motion. The circumstance of the
government intending to !propose the budget at so early •
period of the present session, did render it most unadvieable
for a minister of the crown to express any opinion as to the
reduction in abolition of any duty until tnat statement
should have been =ads, or that permission should be given
to bring in shill and the sees. of the house be taken on such
a motion. He hoped his hon. friend would consider this •
sufficient reason for requiting the house not to
agree to the motion. There was no reason, if
it was consistent with other Interests, why It would
not be desirable that the duty on the materials of
shipbuilding should be removed. He had no begin.
Lion in saying that he should be very glad to see them
removed. Ail he meant to say was, that he did not believe,
taking into consideration the duty, that with regard
to any class of vessels our shipwrights were un-
able successfully to compete with the foreign shipwright,
althouph it was quite true that, with regard to the timber,
our shipwrights were at a disadvantage compared with the
timber producing countries. He had stated last year that a
ship built in • Prussian port paid far more on account of the
duty imposed on iron than the Runtish shipwright paid on
account ofthetimberdaty. He would say nothing about the
higher class of ships, because there had been no discussion
upon that subject, but he must say his opinion was that we
had a very great advantage over other countries, from the
choice of timber being so much greeter. He would not
detain the house any longer, but he hoped they would con
slier how soon his right hon. friend the Councilor of the
Exchequer would make the annual finaneiel statement, and
that they would see the propriety and prudence of not e'-
pressing any opinion at present on this subject, fur if the
practice were once commen..ed of selecting particular duties,
and of coming to a decision,upos them previous to the budget
having been laid before the house, it must result in the very
greatest inconvenient.: to the government and the country.
lie hoped that fur the reasons which he had stated, the
house would not support the motion of the hon. member for
Bridport, and he hoped that that hon. gentleman would rec.
satisfied with having made his motion, and that he would not
press it toe division. _ _

Mr. CARDWELL congratulated the hon. gentleman op-
posite upon having eo cleverly maintained that equipoise
which, when he rem, he intimated that he saould endeavour
to do, for the right hon. gentleman had certainly not lifted
the veil which hung over the intentions of the Chancellor
of the Exchequer. The veil of futurity was thrown
more impenetrably ever any government measure than over
the budget. The otservatioos of tne right hon. gentleman
bad certainly net lilted the veil ; but he (Mr. Cardwell)
understood from the right hon. gentleman's speech that
be was not unfavourable to the motion of his honour-
' able friend (Mr. Mitchell). He rejoiced to learn that
the English shipbuilders were able in their pre-
' sent position to compete successfully with the foreigner.
Mr. HUME did not agree with the right hon. gentleman
in the view which he took of the imprupru ty of the house
expressing any opinion on the subject at this mo-
ment. On the contrary, he thought the house was
hound to do so. The ehjict of the budget
was to bring before the house and the country, a general
view of the taxation of the country, for the purpose of
removing any injustice or injury that might be inflicted by
it.

Mr. HENLEY said that hon. gentlemen opposite talked
very much about particular inter,sts, and the necessity of
rem vying the burthen of taxation from them ; he wanted to
know where that Wa. to stop. What was to become of
the national creditor if burthens on all particular interests
were to be removed ? 11 the present proposition were allowed,
there was no knowing to what extent it would go.
After a few words from Mr. J. SANDALS and Mr. CLAY,
Mr. WYLD said that the mining intents wu exposed to
as great an irjastice. They were exposed to a competition
with the whole world, and were compelled to pay on timber
• heavy duty. Some years ago they were allowed to receive
timber without duty, and they now paid a duty of 31. a load
on the timber.

Mr. MITCHELL thought that that case didnot apply. lie
should have been unwilling to press the house to a division
after what had fallen from the Vice President of the Mardi
of Trade; at the same time there was a strong feeling that
great injustice hart been done. A large body of representa-
tives had incurred obloquy last year by voting for the repeal
of the navigation laws, and they were only doing right now in
showing that they were desirous to remove every species of
injustice.
The house divided.

For going iWo committee
Against it

On the motion of Mr. MITCHELL, it was ordered that
the house would resolve itself into toe said committee this
day three weeks.

AUDIT OF RAILWAY ACCOUNTS.

Mr. STANFORD moved for leave to bring in • bill for
the more effectual audit of railway accounts. lie had
been given to understand that a bill had been
brought into the other houso last night, and he was happy
to find that this was a bill to which probably he should he
able to give his support. lie was glad that government had
abandoned the idea of interfering themselves and appoint-
ing themselves auditors for carrying out the audit of railway
accounts. It was high time that some steps were taken for
carrying out en efficient audit. It was a matter of surprise
and wonder with every commercial man, and every person
wbuhad paid any attention to business, that some measures
had not already been passed to protect the bolui fide investors
in railway companies. There was hardly a family, and pro-
' bably but • few members in the house, that had not suffered
by investments, by extravagance, by shares, and by mort
gage securities. He believed that any system of rail say
audit would be ineffectual, unless it published half-yearly
the accounts of all railway companies. It was his intention
to have asked the permission of the house to have
brought in • bill which had been the result of
six or seven years' experience, not as a director, but as
u • shareholder, and which showed that in mt of the larete
influential railways there had been a want of sufficient con-
trol. lie had applied himself to the subject with care and
attention for a lonic period, and had framed a bill which he
now skid to lay upon the table of the house. He thought
that any bill to be effectual should be courteous towards the
directors, although undoubtedly in many companies there
had been a system of great fraud. It should be remembered,
however, that the directors were a body intrusted with vast
inures.. Tile bid should he strictly confined to the question
of audit, and not be mixed up wish any other point.
Here an Hot.. MEYBER moved that the house be counted,
and 31 members only being present, the house adjourned at
a few minutes after 10 o'clock.

ERILATA.—In our parliamentary report of yesterday, in
Mr. Sanders 's duration respecting the Northern Armistice,
" RUS4i4 " ie printed tsr " Prussia ; " and in Lord Palmer-
ston's reply, " six months " instead of " six weeks."

ghe entirtoo.

OUTGOING MAILS.

The mails for Lisbon, Spain, and Gibraltar will be made
ap to morrow morning.
The mails via Marseilles, to the Mediterranean, Egypt,
Ct yloa, India, Hong-liong, dtc.,will be made ap to-morrow
evening.
The mail. for British North America and the United
States will be made up ott the evening of March 8.
The West India Mails, excludieg Bermuda, flavannah,
Nassau, Iln..duras, New Orleans, and Mexico, and including
th,ae for Madeira, St. Juan•de-Nicareaua, New Granada,
Chili, and Pcru,will be made up on the 17th inst.
Tho mails for Gibraltar, Malta, Greece, the lonian Islands,
Egypt, Ceylon, India, and Chine, via Southampton, will
be made up on the morning of March 2d.
The mails fur Maderis, the Brasile, and Buenos Ayres, will
Ile made up on the evening el April 4.

REM WATER AT LONIIM HMI DOR.
Ten DA, .0.4000• A. 1.601 .........Artt•mom. 71 4

Twna..w-7b'~fY. NG. 14.....

LONDON, WEDYESDAT, .31.1RC11 6.

SOME progress has at length been made in the
Franchise Restoration Bill for Ireland. The tory
tactics of indefinite delay having failed, the details cf
the existing system have been, one by one, exposed,
and the urgency of the claim fur instant and ade-
quate redress has been made palpable and plain.
Every hour which has been spent in the discussion of
the bill in committee has rendered the injustice and
impolicy of ;the present state of things more Ha-
-1 grant, and has necessarily tended to strengthen
the hands of those, who are sincerely desirous
of seeing the proposed measure of relief curled during
the present session. At each step of this legislative
progress, the courage of the Obstructive' seems to
have sunk more and more. Convicted of faction, and
conscious of the utter hollowness of their case, they
appear to have lost all hope of making even a show
of argumentative resistance ; and weakened in
numbers by the significant desertion of the ablest
sophists, as well as by the more fastidious members of
their party, they have failed in every instance, save
one, to do any effectual mischief, or to interpose any
effectual obstacle in the way of constitutional justice
and national equity.
To that exceptional instance we cannot refrain from
making some allusion. The bill as introduced by
ministers, consists of two parts. The one relatii.g to
the emnty franchise has met with very general ap-
proval. It asserts the invaluable principle, that the
franchise ought to rest upon liability to taxation,
rather than upon any accident of tc.ure or
scale of rent. It professes to aim at the
creation in the !esti counties of constituencies
similar in point of extent to those hitherto existing in
the counties of Great Britain. We, who contend that
even in the latter the number of electors is far too
limited, cannot affect to be altogether satisfied with a
proposition which confessedly goes only the length of
assimilating the proportions In counties lying on dif.
ferent aides of the Channel. Bat we are not therefore

precluded from expressing outeaTili
that
much is likely to be gained. Thus reinforced,
the
united popular party in the two countries will be all
the better able to struggle for the acquisition of
the remainder. The 8/. rating franchise for
counties in Ireland is a definite, clear, and precr;„l
good. Comparatively,
i it is not a gain to be contented
with ; bat positively, t is an unqualified and valuable
addition to the strength and power of the peeve
Every liberal, whether whig or radical, whole;
English or Irish, who was present on Friday laat in
the House of Commons voted for the hi. county iraa,
chime clause.
But nearly every liberal, whether whig or radical
whether English, Scotch, or Irish, who was present
voted against the 81, franchise cluselee twns. The
division of last Monday night upon this portion of the
bill was not a little caucus. Eighty tortes and thirty.
three officials voted for the retention it the fit quii.
fleation in the cities and boroughs of Ireland; there
were consequently but twenty-nire indepsndein
liberals to be found willing to sustain the prop:,sieec.
Against it were arrayed, in about equal sections,
whigs and radicals, including many ot the warmest
friends of the government, and hest mu of
the party. If any one asks for an explanation of
this singular array of conflicting opinions, we per&
do better than refer him to the di bate which tenni:
nated in the vote we have adverted to, if debate
can be called. Not an
attempt was mule to defend
as by argument the clause it stood. Every Irish te
well as every English member who spoke upre the
subject, with the exception of Lord irm‘
ltesseu and Sir Wituam SOMEMILLE, declani
his belief that the effect of an 8/. rating feinchise
is towns would be—in some vexes to C4rtait the
existing euffrege very materially, and for he rest -1
leave matters unamended, and as they row are. Far
from denying this allegation, the Chief Secretary for
Ireland seemed content with saying that the case I
the boroughs was not quite so bad as that of the
counties, and that therefore no remedy ought
to be applied. It would be as hiii hto the
purpose to say that because 1,.p coy, is not
so formidable an evil as starvation the leperi
shell never be cleansed, because the hungry ere
going to be fed. The reasoning of the l'rem.er
was very different, but we are compelled to say tot
less discouraging. Nlinisters had made up their minds
on the question. They relied upon the advice of vet.
tain persons whom they did not choose to name. 11
the House of Commons thought fit to alter or vary
the measure in any important particular, they wou,d
abandon the bill. Nlt' pr,
We regret exceedingly this decision. Hut we can-
not allow oureelves on this account to relax in any
degree our earnest recommendation that, notwith-
standing its incompleteness in certain respects, every
triend at progress should remain at his poet until the
measure shalt b come the law of the land. It :s
great step in advance. Ic is an earn, e of better
wings to come. Sixty-four out of the la 3 .embers
for Ireland are elected by the count e-.
an 81. rating franchise there ought
no doubt or difficulty any Linger in the c-es
the people's power in these. Vie shall, make
.he boroughs next time. But by s

tactr,s .e•

to 1 that we are no longer standing stilt or r.l :r-4..
ing. " Onwards—ouwards:" is the ev..ilastir.;
of the popular cause.
With respect to the boroughs, another 'ltem
still remains. Why not group together tv-A or
small towns, so that a hotsr constitt: rir
be formed, without re-opening I r
sent the question of the anima of r:
which shall qualify each individual to
This expedient is not subject to the ix
tion of novelty. It has been for 18 years tee
stitutional law and practice of Stvotlind. A- !!-.e
of the Reform Bill many of the Scottish 'y
were found to be too small to insure the es rc

adequately numerous electoral bodies. _
suggested of forming districts, or, mu:,
reedy speaking, clusters of burghs, bv
it was believed that peculiar loea; or

The idea;

sonal influences would be neutralised, end a
compromise of petty prejudices effecte J. The
Ware wisely consented to the proposii, std
ing the vapid and tirannic rule of
mere uniformity's s.ke, gave to Scotlciiii that
she desired, although nothing of the k'nel had
enacted or was asked for England. We trust
not be too late to apple the same p'.
to Ireland. Its well-working in Seoland is :
tioned. It is obviously no party expedient. 1:
afford great and just satisfaction to the Irian
and rescue many of the small urban commuLi::
the degradation and detriment of corruption.
might with advantage be coupled al.
' burn. Ballioasloe might, with equ.ll
be added to Athlone. And Fermoy, is
might be usefully allowed to share
choosing a fit burgess to sit in parliam,nt 's.
neighbour Youghal. We do not pretend to &ay
in every instance it would be found r4b.e be
geographic good luck to constitute gnaps pr,cist
of a given size either as regards rateab.e pr, ikrty
population. But that is not necessary. lu some it
stances no addition of the s.rt is regais.te. Thin
may possibly be some where, however desirable, the
difficulties of distance could not be overtone. But
in ten or a dozen eases, at the leas•, no real obstacle
exists ; and we shall therefore cherish the hope that
so easy and excellent a specific for great and glaring
evils may not be left untried.

tre

IP the Railway Audit Bill intro:l:iced into is e
House of Lords be merely meant to cm ter to "e
public the views of the Railway C.,muitioi.t.:s
(whose measure it is) on the question, there can be '3
objection to this mode of giving authoritative pa:
city to their views. But it it be intended a. a
which the government have serious intinti,rs '
asking the House of Cam noun (the Rouse cf 1 : i
will of course do anything Lord GRANVILLI: r,: ..• i
with it) to adopt, the sooner railway staaeto,der;...:
at its propositiocs the better.
It is introduced, says Lord GRAN Vi 1.1..:. bNI.:-.
"as it did not appear likely that any large r.4mb.r :
railway proprietors would combine to brie: :a a
of that kind during the present sess•on. ti ii d 7. i
appear right to the government to dt! tY al :r:
informing the public the course which h. r '.1...:,*•.• •
ministers proposed to adopt." If the 11, J.L \ ..,
President of the Board of Trade rtaliv did ii...i.e.. .
statement, wo can only say that he 'is ~.-,,.....••.:, .'
ignorance and in error.
S ) far from its being unlikely that rti;'.v:y ~:7.
holders will not this session present t.) i .: ...,::: ::: ..;
audit bill for its consideration, it i. tio:.-r,•.:-;--1
such a bill is actually in preparation by r. ,
prietors wholly unconnected with rail :.1
and that at every railway meeting h: :.1 ...-t. ..
co-operativa committees were ap,eii::::-,1 to .u>...
•
its preparation: two facts which 1..0:d ti.:is.
in order to have a locus stoodi in the I l •.;s: .1 1. r.
ignored. •
• ..
lite shareholders so engaged are no! 4•'•••
large number of persons ; for this since . :,.i, ii•:...
neither in the Board of 'trade, nor ou: o! .:.,.1
of parliament be drawn up by crowds. .: ...: •-•c' 1:
ties thus occupied represent and !,:- .
deuce of all the railway companto in r: ;.: , .
solutions passed at public meeting-A CA ~,:. . :.A:.I
!..:, •
repr..s. motion, or convey such eng1,1::.„..
somewhat too supercilious 10r 1..,rd l 4\ N% ::...
affect ignorance of these
a march on railway shareholders tor the Ita Ist-ay t
missioners' Bill.
1 en t:
Though very . different in Corm an" 04:i
a,
opposed in principle, to Lord MoNt e.l.i. •• . •
meted:rig-. :I: ..rd.r to ••
measure of last sessioe, the preeent bid star.
the same vicious point—viz., that co ea. ,Ay ,”
tion contains within itself the et.cract...,' A '•'.
auditsy stein. Now this, we appre!l•"-I.i' 3' ,'
Lain wholly untenable and utt.upport.tl,:' bY i
position of these companies. If t-elt-•:.:ers,.
ligenrc, if necessity afford any or the In :.:t
of a goad audit system,there (snot a ra..,1!,
that does not possess them in abundi: .....
needful t , put these elements iu moon :. :
(Jive railway companies the frames .11:
audit sstem, by diminishing the po, s e
and incy
retsing the power of shari•w
h,i.d.
working may be safely left to the iIY., I. :.
tiun of the shareholders of each company.
There is now scarcely a radw.ty t. ne
kingdom the affairs of which, front :t•
niencement down to the close of IS ii:.. hit
ono ehape or other, undergone the
si .•:..,.
and the severest investigation by a se,tc:::::: .
holders made by the general body. A:ol i ,, 2.
and investigation which have been tlin, lx%:•11,
continued, if the independent action of :art:"'"
not interfered with. Now, it is in 11 le
terest taken by shareholders, in this euititat.a

Ver

legitimate oppositioa,ss it were, in railway companies,
ire this determination of individual proprietors to see
into and to understand the peskiest and affairs of
these corporations, that there is safety and security
for the Mora
But this inducement for independent examination,
10,1 tovesti4,mtiou, and knowledge, Lord GloWYtuAt's
bill veal withdraw from shareholders; and, though
it may erect • machiceiy. that will comedy audit
birirlian accounts, it will, by substituting • new
authority for that of each company, deprive the most
eotrpetent shareholders of that stimulus for investi-
rain and discussion, already found so beneficial.
What is wanted is not • general audit board, how-
ever comp wed, but in each company a body of pro-
prietors who, acting independently of and even ad-
versely in some "enure to the directors, shall be
thoroughly acquainted with its affairs, who shall be
entisuoaly ou the watch to protect the interests of
their fellow-shareholders, and who shall be their own
auditors. And this is what adversity is gradually
giving to every company:
The educitton of well-informed proprietors in each
company is therefore to be encouraged by every pos-
sible mans. But tho rearing and development of
such a body is exactly what we fear Lord Ga.tx-
mites bill will have a tendency to arrest. And for
this nano we regard it with dislike, and shall watch
it with suspicion.
84 far from its being correct that there are
sot in each railway the elements of safficient
audit, it may be affirmed, with a much nearer
approach to truth, that there are in every
company much better elements of audit than
can be obtained out of it. True it is, that frauds
in maws; acecounts of inordinate magnitude bare
been discovered. But these frauds were confined to
companies over which Mr. IluttitoN presided; and
none of them were under the provisions of even the
vi ry imperfect audit law which is now generally sp.
pbeable to railway corporations. An lon the very
tint advent of reduced dividends these frauds were
at once discovered. By whom? By the vety class of
shareholders whose independent exertions Lord
Gitasatu.x's bill would discourage.
The memory of these franeb, and the pasture of
low dividends (caused not by the frauds, but by
bringing an immense mass of addi ional and unpro-
ductive capital into participation of profits) will, under
an improved law of independent audit, secure a eon.
fictional of such interference; and its effects will be
not merely to protect railway property. but to pre-
pare a valuable class of persons for public life, to the
general advantage of the country.
Instead of a bill for establishii g a better system of
audit, Lord GRANVILLE'S measure is one for curtailing
the powers of shareholders, and transferring those
rowers,. not to • board appointed by government, bat
to • board over which government is to have con-
trol. Aid in this control it is that the government
wedge sill be introduced into railway companies,
wLch. when driven home, will }lace them
at the mercy of the most contemptible
insiittrion of the country the Railway
It *ref of Commissioners io Whitehall. The
principle of the bill is that railway proprietors cannot
manage their own affairs. That principle, once em-
bodied in legislation, the rest will quickly follow ;
forint in proportion as the power of shareholders is
token away. so will they be indifferent as to the ex-
ercise of what rem ins, until they really become ob-
nox:ous to the reproach the Railway Commissioners
sow peak to fix on them, and the safoty of the general
comma-J[7 r•lt at last be interested in tranitening
ail power to the Railway Commissiorers and the
executive g ,Tirt nt.

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