The Sun.
London, England, 1863-05-19 00:00:00

RAILWAY BILLS.

Yesterday, in Earl Donoughmore's Committee, the case
of the West Hartlepool Company underwent further scru-
tiny. Mi . Rowley and others were examined at considerable
length relative to the objects of the company's bill, which
seeks to extinguish existing powers of raising money, to
cot vert the sum of £2,669,162, being the aggregate amount
of their debenture stock and debt not made primary charges
on their undertaking by the Act of 1852, into a like sum of
first preferential sfrck ; and the existing sums of X143,600(51
per cent.), £34,662 (4 per amt.), and £56,485 (4i per cent.)
preference stocks in the company's capital into like sums of
second preferential stock having the like fixed dividends re-
spectively. The bill also seeks powers to borrow £726,000
on mortgage, to pay off . urns amounting to £726,054,which
were by the Act of 1852 made primary charges on the un-
dertaking, and to borrow on mortgage the further sum of
£1,400,000, to pay off certain arrears of interest, and
£292,220 of debts and liabilities, to pay for uncompleted
works, and to creato a debenture stock at 5 per cont,, to be
substituted for mortgage debt. The total amount of com-
pany's debenture debt and stock and capital is declared to
be £4,252,967.

Mr. BURKE, Q C., addressed the committee on behalf of
the debenture and bondholders. The committee had all
the facts before them, disclosing considerable financial
delinquency. The company claimed cot donation, on the
ground that these acts were committed by their predeces-
sors in office; but the company, qua company, he contend-
ed, were liable. The debenture holders relied upon their
I,gal rights, and he submitted that the Court of Chancery,
and not Parliament, was the proper tribunal, although the
bill had been passed in committee of the Commons, to ad-
judicate on questions of bankrupt corporations If the
ommittee were to pass the bill it would not only be an in-
justice to the debenture holders, but an assumption of judi-
cial functions no Parliament had ever undertaken, and it
would invalidate the security of the investments of railway
bondholders, who had invested their money on the smithy
of Acts of Parliament.

Tne room having been cleared, the committee, after a
blief deliberation, decided:—

" That in the opinion of the committee the preamble of
the bill is not proved . that the committee think it their
duty to lay before the House a statement of the facts dis-
closed in the evidence, and that they will further draw the
attention of the House to the necessity of providing some
sufficient safeguard for persona lending their money to rail-
way companies either on mortgage or bond."
In the Duke of Richmond's committee, on the proposed
extension of the Midland Railway into London, Messrs.
Cubitt and Brydone, engineers, and Sir. Denison, chairman
of the Great Northern Railway, were examined in opposi-
tion to the undertaking.
In the Commons, the committee of which Mr. Adair is
chairman passed the Metley branch of the Bradford, Wake-
field, and Leeds Railway, but threw out the Low Moor
Extension. The case for the promoters of the proposed
Lew Brighton line was closed, and Mr. Atkinson having
addressed the committee for landowners, Mr. Slight, the
secretary of the Brighton Railway, was examined at length
by Mr. Merewether, Q C., with a view to show that the
proposed line was unnecessary.

The Noniteur de l'Algerie of the 11th says :
" The steam-frigate Cacique has left Algiers with 947 native
riflemen, of whom 21 are officers; the Mogador has taken
on board 996 soldiers of the same arm, forming the contin-
gent which is to keep garrisoz! in Paris."
The illumination of coal mines surely might be accom-
plished by the magnet. The development of its power is
oaily increasing, one instance is Herring's Magnetic
Brushes, &c. Dr. Hassall remarks, " I regard them as the
most perfect brushes hitherto made, as respects thei- mecha-
nical construction, and their magnetical action." They are
the remedy for grey hair, neuralgia, rheumatitru, &e.
N.B. Counterfeits are being wade,-01Hoes, 32, Basinghall-
Ntrogt; 16%41;4

MERCANTILE BANK OF INDIA, LONDON: