The Sun.
London, England, 1825-03-08 00:00:00

LIVERPOOL, AND MANCHESTER RAIL-WAY.

Mr. HusxxssoN asserted in his Speech on the
second reading of the Liverpool and Manchester Railway Bill,
that the promoters of it are not influenced by interested mo-
tives ; and in proof of that assertion he stated that no individual
is allowed to hold more than six shares. Now the fact is, that
although the Committee who had the distribution of these shares
professed not to permit any person to take more than that num-
ber, it was so arranged that four or five times as many (it is
believed even more than that) were actually at the -dis-
posal of the Gentlemen who brought them to market.
Now, what has been the consequence ? A great proportion of
the shares have passed into the hands of speculators; uncon-
nected with the trade of either of the two towns, who have pur-
chased at a premium of from thirty to fifty per cent., and thus
enabled the original projectors to realize an enormous profit,
and to profess, at the expence of the new Shareholders, so great
liberality and disinterestedness, as to be content with a dividend
of ten per cent., or even five per cent., if the Legislature should
be disposed to prescribe that limit. But how then can Mr.
Husmssosr answer for the views and feelings of the present
promoters of the measure,—for the great majority of them ?
lie may well enough speak for his constituents, the original
projectors, who have already made a good thing of it, but as for
the rest, we rather think that he will find himself utterly mis-
taken, if he supposes that a profit of five per cent. will content
them, on shares, for which they have given a premium of fifty
per cent., or undertaken to pay a premium Of one hundred per
cent. in the event of the Bill receiving the sanction of Parlia-
ment. We hope, however, the Committee on the Bill will not
,forget Mr. Hus)si!Ote,a'de2,laptioit of the disinterested views
Aica:intaatioaa:of-iken4fatkr P;oraftterSOf it, and that -they./
will take the Right Honourable Member's constituents at his
word, and give the Public the full benefit of the suggestion
thrown out, with the view of making an impression in their
favour, by fixing the maximum of their dividend at five per
cent. !

When the Right Honourable Gentleman talked of monopoly
and of the high tolls and rates from which the traders wish to
be relieved, he surely did not know that the tolls and rates on
the existing canals are as low, if not lower, than those on any
other canal or rail-road in the kingdom, where equal facilities
are given to trade ; though it is a fact, of which there is no
doubt. The Hon. Gentleman had evidently also forgotten that
a considerable part of the increased export from Liverpool con-
sists of colonial produce which arrives there by sea, and is shipped
to the Continent ! But supposing the whole of it arose from home
manufactures brought to the port for exportation, it must
be admitted, that it would furnish no argument in favour of the
necessity of the Rail-road, if it can be proved (as it can he) by
the carriers, that a great proportion of their vessels, which now
go loaded from Liverpool to Manchester, are obliged to return
light, notwithstandfng the traders on the Mersey and Irwell,
and the Duke's Canal, are so anxious to earn something by
back carriage, that they take goods from Manchester to Liver-
pool for little more than two-thirds of the freight paid to them
on the up-voyage, and frequently return half laden only ! !