The Sun.
London, England, 1847-03-17 00:00:00

IMPERIAL PARLIAMENT.

HOUSE OF LORDS, March 16.
The LORD CHANCELLOR took his seat On the . Wool'
sack at Five o'clock.
Lord FEVERSHAM presented a petition from
_Ltr ot,
the
guardians of the poor of the York Union, praying
measures might be taken for the immediate reps
a'
the Poor Removal Act.
The Bishop of CHESTER presented a petition against
the Tithe Commutation Act.
BIRMINGHAM AND OXFORD RAILWA.Y•
ed Obi' Lord STANLEY said that he had been request
some of the shareholders of the Birmingham and uin
ford Railway to present a petition with reference_
j.
that which had . been brought under their Lerud_
ships' notice by his Noble and Learned In
(Lord Lyndhurst) and in reference to which
given notice of his intention to move a Colnw's
tee that night. He hoped that he might be able
state what the petitioner said with the same elearneswl:
with a filch it had been stated to their Lordships. bY sae
Noble and Learned Friend, but he did not think t%
the company had chosen well their representative, ?fie
cause, although he had considerable experience inlia'a
passing of railway Bills through Parliament, he bat
no knowledge of their interior workings ; b of
never attended any meeting of any description
railway proprietors or shareholders. These petitiont7io
the parties before them who were in truth interesie"..tb,
the question were—on the one hand the Great 114,°`rot
Western Railway, and on the other hand, the "'this
Western Railway Company. The petitioners in
and Or
case were the shareholders in the Birmingham
es the
ford Railway, and they held shares long bele.' sot
passing of the Act, and they were consequentlibete
open to any of the charges which had were
brought against other shareholders. There that
some facts upon which he did not think tee
there was any dispute. In the first instant'
se of
Birmingham and Oxford line, which was the subnie
so much discussion, was a line contemplated 0:got
Grand Junction and the Birmingham and LiTibst
Railways. The Great Western, at the time c'
union, was in rivalry, and ho might say in hoetilOthe
the London and Birmingham Company, eke were.
original promoters of the line. That coTP the
however, ceased to be a promoter '2' t of
line, and withdrew from the management the
it, and established an arrangement by whieuGrest
London and Birmingham formed a union as 'llene/ord
Northern and Western. The Birmingham and A
then obtained a Bill as an independent line, subject to
provision that the Great Western Railway Ccitthe
should have the right to purchase the line; and '''ters.
event of no agreement being come to by the propriewe
and directors of the two companies, they were tcbusee
the right to make use of it, without Pure see'
subject to any agreement that could be e; the
At the time for passing this Bill the directors o
the
Birmingham and Oxford were in the interest of,to,
Great Western Company, and they entered Jr
arrangements to make over the Birmingham analyses
ford, and a continuous line, the Birmingliani,,%atere
verhampton, and Dudley, to the Great 1"-hei
Company. The neat formed shareholders on.
not been permitted the privilege of voting the
sequence of the lateness of the period at whielderg,
certificates were issued, while original share
who had no longer any interest in the companies'n
ercised a right of voting. The result of the 0.4 the
ment with the Great Western Company was, that
shares of these companies rose, and the directors, of
advantage of the market, sold out 3,000 out at*
their 4,000 shares at a premium of 10 Per cor
The proprietors of the Birmingham and Olden' their
pany, many of whom, he did not conceal fronletrod
Lordships, were also connected with the wiles.
Junction Company, being dissatisfied with get,
arrangement, and having received another they
which they considered more advantageous, .tee
protested against the transfer of the line, Wstiollt
Great Western Company.- What the Grand do
or rather the North. Western Company, proPoeeuss not
was this—they did not seek to set aside, and
sought to set aside, the right of the Great Neste
if
to purchase the Birmingham and Oxford 11'100
they could do so with the consent G.' had
shareholders, neither did they seek to set aside, nor root
they sought to set aside, the right which the Do
Western also possessed of working over the line. a she
Great Western had offered 101. per cent, wit
North-Western subsequently offered 15/., but they
offer was not founded upon the basis that mr.
(the North-Western), in the event of becoming the tee
chasers, should interfere with the powers wine hesif
Great Western possessed, but founded upon the
far
that the Great Western should not have the power o sad
eluding others from working over the line. They Prtera
to make an arrangement by which the North-we
company should have the use of their line, 000 the
over it in conjunction with the Great Western. Lao,
4th of December, previous to the issue of the new
,1 the
and before those to whom they belonged had eelf
right of voting, a meeting was called, at whit' weed
21 attended, and at which a remonstrance wasee..ere the
into by many of those present, who wished to have
meeting postponed until the new shareholders bets
us
bond fide shareholders, and had a right to vote vat
the proposition was negatived by the direeegrsoi
the company, who adopted the original on r the
who had acted threughout in oppositioni4 Aloes
opinionß
iorfmitnhgeha4mo,oaonod
()or. 50,000 in the whoooBpay. e b
n vor, in
bad been
consequence of this arrangement, large 5111113%. shares 13e
made' by the directors. They put their sun- fte
the market, and sold them at immense preinillos' &
did not think that the parties had any-right whatever to
"
so ; it was against the powers of their own Act, all, "
the
`
subject would he brought in due course before the tsP
mittee of the House of Commons, and if they decided-es
upon the measure being proceeded with, their Lordskiro,
would have an opportunity of deciding upon it. Pr
ceedings had, he understood, been set on foot by
before 1
t
Par
Iv shareholders
hei this
il Bill
ln s
hao
tcourt e of
b rtoquugihtyt upon the !lee;
the matter must be investigated before a Committee
the whole House of Cowrnone, and should that Bill
.se„,
ever
come up to their Lordships' House, their Larol;rf;
would have an opportunity of searching into them their
and therefore the petitioners saw no reason fo
course
Lordships departing from the ordinary who
of Parliamentary proceedings. The dire° ienteouut
were instructed, and had sold all but a non:o°ore the
of shares at considerable profit to themselvCit fore the
parties who had brought in the Bill ; and hewhether
proper tribunal the question would be raised, neer he
they had power to dispose of the line in the 03° bought
had related. It was asserted that the shares were t
bu
be
up by tbe capital of the North-Western Consimnoeseeect;
was instructed that that assertion was absolutely lue'reper
but all these matters would be brought out at the P..ociet
time and in the proper place. The petitioners, 'opt
these circumstances, prayed their Lordships k 0 in'
one of two alternatives, either that the prelintint'esed
quiry should not be made,: or that it should be ex
odd
to all the circumstances connected with the disPete;beal.
he thought their Lordships could not refuse one of
ke pre;
It appeared to him that the question should net be
judged by coming before alCommittee of their Lora ,Itso
House. If his Noble Friend pressed for a Cotno bet
he should be unwilling to put himself in oppositiolipocat
as at present advised he was not pre-disposed to
in
rl the mtion of his Noble Friend. f the
Ea St. GERMANS concurred in the opinion 00,104,
Noble Lord (Stanley) that it would be O°,lS
premature to move the appointment of a Comm'
gen'
that time. He could not see any reason why thestet
tlemen should not be allowed to sell in the mar-perd
other individuals were. He trusted that the Noble
would not press the appointment of the Committee' tee
Lord BROUGHAM had some petitions to press for
the same subject, but he would keep them back
little longer.—(Laughter.) tpetori
e Lord HATHERTON denied that the 'lli by
of the amalgamating companies were actuated
theee
merely mercenary motives in the disposal Of: feet,
shares, and the proof of this was to be found ktu.e,
that while they realised only 10 percent. from tneel'oper
nexion with the Great Western, they were offereu. as to
cent. by the North- Western. He was very nne.lll,oo
advert to one part of his Noble and Learned ;r;ihioh
speech, of which he had no right to complain, an; slew
was stated with his characteristic perspicuity an bed Do
ness. That point was one which the petitioners!'7,4o
doubt instructed him to state, and it was with refs bore
to the sale of shares by the directors of the BirmioKinto
and Oxford Company. He was not about to entieciehipS
any lung details upon the subject, but their Lo ford
were fully aware that the Birmingham and eke
directors had been accused of endeavouring to IDs s
diversion, by attacking the directors of the other g
pees
on the score of their shares. Such a system weld en/ •
sued, that the dire ctors, found it impossible to he sod
influence by maintaining a large amount of sharesiliveer •
many of them sold their shares, in order to tr on '
their interest into the Birmingham, WolverfmniPt be
and Dudley line. No mercenary views were,, tfbose
attributed to the directors because they sow, ," the
shares, for they had fulfilled their agreement nitm sod
Great Western at 10/ per share, when the London
North Western Company offered them 151. per I ea
He would not go further into the subject then. for
rued
the discussion came on, on his Noble and Leau, niti
Friend's statement, he should have another opPoi`

of addressing their Lordships.
Lord LYNDHURST said that in addressing tbe liouserl
was quite sure that when their Lordships were advised gibso
the circurnatanees of the case, they would be of opicigg
the facts stated in this petition, so far from at all contratin
ing, to a great extent confirmed the case, and strengthen,..et are
the facts which had already been stated to the House.
.I"ee.
were many points of controversy between them, but trah
.r„
ference to the least important facts be should be silent, for gn
Committee of their Lordships should appoint a Committees le7
would investigate the facts upon the examination of witgeos
It was not a dispute as far as he was concerned, for he did nil
interfere in these matters unless the public interest wat,,rellg
concerned, which it certainly was, in these measure,. ne
no right to expect their Lordshipa to accede to his motion, g t
less it were affecting the public interest. He did consider tb.g.
interest deeply concerned in the course by which the Nort?_
Western Company had forced these circumstances before Ts
consideration of their Lordships. There were several Noble
Lords then present who were not there on a former occasietti;
and if the House would allow him, he would state
to them the several facts connected with the cale•
Last session of Parliament a Bill was agreed to, sanctioning
line of railway branching out of the Rugby and 13irnsinghog
Railway, and proceeding to Birmingham. This was agreed to
as a rival or competing line to the old London and Biroungbagi
Railway. As might be expected, a great amount of oppootigi;
was experienced by the promoters of the line, but it Wl!'
carried. As he had sated, en presenting the petition on tips
subject on a former night, the principle en which the Coreol:
ter proceeded in agreeing to the Bill, was that the line wou
be one of great importance to the public as a rival and corn-,
peting line, and because of the overwhelming amount et
business on the other line. The Bill was carried through,
notwithstandirg the opposition of the Birmingham Come
and the Great West rn Company was empowered to purchase
the company if they saw fit and came to terms with till •
directors of the new line. The Birmingham Company. ball
no right to purchase the line, as, by so doing, till