The Sun.
London, England, 1847-02-05 00:00:00

THE SUN, LONDON, FRIDAY MORNING, FEBRUARY 5, 1847.

sufficient. There sat beside him a gentleman who
I was chairman of the management of 1,700 miles of
railway, who Lad the conduct of 45,000,0001., and
he v a prepared to pledge his commercial
eharact,r that Government could not lose ono single
farthing by this proposition. The Right Hon. Gentleman
the Lord Mayor of York would tell the House that the
worst railway under hi 3 direction would afford 7per cent.
•

security to Government; and he himielf would he pre-
pared to show that the worst railway in Bel2iutn or Scot-
land would amply pay-for the money expended on them.
He was now speakina of passenger-traffic. It was here
entirely a question of passengers.—(Hear, hear.) -Well,
then, he had said that his proposition was, that Govern-
ment should lend out at interest money at
that rate at which they borrowed. He believed
that the interest now was 31. 6s Bd. per cent.
But he would assume it to be 31 per cent. Govern-
ment were to take the security on the entire loan
There would then be 71. oil 2001. The line that paid
21 6s. Bd. per cent. would afford for the interest of
Governmenti He would show this from the Ar
iroath , and Forfar line, which cost 9,0001.
The •=receipts upon that line were for the

first fear 46. V., and the cost of the working of the line
was 2021., IJairing to Government a clear interest, be-
sides 2/. per :cent. for the shareholders. To show what
that line -was, he must tell the House that all

the traffic which existed previous to the con-
struction of that railway from Arbroath to For-
far amounted to what could be carried on a one-horsed
carrier which plied once a-week.—(Hear, hear, and a
1au...,h.) The passenger-traffic daily, at present, was
247 persons, and last year ninety thousand pas-
sengers, and paid five per cent. to the shareholders.
Having selected the worst line in the empire, and taken,
it in its earliest infancy to show that the security
would be wholly sufficient, he had now to show
to the House the grounds on which he confideStly
expected that the passing of this measure would
have the effect of stimulating English capital's's,
and that they would forthwith set to work to complete
the railways in Ireland. But before he went on to do
so, his Hon. Friend behind him (Mr. Hudson) reminded
him that he ought to have stated that this
security of 1001. properly expended for every 2001.
they asked was a security unquestioned. They proposed
to make the Railway Commissioners, a board which is
responsible to both Houses of Parliament, an efficient
board for the purpose of dealing out those loans
to the companies. They proposed to throw
the entire responsibility upon those Commissioners
for the due perfortnause of their duties; and
unless they shall report that the railway at once pro-
mises to be beneficial to the country, and also unless
reasonable and sufficient security be given, the State is
not to be called upon to subscribe, or to advance any
money upon the enterprise. He was going on to show in
what position the proposition would place the share-
holders, and it would be at once clear to the House, that
whilst the Government would gain four per cent., it
would pay twelve to the shareholder on every 3001. laid
out. He would take a railway, of all others in Ireland,
which was looked upon as of-the utmost national import-
auce, and comprises the greatsst number of shareholders.
He would take the Waterford and Limerick Railway.
Now, the position of the Waterford and Limerick Rail-
way was this : it was estimated that the cost of the
railway would be 750,000/., but they had taken power to
borrow 250,000/. more, and he was assured, from the gene-
ral experience of all railways which had been constructed
in this country and in Scotland, that be should not be
safe, unless he estimated the amount of the cost of the
railway not only the estimated capital but also of the
loans which they had power to take. Ile assumed,
therefore, that the Waterford and Limerick Railway
would cost 1,000,000/. sterling before it• was com-
pleted. They had already expended 324,000/. in the
construction of different works—(Hear, hear)--:

but they were stopped for want or money, and
the consequence was, that though 271. 10s. had been
paid up of each 501. share, those shares were at from
12 to 14 discount. So that, in point of fact,
ihe ' market value of the 324.0001. so expended
on the Waterford and Limerick Railway was 162,0001
Now, under h's proposition, it would not be
necessary to make any further vain calls on
the shareholders, as the company would be entitled at
once to demand from the Government a loan equal to
648,0001. What would be the effect of this ?
It had been estimated that the traffic of the
railway would admit of a dividend on a capital
of 750,0001. of 64 per cent. But considering that the
true expenditure would be not 750,0001., but 1,000,000/.
sterling ; that would give 5 per cent. ae the probable
dividend on the entire cost of the railway. But
her Majesty's Government came in and lent
them two-thirds of their capital at 31 per cent.
The result would be that the 324,0001. share capital
already expended, would have a fair and early prospect
of a dividend of 8 per cent. The effect of such
a course would be, that the shares of that Com-
pany, instead of being dead in the market,
instead of being at a discount of 162.0001..
would instantly rise to a premium, and the landed
proprietary and tenantry of Ireland being unable to
meet the calls upon them, would be enabled to
get rid of their shares at a premium, and
employ the money so obtained in the improvement of
their estates, and in giving employment to the people
of Ireland ; so that his propositions would have a double
effect ; it would at once set to work an immense
number of persons, and it would enable the landed
proprietors, who were now shareholders in the concern,
to make use of the money for the improvement of their
estates and the employment of the people. He
had a letter from Lord Glengall, stating that he
knew a railway company which, if they had money,
were prepared to employ. 16,000 men.—(Hear, hear.)
In the counties of Kilkenny, Limerick, and Water-
ford, as well as in each of the four baronies, a
similar result would take place.—(Hear.) Now, in
each of these places the expenditure under the present-
ment sessions had been at the rate of 4,0001. per month
for the last three months, with every prospect of these
demands being continued—(Cries of " bear, hear.")
And there was this additional objection to this expendi-
ture, that it was upon useless and unproductive works.
A magic influence had, however, come over the Govern-
ment, and they had allowed money to be advanced on
the earth-works of railways on the security of pre-
sentments. He thought the course he proposed,
—namely, to advance money on the security of railways
—would . be much better than on the security of
land. The proposal of lending money to
railways in the security of land was made in 1839, and
when first proposed, was carried by a majority, but her
Majesty's Government would not assent to the
proposal. He considered this ~a wrong course,
and the result showed that be was right in
coming to such a conclusion, for while the lands along-
side of which railways passed were increased in value to
the amount of 1,0001. per cent., the land along the
railways in the
old channels of communication remained stationary
When he was upon this subject of the
southern districts'of Ireland, it was only fair to state
that the Waterford and Limerick Railway Company
were prepared to employ 16,000 men upon their
works. But he would read the application mede
by the Chairman of the Great Southern and
l
Western Railway Company to the Government,
on the 22d of May, of_ the last year. Mr. George Care,.a...
the chairman of the Great Southern and Wes ern ltil
way Company, addressed a letter to Sir Robert Peel,
in which he stated that, after consulting the contractors,um
he found that, if they were acconamodated
with
lanseous
of 500.000 L, they would undertake to give 'iarnadrifferent
employment to many thousand persons
pardons of their line, and the writer
in the
added, that the utmost care would he taken .
._
a sinem
payment of the wages to adopt time
of wise economy, while at the samet.e_min_
a great extent of relief would be afforded to n V
t still would
don of the different counties, and Gov
ernmeuilso inclosed
be remunerated for the money advanced•
H
el
ed to the
a copy of a letter which he had addressl
of the letter
Secretary of Public Works in
'twit's 200
after stating that the length of line
of the
miles, and that the dense populatiuon
._
Tipperary,
towns along the line, from Temp'ereore to
condition,
had long been known for their discontentedevil excepting
and there was no means of alleviating Ties
I might safely
Ire land and
by an employment of the people. Pie
and idle, who would b
-e t Pby the receipt of
lion of comparative com tor
and their families
wages would render them . _
the
wages
assert, that 50,000 poor fellowslaced
innowa stacrovnidnii.e.
happy of July and August. Now, he would
the months
namely,, to reflect on this offer of the
-Bon• Memb.rs
have •
half the expenses of these(
Southern and Western Company .
Great during the mosttetrrnyicngomppearnioydtooetenploy Baresysoo 00
have prevented the necessity es, et
consequence
ents for the maintenance of the Irish
rea't contractor of Ireland, who
uu,:dlnd Itioavepae:hibited a true wisdom and' a
this, he had a communication
In addition to
poor.
wthans sopped on omnoanehyuntodrgeod
oanreiwtiwtho
from Mr. Garvan,
get p • ) the land, and
un re int es of ruilw
ltipatteaebair;erheecioraansli
0;1
,pmi
dtryel:sVuaopn m a
had taken contracts for d
hundred, partly in
g three h d d 1 ay,
I::mseisgshiotn, (lifowever, be said
ne,x,t day, employ thirty thou-
sand
only affect those counties
that if he were at liberty
the works. to pro-
ceed, he could, upon
b,pu:funi
partly
net Ilsoiyetuotetutta belaytauto•
ts.eHottihneiaeanbsttlttehaohtefreteos
et, h
e
shvehaic:ani‘iwidoeucs
Messrs. Bidder
notros beT Those
torsaaenvde
countiesrssei by
tari ,
were,rwa ihl 0-
passed;
through which the railroads but he begged to
of the one thous
tell the Hone, that out . and three hun-
dred railway for which and forty
miles ofof 1845 and 18 Acta were
that
ei
his . ----
proposal(li ear hear.)
w od
passed in the sessions 46, and previous
to that, the result was, tha.t. there were but four coun-
ties
ysia_l(realaenard,
, said, that of all the
Mayo, Sligo, Galway, and
,stohnis was of the greatest
Bsilolnimon. There were
already before the House. s for the extension
of a line from Athlone to Galway, which would traverse
one end of the county of Roscommon and pass through
the centre of Galway. This was a line which those in-
telligent gentlemen,
country, and a line
which would pay at least five per cent. to the share-
wior
ntehpreeorrtaprojectedemployednce
to
o ti byhiue
lines
of railway,
fSr:trieelpwhouet). n.
helders. There could not be a doubt, if this measure
were to pass, that another branch from the Midland and
Great Western Railway would be made, passing from
Longford to Sligo, through a very fine mineral district,
which, according to the report of the Railway Commis-
sieners in the yesr 1842, contained the finest description
could
not the richest and most luxuriant ore, but which
not be worked at present for want of railway communi-
cation.—(Cheers.) There was a Bill before the House
also for a line which would be carried on to Cavan
there would not thi 1 be a single county in Jr. lend'
which would not be traversed by a railway.—(Hear.)
Acts had been passed empowering companies to complete
1,522 miles oe railway. 'There were b fore, the House
at that moment Bills for 159 miles more, and there were
the lines which had already bees carried out, mak:ng;
together 1,970 miles of railsviy, of which 123 were made,
164 were In the course of construction, leaving 200 miles of
margin of railway to be allowed by the Railway Com-