The Sun.
London, England, 1846-04-13 00:00:00

THE RAILWAY RELIEF BILL.

Public attention here is as much occupied as ever with
the " Railway Relief Bills," about to be brought into
Parliament, and numerous suggestions are offered both in
discussion and in the letters of correspondents, calculated
to strengthen its provisions, and to render it perfectly
effectual for the object in view. None are so earnestly
advocated, perhaps, as that already adverted to, which
would throw the onus upon directors and provisional
committees of obtaining a new authority from their con-
stituents before being permitted to advance any further.
This, it is hoped, will have Lord Dalhousie's most fa-
vourable consideration. That great difficulties will attend
any course whatever which Parliament may adopt is
certain, and, what is worse, there is no scheme within
human wisdom to devise which will not, amidst such
complicated interests as those connected with railways,
the instant it is announced, lead to jobbing, and intrigue,
and speculation, on an extensive scale. This ought not,
certainly, to stop the Legislature in the benevolent and
necessary attempt to find a remedy for the enormous
evil which at present exists, but it is right to prepare the
public for the introduction thereby of another evil, of a
less important kind, but of which there were indications
already on all sides as soon as it was intimated in what
mode the Legislature intended to interfere. This may
be left to itself until the new Bill has assumed a definite
shape, but it will then be brought prominently into public
notice.

There is nothing so instructive in cases of this sort as
an insight into the position of some of the associations
upon which the new measure is to operate, and as one
of a class, we cannot do better than select the following,
which is supplied by a correspondent:—
" In order to give some idea of the relative position,
in law and equity, of parties connected with projected
lines of railway, who are to be protected by the wisdom
of Government, I beg to submit the present state of
affairs of a projected line of railway now before Parlia-
ment, in order that you may judge how far the proposed
Act contemplated by Government will effectually reach
them; or, whether, supposing such Act to pass, we shall

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• ..
not for the next ten years be under the necessity of an-
nually passing ' An Act to explain and amend an Act
already explained and amended by an Act passed in the

. • -
previous year.'
" No. 1. Are the respective trustees named in the sub-
scribers' agreement of two projected competing railways,

with whotii each subscriber lilts entered into covenants
for payment of his deposit, that the directors therein
named shall have the exclusive management of the afiairs
of the company, and that he will abide by, obey, and
confirm the acts and deeds of such directors in all
respects.
" 2. Are the respective directors of these two projected
companies appointed by their deeds, and under the
powers of which they have amalgamated, to avoid un-
necessary expenses in opposition to each other, and have
bound themselves and their shareholders by various re-
solutions at board meetings, and by subsequent deeds or
agreements, to proceed to Parliament for one Act only,
which by suitable clauses therein shall confirm such
amalgamation, and secure to the shareholders in each
company an equal interest in the undertaking.
"3. Are the original shareholders in each of these
companies who still hold their scrip.
"4. Are original shareholders in these two com-
panies, but who have sold the scrip, or placed it in the
hands of other persons as a security for money ad-
vanced.

" 5. Are the scripholders by purchase or loan in one
or both of these companies, but no legal assignment or
transfer of such scrip has been made by any document
rendering them liable in respect of such scrip.
"6. Are the trustees and directors of another pro-
jected railway, who were disabled from proceeding to
Parliament for want of paid-up capital; and such being
the case, and their line approximating to that contem-
plated to be made by the: two first amalgamated com-
panies, the directors of this latter line sold their plans,
&c., to their opponents, who paid for them partly with
the funds and partly with shares of the amalgamated
company, free of deposit.
" 7. Are the directors of another company who hold
the engagement of the amalgamated company, to take
up 10,000 of their shares within a certain period as the
price of peace in Parliament.
" 8. Claim to be creditors of the amalgamated com-
pany for a very large sum more than they have been
paid, for services rendered one or both companies in
some way or other, and who have all commenced actions
against the committees of one or both of the amalga-
mated companies, and expect to obtain verdicts.
" 9. Are the solicitors to the amalgamated companies
who have been sued by various parties for work done for
them, in respect to one or other of the undertakings, but
which claims are considered illegal, and therefore are
resisted, and the amalgamated committee have autho-
rised such actions to be defended, and passed resolutions
to indemnify their solicitors therein.
" 10. Are the finance committee of the amalgamated
companies who have equally contributed (out of their
respective capital) to the deposit now in the hands of the
Accountant-General, and the deposit has been made in
their joint names. _ _

°'These are the relative positions of parties connected
with two companies who have amalgamated, all of whom,
be it understood, are to be protected impartially by
the means proposed by Government. The first neces-
sary proceeding to become entitled to this protection is
to sign a petition to Parliament not further to entertain
the proceedings of their deliberately constituted trus-
tees, in direct breach of their covenant to abide by and
confirm such proceedings, or to forfeit their deposit.
The effect of this petition in Parliament will be to hang
up the undertaking until an Act is passed for putting an
end to it ; the committee or directors, and all other
persons connected therewith or interested therein, in the
meantime to remain shackled with their liabilities to
each other in all matters regarding the affairs of the
undertaking. I beg your readers again to peruse and
understand the relative position in law and equity of the
parties I have enumerated, and then say how far it is
likely the measures proposed by Government will meet
their case. The Act may put an end to future proceed-
ings in Parliament, and may direct the affairs of an
undertaking to be wound up, but can it do more than
this ? What tribunal is to have power to settle matters
of contract so intricate and so weighty as those I have
enumerated *: What will be the situation of the directors
and committees, supposing an assignee to be appointed
by the Act to receive from their hands the last shilling
they hold as an indemnity for their engagements and
liabilities, contracted for the advancement of their un-
dertaking, and no one competent to release them there-
from ?"

It is unnecessary to pursue further the observations of
this correspondent, the chief object in quoting him being
to show what Parliament will have to deal with, and the
entangled state into which these companies in their des
perate attempt to pass the threshold have been brought.
In the City, people look with a degree of hope to any
measure which may facilitate the defeat of railroad
schemes now before the Legislature, and compel the
winding up of their affairs, because a great many will be
thus disposed of, and this is a benefit to be hailed with
gratitude, even though some companies which ought to
be broken up still manage to maintain their ground.
The great difficulty in obtaining payment of calls will
also dispose of a great number without any such exter-
nal aid ; and thus the money market, which is the only
matter thought of here, and not the railway system, will
obtain some relief.
There is another class of correspondents, differing from
those above referred to, who anticipate that whatever
form the Government measure may take, great injustice
must ensue by stopping, in many cases, good schemes
and allowing bad ones to go on ; and these would apply
the remedy in a later stage of the proceedings, making
it, in fact, form part of any Bill to be obtained hereafter
by a railway company. From one of these, in order to
assist in preparing materials for the approaching discus.
sion, we select the following :
" If a cure of the railway disease is to be effected, it
must be by gentle and not violent means ; a sudden
winding up of companies, be they good or bad, will injure
alike tho public, the revenue, the subscribers, and locali-
ties. After the declaration of the Duke of Wellington
that every village would have its railway, well directed
efforts were made by the principal inhabitants of almost
every town of consequence to bring their district into
fair competition with their neighbours. Every place,
the trade and traffic of which had been torn away by the
diversion of the travelling population, promoted under-
takings from which a partial restoration of their former
prosperity might be expected. The Loud fide supporters
of these'' improving and restorative projects still hold
their shares and are willing to proceed with tho lines
which they have adopted ; but the effect of the measures
now proposed is to destroy the good schemes, and to
leave those only which are too slightly subscribed for to
be worth the breaking up. The scrip shares of the really
good companies having been more freely dealt in, are in
the hands of the many ; a small outlay in scrip at pre-
sent prices by a competing company already established
will secure a majority to destroy a rival, and the neigh-
bourhood to which the line was to run will have inferior
railway accommodation, or none at all for the next ten
years.
" Would not public interest be secured by—
" 1. Allowing all existing Companies to go through
Committee at as little expense as possible (the great ex-
penses having been already incurred)?
"2. Inserting a general clause that all shares shall be
registered within four months after passing of the Acts;
all shares not registered, and the register to lie open for
inspection, to be forfeited?
"3. That within two months after the passing of the
Act a general special meeting shall be held, at which a
majority in value of registered shareholders shall deter-
mine whether the undertaking shall proceed, or shall be
abandoned?
"4. That in case of proceeding the subscribers may
complete portions only of their line at one time, having
ample time allowed for commencing and completing the
other portions, but being compellable to take at any
time on notice any lands to which the compulsory powers
may apply, or to abandon the same, so that landowners
may not be hindered from improving their estates?"—
Times.

EAST INDIA MUSEIIM.—On Saturday this interesting
establishment, attached to the East India House, in Leaden-
hall-street, was visited by nearly 1,000 persons. There have
lately been considerable and valuable additions made to the
Natural History department, particularly, in the collection
made by Major Harris, in Abyssinia. A new room is being
fitted up for the reception of the Mineralogical and Geologi-
cal stores received from India, amongst which are the rich
treasures of extinct and gigantic species found iu the Hima-
laya mountains and other hilly districts, which will shortly be
thrown open for public inspection.
THE MANCHESTER CUSTOM-HOUSE.—WC have seen
a return of the amount of duties received at the Manchester
Custom-house during the quarter ended on the sth instant,
which shows a great and rapid increase in the business of the
bonded warehouses here. The amount received during the
last quarter, notwithstanding the general depression in busi-
ness which has existed during a considerable portion of the
time, was no less than 38,427/. ss. 3d ; whilst that received
in the corresponding quarter of 1845, was only 11,0431.55. 7d.
showing an increase, in twelve months, of about three •and-
a-lialf to one.—Manchester Guardian.