The Sun.
London, England, 1846-04-24 00:00:00

CORPORATION FEES.

The Duke of RICHMOND presented a petition from
the corporation of coopers in Glasgow, complaining
that by the Act contemplated by the Government the
enforcement of fees on taking up a trade in the city of
Glasgow was done away with. The petitioners were
thus exposed to the influx of competition, and they had
❑o power of checking such a ruinous extension in their
trade. He (the Duke of Richmond) thought that while
these fees were exacted in London,, Glasgow should not
form the exception.
Lord CAMPBELL wonld be happy to see that these
fees were abolished over the country.
The Duke of RICHMOND presented similar petitions
from the corporation of hammermen.
Lord BROUGHAM presented similar petitions from
the skinners and glovers.
SUNDAY SPIRIT TRADING.
Lord COTTENHANI presented petitions against the
sale of intoxicating spirits on Sunday.
THE CORN BILL.

The Duke of RICHMOND presented a petition from
the ministers of the Presbytery of Lorn, in the Synod
of Argyll, complaining that, as their stipends were de-
pendent upon the market price of corn'i-the Government
13111 would injure them, and they prayed, therefore, 'that
such measure should not be permitted to pass into a law.
TAX ON INSURANCES.
The NOBLE DUKE then presented a petition from Forres,
in_the north of Scotland, praying for a repeal of this tax.

THE NEW POOR-LAW.
The NOBLE DUKE also presented a petition from a
place, the name of which we did not hear, praying that
in the New Poor-law Bill a clause might be added
making it imperative on the officers to provide a super-
annuation fund.

THE CHARITABLE TRUSTS BILL.
The Duke of RICHMOND presented a petition from
Pavensey, in Sussex, against the Charitable Trusts Bill.
Lord KINNAIRD presented a petition from the Re-
ligious Tract Association against the same measure.
Lord COTTENHAM presented a is...talon from' the
governor and officers of St. George's Hospital, praying
tLat that institution might be exempted from the ope-
ration of the Act.

Lord rI'ItADBROKE presented a petition from a
cono-remation ofindependent Dissenters to the same effect.
Corc?-STRANGFORD presented a petition from the
Skinners Company, against th Bill. , • -
Lord DENMAN presented similar petitions from 33
B.ptist . and nearly 1,000 Dissenting congregations in
E;-,gland and Scbtland.
Lord CAMPBELL presented similar petitions from
he Sadlers' Company, and the Deaf and Damb Asso-
iated Charity.

LAND TAXES.
Lord GAGE presented a p.?Tiion from Sus9ex, pray-
ing, that rates on cottages of 6/. annual rental should be
ievied on the land. •
RELIGIOUS DISABILITIES ACT.

The LORD CHANCELLOR cave notice that he would,
on Thursday next, move the second reading of the Act for the
repeal of religious disabilities.
THE RAILWAY BUSINESS OF THE SESSION.
Lord DA LH OUSIE, in rising to introduce the Bill of which he
had given notice on the last evening of their Lordships' sitting,
together with the sessional order, would detain them but a
very short time in opening up the provisions of
the Bill, and stating the grounds on which he
croukl ask their Lordships to sanction it. On the
evening on which they had adjourned for the recess he had
taken the liberty of stating to their Lordships what was the
-.ltbject to which he wished to direct their attention, and to the
complaints which had been made by individuals connected with
railways, setting forth the evils complained ofi and the pro-
position which he intended to make with aview of remedying
them. He had endeavoured then to , trace the pro-
gress of the rise in speculation on railway undertakings for
the preceding year, but now he would take their Lordships a
little further back. Ha had stated then, that in the last year
not less than from 1,200 to 1,300 railways had been provision-
ally registered as joint-stock companies, and opt of this number
there had been deposited with the Board of Trade, on the 30th
November, 800 plans, which on the very last day had only
diminished to 7. 0. He (Lord Dalhousie) had, at the
commencement . of the session, thought it his duty
to direct their Lordships' attention to the subject, and since
that time the expectation of the public with respect to rail-
ways had entirely changed. It was expected at that titre, in
the first place, the test of the deposits would greatly reduce the
number of Bills which. stood for the consideration of Parlia-
ment, but nevertheless a sum within a fraction of 15,009,000/.
was deposited with the Accountant-General. It was
also thought that in consequence of the extraordinary
rapidity with which these schemes were got up that the stand-
ing orders would considerably diminish them, but that Com-
mittee had only breathed light as a zephyr upon them, and the
number reduced was therefore only twenty. It was now dis-
covered that in consequence of the application of the enormous
amount of capital to ether branches of commerce, an uni-
versal' ' complaint was poured in from every part of
the country, and these complaints were not merely
confined to those engaged in the ordinary commercial pursuits
of the country, but extended to the very persons who were
themielVes concerned in railway speculations. It would not
be necessary for him to enter into many details on this subject.
Their Lordships would see by a reference to the stock of the
various companies that what he had stated was true ; and that
now, so changed was the public opinion on this subject, that
the projects which were the more likely to pass the House
were those which were most viewed with apprehension.; and in
proportion as the scheme advanced through Parliament the
index of the barometer receded until it got down to zero. He
had stated on a former evening that it was often replied to
those who thus cOniplained, that they should dissolve their com-
panies; 'but this they were unable to do, because they had not
yet been constituted joint-stock companies,
,and unless
those who held scrip were to give an unanimous consent the
scheme must go on to completion. Their Lordships would
see, that' in consequence of the difficulty of getting this unani-
mous consent in a company composed of such vast numbers,
Parlianient was necessarily obliged to interfere. The Bill
which he now held in his hand, and which he would have the
honour of submitting to their Lordships, had for its object the
applying a remedy for this evil by.. giving power
to a certain number of the shareholders to dissolve
their projects. With their Lordships' permission he would
now proceed to state the main provisions of the Bill.
On the requisition being presented to the chairman of a com-
pany; and the meeting called in pursuance of the provisions of
the present Bill, then the question of dissolution shall be put,
and the business of the meeting confined to that alone. It is
provided before the meeting takes place that due an-
nouncement of it shall be made in the newspapers and in
the Loaiilon Gazette, so as to give notice to all par—
ties interested. Regulations are provided for the appoint-
ment of chairman and the regulation of the business;
but before the vote is taken scrutineers shall see that the vote
is properly taken.. The actual holders of stock, Whether the
original allottees, Dr the parties who have the scrip,
shall be eligible to vote, and they may either vete in person or
by proxy duly attested, before being forwarded to be used at the
meeting, the scale of votes to be regulated according to the provi-
sions of the Joint-Stock:Companies Act. A clear majority accord-
ing to this scale of the whole stock of the company, if repre-
sented at the meeting, should be competent to declare a disso-
lution of the company ; or if the whole stock is not represented,
then of the stock for which the vote is taken three-fifths shall
5e sufficient to aleclare a dissolution of the company—
.hat three-fifths represented at the meeting, being not
less than one-third of the whole stock of the company.
By this Bill it was understood that at least one-third of the
proprietary of any company should be necessary to its disso-
lution. The object they had in view was that they should not
allow any company to proceed in which the funds were likely
)
to be destroyed -by the interests of a few.—(Hear,
hear. It `was,
therefore, provided that on the resolu-
tion of any company to
invested
do
idnissothir,ofatheeid funds of theand
was the effect of the Bill which he had Lordships. -Be was aware that e • ready to put in their claims, but at thaParties
be recollected that certain parti ' •csaurnc h.
to propose to their
would be quite
same time it should
es might - be .made liable
for deists to which they were only parties in m o
the effect of this Bill was to rendeVe°botnthu. And
swhaOualdw
only liable according to their individual respotisibilit Parties
haarevethtahte,
ruingdheti: the6cferwtaiinndieingrcuumpattahnecires,aff ai rs i our opn_dYr 1.0
re (theHe
sessional order; but if the measures which they propose
should meet with the approbation of their Lordship a
House of Parliament, that the
if it should meet with the approbation of the ;othnedr
Y would accede to the
powers as
a
request of the Government, and give sich would enable the shareholders to employ the test,
atop to any scheme which had not the approbation of putthe chief
proprietors of the scheme. What he was anxious for was, that
she majority of the prbprietors should be enabled to put a
sop to any scheme of which they did not approve ; but, at the
male time, he felt it necessary to render the proprietors of rival
sehmes a power of adjudication. He believed that a sensible
benefit would arise from this change. On the eveningbetore the
recess, Although be was aware that a change took place from
(lay to clay in the state of these companies, that a great ad-
vantage would be obtained, yet, on the evening of the recess,
he had moved, that on the presentation of a petition, the re-
spective p; oprietniship of the shareholders should he taken
into conside. eation; and that, on a decision of a majority, the
company she 7tild be closed, and enabled to wind up their
;ifftira as a ccnsetrienco of a decision of the majority.
The holders of at, ock are scattered all over the country. No-
body knows who sec the scrip-holders. They have no means
,J f communication wl th each other—they have no organisation
among themselves. Some of them are holders for small
amounts, and they do not' think it worth while to trouble them •
selves about the matter ; and At vast number, who are
the most substantial persons concerned in them,
would reface to come ' ,forward in order to wind up
hue concerns in which they were 'interested, as it would
have the effect of destroying their credit, and you have no hold
whatever upon the smaller parties, who., are scattered all ever
the world. We propose, therefore, n• st to adopt
tth
reeepolin
nendation which has, without one except c
railsep rayan
proposed before Easter, hut we propose
t leon, been
adpt h
made to us
al 'nom the highest authority, to stop..
,
Bills of every de-
scription, to allow
no Bill to be read a Oa
' r d woe' unleis a peti-
tion, e
presented to that House prayir g sinned by a majority of scriphold(s of the company,
should b
their Lordships to
h
pass such Bill. He considered such a c aurae as that he had
Pr°Posed would be better than any subtert itge• It would only
be acting in the more manly and straightf. )('ward manner, and 11
silt under cover of the imposition of condh ;ions which it would

e company
be impossible to comply with. We propose that no Bill should
h
the stock-holders
evidence
should
of be
given to that
ny
pthe
mfifths of that meeting
o
hade beefnthheelede—mtphaanty,maenedtint
atretphrreesee-nting one-third of the
s
desired their Bill should pass.
House read
tahatt third
a d meeting time
taxless
ofss
Lord BROUGHAM—A.O proxies te be admitted to vote?
Earl DALHOUSIE—*exies must be admitted, because
the directors and other parties connected with the government
of the company, who, having a vast amount of shares,
would in every instance be able to rule the meet-
ing. For that reason they require that at such
meetings there should be a quorum consisting of
one-third of the stock of the. company. If such conditions
were not imposed their Lordships might spare themselves the
trouble of passing the proposed Bill, as the meeting would be
formed of the directors and their friends, who would rule the
meeting. But it was necessary a further test should be applied,
and that was, that in case it should be said that a company was
desirous to go on, it would be necessary that a meeting should
be held, at which three-fifths of those then present should ex-
press an opinion to that effect. This had been rendered
necessary by the fact that the circumstances of the present
time were such as to call fer it, and such as were
of no ordinary nature, and, in fact, he might say
they were of an unprecedented character. The num-
ber of Bills sought for in the year 1844 involved an outlay
to the amount of 18,000,000/, sterling; and those for which
the sanction of Parliament was sought in 1845 amounted to
about 60,000,000/., so that in fact the amount of liabilities this
session would amount altogether to between seventy and eighty
millions. The number of Bills for railways, which were
to come before the Legislature this session amounted to about
519, which involved an outlay of about 300,000,000/. Now he
need not say that that amount of money was not to be
had • but there could be no doubt that about 70,000,0004
sterling would be required. He would not now go into the
question as to the amount of the surplus capital of the country;
he merely wanted their Lordships to look at those circum-
stances as they now really stood. He had heard it stated by a
Noble Friend of his, that to so great a height had this rail-
way fever risen, that it exceeded by 50 per cent. that of last
year. It had been remarked, why not let the parties to these
companies bear the consequences of embarking in them ;
but he begged to say that unfortunately they would not alone
be the suferers. Such was the state of the railway trade, that
even in some of the very best lines parties were so enable to
get in the calls made, that they had to give up tke schemes in
despair; and such a feeling had spread over the trade of the
country, that it had been found impossible to procure capital
to carry it on ; and as a friend of his from
Scotland had observed in a letter of his, it was
taking away the very heart of the country. On these grounds,
then, he would ask, was it too much to ask that, in future, the
parties to every railway should be satisfied of the utility and
feasibility of the scheme, and of their ability to go on, before
they should call upon the Legislature for its sanction to those
Bills? He would now conclude by reading the resolutions he
intended to submit te their Lordships, and which he would
leave for their consideration until to-morrow night. Having
read the resolutions, the Noble Lord went on to say
that it had had also been endeavoured to provide against
cases when a large proportion of shares had been reserved or
held back—that clause was to the effect that all scrip issued
should be paid for before the 31st of March. The necessity
for this clause was apparent, when it was remembered that in
rna::y cases parties would purchase, speculating on the
winding up, and by which many would make one hun-
dred per cent. on the bargain. ( Hear, hear. )
The Noble Lord then read the resolutions, which are pre-
cisely the same as those proposed in the other House of Par-
liament ; and, in concluding, said he wished to correct a
mistake he had made in explaining the mode of winding up rail-
way companies. The subject was so complicated, that it
was difficult to make it ao clear as he was desirous
of doing. The way proposed was to wind up the affairs in
conformity with the provisions of the Bill he had explained; or
if that course was dissented from, then the company might be
owfo
luansdt up u
session,
er
andt epo varn assigneei hns o f te.Ti
appointed n t Satto
the
Companies'
hk
e meeting t
oActact
with the official assignee. He had now set before them the
provisions of -the-present Bill, and also the sessional order
which was to give effect to the objects of the Bill.
The subject was a dry and complicated one, and in the
statement he had made he had generally given the provisions
of the Bill and the reasons why it should be adopted, in order
that those companies that thought fit might be wound up with
as little trouble as possible.—(Hear, hear.) He had before
stated his opinion, that if the subject were left as it now is, that
one-third of the railroad plans which had been submitted to
Parliament could not possibly go on this session.
Lord BROJJGHANI was quite aware that their Lordships
were aequainted with the interest which he took in the subject
of railway speculations. Nothing could have delighted him
more than the luminous statement which the Noble Lord (Dal-
housie) had just made to the House. They were aware, also,.
of the interest which he took in the subject of railways gene-
rally; but, without more time to consider the business, he felt
incompetent to come to any positive decision on this
matter. He had repeatedly warned their Lordships of
t let effects of the rail way mania during the last
two years, and he must beg to remind them not only of the
evsls that were likely to arise to the commercial credit of the
country, but also to the moral interests of the communi'y at
large. He regretted to find that, as he had anticipated not
only was the spirit of gambling in railway shares experienced by
the higher classes of society, but that it was extending to the
middle classes, and further still that it seemed to have extended
to the lower classes, whose livelihood was dependent on their
industrial exertions. He had repeatedly warned their Lordships
that it was likely to affect the morale of the whole of the com-
munity. He had stated instances in which poor clergymen
and widows with small means had been deprived of all their
'subsistence, of ladies living upon their jointures and with
small means, as well as of other individuals, who had
been deprived of the whole of their subsistence by this mania.
Many parties were exiled from their native homes in conse-
qeence of their inability to meet the demands made upon them,
or answer to the liability which they had incurred, but to a great
degree this measure would prevent the evil from proceeding
further. Great relief would be administered, by the Act of his
Noble Friend, to the poor sufferers ; and he would fain hope
the mere statement which they had then heard, and the recep-
tion it hail met with would have a salutary effect before the
Bill would pass into a law, for there was a railway house else-
where—( Laughter)—which vv,ss "admirably adapted for talking,
tie-ugh little so for aeting —( Hear, hear.) There were some
railway bodies so full of discussion that they could debate for
twelve days without intermission. They could snake speeches
by the score, and obtain attention by the hour.—( Hear, hear.)
But there seemed to be amongst them an utter incapacity for
business. He did not know to what it was owing.
The Duke of RICHMOND—It is the directors' fault.
Lord BROUGHAM—No, no, I did not say that. lam not to
be caught that way. It arose from some bad construction in
the bady itself—they could debate for ever—they could argue
fir ever, but as for coming to a decision it was quite another
thing ; in truth, it was so much out of their power, that it was
quite out of the question. But he most devoutly hoped that
the bare promulgation of the plan would have a great effect in
remedying the evils which existed. The course they
were about to adopt of not reading a Bill a
third time was not a very usual one—to pledge
themselves that no consideration would tempt them
to read a Bill for the third time after it had become ripened,
unless something was done out of the House by parties over
Whom they had net control, was certainly a proceeding exceed-
ingly dangerous, and requiring
ieptrwwo awas
.0 uedeigifyrmee
cmaett
a,usheuherbe ediwideliberationisepovouesldde,dabbgteoer feoesaffrtteregactiothnuoeadyal.
point s_
Hh
eo u l should
'didn dhnoiosptt instance,tith.inkßu theta'
without some such order.—(Hear, hear.) If he were to state
which of the two measures he thought would be most effectual
he should prefer the order, but he did not see why he should
be put to the selection. His opinion was they would both be
efficacious, hilt there was one quality in the order which the
Bill- did not- possess. The one was certain and 'eCty-,
while of the other they wereere net sure t sat
it would pass. He would not detain their L
He could have desired that all these
things
had
taken another course, be could have wished that all private
legislation, -including railways, canals,- and roads, should have
been transferred to another tribunal, and that Parliament
should have made'sonie arrangements which would have en-
abled all private business to be satisfactorily and cheaply done
within a resonable time, so as to avoid the great expense and
the anxiety consequent on the present system, and to avoid the
inefficient manner in which of necessity (without imputing any
blame) the committees of both Houses, but more especially
the Committees -of the other ouse, were obliged
to carry on that important branch of legislation.
Whets they looked at the enormous amount of
private business, amounting for this year in one departMent
only to the enormous sum of 591,000,0001.—when they re-
flected that these Bills' had power to inflict a most trani-
cendental. injury—when they reflected that these Bills gaie
power to interfere with every man's private property, to re-
move his wood, to grub up plantations, to overthrow houses, to
drive a . road through a man's pleasure-grounds, to make a
person's estate worthless to him, and incapable of being in-
habited by human beings; to compel people to part'
with their property whether they would or not, and.
that too, not at prices fixed by themselves, though that
would be bad enough, but at prices fixed by others—when they
considered that this branch of legislation, and of all the branches
of legislative functions that could be named this was one
which required to be 'entrusted to tribunals of a diferent kind
than that of a Committee of this House, he hoped that the
difficulties which the country and the Parliament had now got
into would lead to some steps being taken by that House
which, he must say, should have been adopted years before.
There was some ground for encouragement even in the pre-
sent state of affairs, because, from the very necessity of the case,
better arrangements would be made for managing the private
business of the,House.. He felt grateful to the Noble Earl
for the statement of the opinions of her Majesty's Goverment
upon this subject, for the candour, as well as the unadorned
and severely-fitting nature of the statements on the occasion.
He felt thankful to the Government for bringing forward so
necessary a measure as the present.
The Earl of WICKLOW. considered that the expense of
taking Bills through both Houses of Parliament would form a
prominent part of consideration in the meetings that were to
be held under the provisions of the proposed Act, and he
thou r,
Trehgceht t3diiata
angeoacfiestshos aof rwys,
expenses
right
oycuolhndsa idbdeeaarsacgteieroesnsaitbo
alfethhtooer
rct
ohares emo, h
that
e
f
railwayint
dai
reni ata
h. d e
tpa Hh
eee
uhi
nro thought,
ig
ynhrg:
p,
unhps oe wde
febvtehrteh,theyffo
bawl
reos uE. da r
Thl athove erweshowimeahetoe
e
woulpdropwcalld tthoe of
holders l
fifththeir Lordships.
ofo
the
"Tririe
hlt was
to assent to.-the
winding up of le
meeting was to represent one-third of the scripekoeldeerers.of the
company. It would require three-fifths of those present to
assent to the petition to their Lordships. It would, therefore,
er
tivigoeeThi preventneßn thendhp tseuEpps
art
twhßoh
poieltoulhsegeaohetdnta
tnest
ewmepelodwenretthwao-refitfhtheivetow
ill
wu
Ire-a es
also be glad to know how the amount of the scrip present
ut o
Thebr ee gt
aaArkideaenrd, under
uEisnogil
actnhLde
Aa
brNruaßtn
land and Scotland he thought the proposed measure an indica-
tion of the disposition of the Government towards
—they were endeavouring to put a stop to what was called the
railway mania. The evils which had been described by the
Noble Earl who had proposed the Bill were sufficient to justify
the step that was about to be taken. But what as the railway
mania? Why it was neither more nor less twhafn that upon
which depended the great communications
country. Railways, .in a military poi Leoso this
great
of the utmost importance, and the view, were
be careful how they checked their cogslaturo must
nstruction. For
some years past he bad thought the
to have taken some step upon thGovernment ought is subject. If they had done
so years ago the present railway mania never I
exited. At present, and under existims circumswtoanu d have
the
proposed resolutions were necessary, and', so far, he mcsuelci
obj. et to them ; but he would remind the Government ttltiaot
in I-eland especially it was their duty to take the railways under
their care and control, and if they did so, there un
be no doubt that railways would be mace
.cuu d
1 without
ernbtrrassing the country.
ut
e
The, Earl of ROSE FIERY rose for the purpose or putting
ri
annt the
extend, Beilb hu
el
d
a question to the Noble Earl who had proposed the resolutions,
fie apprehended that his Noble Friend did not intend this les-
sional order to become a standing order upon which Parliament
was to proceed in future, but merely as a sessional order for
the regulation of the proceedings of the House during the pre-
sent session. It was desirable under existing circumstances
to facilitate the winding up of companies with as little incon-
venience as possible.
Lord ASHBURTON said it was useless to complain of what
should have been done some time ago. The real question