The Sun.
London, England, 1846-01-26 00:00:00

RAILWAY BUSINESS FOR THE SESSION.

Sir ROBERT PEEL rose and said,—Sir, I rise
on behalf of her Majesty's Government to state the
course which they recommend in relation to the railway
business of the session. Her Majesty's Government
have felt it their duty to avail themselves of the earliest
opportunity of calling the attention of the House to the
various railway Bills that are about to be sub-
mitted to it, in order to take its opinion
as to the best mode of disposing of them.
The attention of het Majesty's Government has been
called to this subject ; they have seen the necessity of
making arrangements to meet it ; and I, as their organ,
have considered the present time the proper one of call-
ing the attention of the House to it. In ordinary cir-
cumstances it might not have been so urgently necessary
to call their attention so prominently to the question, but
considering the great interests, I have felt it my duty
to bring this matter under your consideration, and
accordingly, I now make this application to the House
for the appointment of a Committee in order to examine
into and report on the best course of disposing of the rail-
way business of the session. The Government, under
ordinary circumstances, might have been prepared to
arrange the carrying out of the business in question, but,
under the existing:circumstances, they felt it to be their
duty to ask the House to appoint a Select Committee.
The Government have been making all the necessary
inquiries, and they will be prepared to lay before the
Committee all the information they have acquired, leav-
ing it to them to institute an inquiry, and to report as to
the necessary course the House ought to pursue. Sir, the
importance of the interests involved will be made apparent
by me calling the attention of the House to the numbers
of Rai,way Bil:s passed during the last two years, and
the amount of capital these Bills were empowered to
raise. The number of Railway Bills passed in 1844
was 48, sanctioning the raising of a capital of about
14,708,0001. In 1845, that is last year, the House
agreed to one hundred and eighteen Railway Bills, giving
powers to raise a capital of not less than fifty millions.
It is generally understood that it requires three years
for the completion of a railroad. At least it is now a
matter of experience that, for the formation of a railway
in this part of the United Kingdom, three years are ge-
nerally required for the completion of railways of any
length. If that time be allowed to be correct,
we shall find that for the construction of the railways
which have received the sanction of the Legislature,
during the last three years it will be necessary to levy a
sum of upwards of 70,000,0001. sterling on the capital
of the country for the entire completion of these t ail
ways ; that is to say, that in the year 1846 an amount
of 23,500,0001. will be required to be drawn from the
capital of the country, which is employed in the usual
channels of commerce and trade for the completion of rail-
ways within the year. In the year 1847, also, there will
be required the sum of 23,500,0001. sterling, which can
be found in no other, source that I am aware of than that
which 1 have just stated. And in the year 1848 the
sum of 18,000,0001. must be drawn from the public for
the same purpose. In making this calculation I of
course intend to except the railways which obtained the
Bills authorising their construction during the last year;
and, therefore, something is to be deducted from this
amount, bnt included them the compliment of capital re-
quired for the completionofthe railways authorised during
last session, and the years 1843 and 1844 isnot a less sum
70,000,0001. sterling. Now the sum of 23,500,000/, I
think, it will be allowed, is a very large sum to be
drawn from the ordinary course of its circulation during
one year, and that so large a sum as this cannot be
thus occupied without detrimeet to the general advantage,
and, as it appears to me, without serious inconvenience to
the interest of the country. The expenditure of this sum
however, has been sanctioned by the Legislature. I
now turn to the number of railway schemes which have
been deposited at the Board of Trade, and which are
seeking the sanetiou of Parliament in the course of the
present session. I am aware that the number of
schemes requiring the sanction will be some
time before they can get into the course
of execution. The number of English Railway Bills
that have been deposited at the Board of Trade, is 606 ;
the. number of Scotch Railway Bills, which have been
deposited at the Board of Trade, is 121 ; and the num-
ber of Bills for Irish railways, is 188 ; there are, there-
fore, no less than 815 Railway Bills, which will re
quire the consideration and the sanction of Parlia-
ment. I am aware that many of these are
Opposing schemes for the same lines of rail-
way, and that Parliament will not give its sanction
to more than one. lam also aware that several of these
Bills cannot possibly receive that sanction from their
incapability of complying .with the standing orders
(Hear, hear.) The House will, therefore, also be aware
that the number of these Bills will be very considerebly
reduced ; but yet it should be remarked, that
the plans deposited with the Board of Trade pro-
posed the construction of no less than 20,687 miles of
new railway, and that the amount required for their com-
pletion is upwards of the enormous sum of 380,000,000/.
It is impossible that the application of such an amount
of capital to these undertakings can be sanctioned with-
out inflicting injury on the trade and money markets of
the country.—(hear, hear.) I think it most important
therefore at the earliest period of the Session that the
House of Commons should consider what principles
ought to guide them in railway legislation. Now, no
one can feel more strongly than I do the objections
which there are to the interference either of the Govern-
ment or the House, to stop legitimate speculation in
railway or any other undertakings ; and with re-
spect to the railways of this country, I for one
feel most favourably disposed towards the application
of British capisal to them, rather than to foreign un-
dertakings, so calculated as they arr to the
promotion of fair and legitimate enterpriae, so
calculated as they are to promote the erns-
vellitalee • ,1' the publit., and to promote the
gout-sal welfare of the ;people. The glue..tiun then is,
whether there are good and sufficient reasons for inter-
fering at all with the progress of railway 'speculation,
and if so what should be the principles which guide and
govern that interferance.—(Hear.) In the first place,
then, I think there is gfeat partiality, after =kin