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

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LONDON, FRIDAY. APRIL _4, 1846.

The LOID CIIAXCELLOP, took his seAt upon the Woolsack
at Five o'clock
The Earl of DATITOCSI2 then rose to introduce
Bill, concerning the disae '
lution of railway -'8
notice of which he had given before Easitrnern;a.e.',
aLio :o propose a series of resolutions identical
with those proposed by Sir R. PEEL in the House of Coin-
mons. which will be 'found in another column. The Noble
Earl, in his speech. recapitulated the arguments used by Sir
PEEL, and concluded by proposing his regolutiow SS :es-
Icsal ordscr.

Lord BROUGHAM called the attention of their Lordships to
the enormous powers of interference with private property
given to the different companies by these railway Bills, an-cl
contended that such Bills should be entrusted for adjudication
to a tribunal of a totally different nature from such au one as '
a Committee of the House of Commons.
The Earl of Wicimow thought that the proposed order
would affect in a different manner those companies whose
Bills originated in their Lordships' House from those which
originated in the House of Commons. He thought this a
point deserving of consideration.
The Marquis of SALISBURY thought there might be as
much reason to dread the winding-up mania, as there had
been to dread the railway mania. He thought the proposed
measure gave, in some instances, power to a minority to
control a majority. This ought to be remedied.
The Marquis of CLANRICABDE thoughtl the
Govern-
ment should take up the subject, and not
of the propriety of constructing railways t
the stock market. With regard tolrelandrve the decision
be
espdeceicaidlleyd, bliNe
othoughto tbhee floinceilsitythtoart
their construction.
cG°onvsterurncinteedn,tanalidosuhldoulPdoinafft orodutevtehrye
ona
The Earl of ROBEBEILY wished l order,
okenrow whether rit was
proposed to make this a sessi
'applicableonlyto
future
years present session, or a standing order, applicable t o
years?
Lord Astintmsois considered the proposed measures were
the best that could be proposed for enabling parties to
relieve themselves from those difficulties which they had
imprudently brought upon themselves.
Lord CAMPBELL entirely approved of the measure proposed,
because it left everything to private enterprise. The rail.
way system had been carried on in this country more ad-
vantageously than it would have been had the
Government taken its management into their own hands.
He wished to know whether there was any provision in the
Bill for providing indemnity for those at present liable for
the debts incurred by railway companies.
Lord WHARNCLIFFE considered that the power of winding
up was given to too small a portion of the whole pro-
prietary.
Lord KMAIRD asked if the standing order was to be con-
sidered to-morrow?
The Earl of DALHOUSIE said no, Monday. The Noble
Earl then expressed his satisfaction at the general approval
which had been expressed of the measure, and replied to
various objections. He thought the power of winding up
was not given to too small a number. Three-fifths was a
minimum, and if the consent of a greater number was re-
quired, it would be requiring almost an impossibility. He
thought, too, that if the promoters of Bills could not get the
consent of one-fifth of the proprietary, Parliament would be
justified in postponing the Bills. The order was meant to
be purely a sessional order, to expire with the present
session. He could assure the Noble Marquis that no delay
should be thrown in the way of the Irish Bills now standing
for a third reading by this order, and on the 27th he should
propose the third reading of those Irish Bills which now
stood for a third reading. With regard to the question put
by the Noble and Learned Lord (CAxesEm.) he understood
that no alteration would be made in the legal liabilities of
any parties by this Bill.
After a few words from. the Earl of EGLINGTON, the Bill
was read a first time.
On the motion of the Earl of DALHOUSIE, the consid era.
tion of the sessional order was fixed for Monday.
Their Lordships then adjourned.

The SPEAKER took the chair at Four o'clock.
After the presentation of several petitions,
Sir R. PKEL moved the resolutions of which he had
given notice, with respect to railways. He thought a
case had arisen for Parliament to interfere to prevent the
capital of the country being employed in useless rail-
way speculations. The total amount of capital
required for railways would, he felt convinced, be much
greater than the Legislature ought to sanction, and under
these circumstances he thought Parliament ought to have
he opinion of the parties themselves as to the expediency
of carrying on the different lines with which
they were connected. He believed that there was
a sincere desire on the part of many persons
connected with railways to relieve themselves
from the responsibilities under which they had involuntarily
placed themselves. He was not surprised at this, considering
the present state of the law with respect to inchoate con,
oanies—a state which, in his opinion, ought not longer to
exist. He thought, considering the state of many innocent
and helpless subscribers to railway companies, the Legislature
was called upon to interfere, and if, after Parliament had re-
lieved them from the obligation they at present laboure
under, parties still continued to speculate in railways, they
would be no longer objects of sympathy and pity. 'the Go-
vernment had felt it to be their duty to interfere to put an
end to the improvident speculation that was taking
place in the country with respect to railways;
and for that purpose he trusted that the House
would adopt the resolutions be had laid on the table,
in order to further the operations of a Bill which would be
introduced, giving power to all scripholders of inchoate rail-
way companies to dissolve them if they thought it necessary.
The Right Hon. Baronet concluded by moving the rea ,lu-
tion of which he had given notice (which appeared in The
Sun of Wednesday.)
Mr. F. FRENCH said if these resolutions were carried, the
effect of them would be materially to delay all Irish Railway
Bills. He trusted that something would be done to expedite
Irish Railway Bills.

Mr. BER,NAL thought that these measures ought to
be put a stop to long before they came to -a
third reading. He was pertectly sure that resolutions
like those proposed would not remedy the evils intended to
be removed. Immense expense would have to be incurred,
and all the evils inflicted before the cure could be applied.
The SOLICITOE-GENIRAL supported the resolutions. He
believed that the Government, in bringing forward these
resolutions, had done all they could to prevent improper spe-
culation.

Mr. LAIOUCHERR thought the course proposed by the Right
Hon. Baronet at the head of the Government was the best
that under all circumstances could be adopted. He could not,
however, agree that the present was the best time for the
interference of the Government. He thought that the Go-
vernment ought to have interfered at a much earlier
period of the session, if they wished their measure
to be effective. He, however, thought the proposition was
replete with so much good that he should give it his cordial
support. He thought many parts of the resolutions were
defective, especially that with respect to the meetings of
shareholders. According to the resolutions as they stood,
an Irish company might meet in London, and an t nglish
one in Edinburgh.
Mr. HUDSON agreed with the Government that the present
was the best time to bring this measure forward. He be-
lieved if it had been brought forward at an earlier period
of the session it would not have met with that
general support which it would at the present moment
He was sure that, notwithstanding these resolutions, railway
measures good in themselves would be introduced. He
trusted that the measure would be received and fairly treated
by the directors of every railway, but that no needless haste
would be adopted in dissolving companies.
M. Pinurs cordially supported the resolutions, and
in doing so, expressed a hope that no legitimate undertaking
would receive a check, in consequence of their adoption by
the House.
Mr. NEWDIGATE supported the resolutions.
Mr. WARD supported the resolutions.
Mr. F. BARING also supported the resolutions.
Mr. BacitErr Dxxisox, although he thought the proposed
interference late, considered it better than no interference at
all. He was sure that all directors of railway companies who
were anxious to do their duty would avail themselves of these
resolutions, call their proprietary together, and take their
opinions as to the carrying on of the undertaking.
The CHANCELLOR of the EXCHEQUER, in supporting the
resolutions, denied that the Government could have selected
a better time than the present for bringing forward their
present proposition.
Mr. Gibson, Lord Sandon, Mr. O'Connell, Mr. Packe, Lord
G. Bentinck, Mr. Hodgson, Mr. T. Duncombe, Mr. Milues,
Mr. Disraeli, and Mr. Bright supported the motion.
The resolution was then agreed to.
Mr. T. DuircemßE then proposed the resolutions to which
he had referred in the earlier part of the evening.
The resolutions were agreed to after a short discussion, and
a few verbal amendments.

Mr. THOR?iELY gave notice for Mr. WATSON of his inten-
tion on the 7th of May to move for a Select Committee to
inquire into the Fees and Compensations in the Courts of
Law and Equity.
Lord SANDow moved for the production of copies of all
memorials addressed to the First Lord of the Treasury, and
the President of the Board of Trade, praying for a reduction
of the duty on tea.
After a short discussion the motion was agreed to.
The other orders of the day were then disposed of, and
the House adjourned at a Quarter to One o'clock.

The Earl of DALHOUSIE in the Lords, and Sir R.
PEEL in the Commons, last night brought forward the
resolutions of which notices were given on Tuesday
evening, and in each case they were received with the
most perfect unanimity. Every one seemed to feel the
imperative necessity for their adoption, and to acquiesce
in the justice of the reasons on which they were
rounded.

As we stated in The Sun of Wednesday evening, the re-
solutions to be adopted as sessional orders are quite distinct
from the Bill of which notice was given previous to the re •
cess. The latter provided for the winding-up the affairs of
the company and returning the amount of the deposits,
l,ess. the fair expenses, to the parties entitled thereto.
This can only be done by active measures to be adopted
by the shareholders, expressive of their desire of such a
result ; but it was manifest that mudh opposition might
be given, and time consumed, before the signatures
of the number of persona required by the Bill could be
procured, and consequently, though a strong feeling might
exist on the part of the shareholders to avail themselves
of the provisions of the proposed Bill, the project might
still be actively pressed on, and actually receive the final
assent of the Legislature before the feelings of the scrip-
holders could receive an adequate expression.
The governing body [night, and frequently have, in-
terests other than, and distinct from, those of the scrip-
holders. As Lord DALuousix well stated, " there
were local interests which influenced them ;
there were means of profit during the passing
of the Bill, which were not without their weight. Be-
sides, there was the point of honour, which made them
unwilling to give way to rival schemes. The governing
bodies, therefore, had often a sensible interest and a
benefit in getting their Bill passed through both Houses
of Parliament. It relieved them from a certain weight
of responsibility, and enabled them to get the deposits,
which, up to that time, remained in the hands of the
Accountant-General. It was obvious, therefore, that
the governing body had a direct interest in forcing on
these Bills, and there could be no doubt that they were
doing this contrary to the general wish of the great
mass of the shareholders."

llt is impossible to doubt the truth of this statement,
and there can scarcely be a second opinion but that the
wish for the dissolution of the several companies is much
more universal amongst the scripholders than in the
managing committees. The former, too, are scattered
in divers and, in many instances, remote parts of the
kingdom, and frequently their inter( sts are so
trivial as nut to make it worth their while
to take the trouble of attending a meeting
or sending their proxies ; and they may also be un-
willing to have it known that they have dabbled .n and
mixed themsrlves up in railway speculations, of which
,io hoiy a horror now exists, and by which, if generally
known, their credit might be seriously injured. For
all thew mama th 4 Sill alone might pron ins. ficiont