The Sun.
London, England, 1846-04-23 00:00:00

(LErr SITTLiG.)

HOUSE OF COMMONS.
The SPEAKER took the chair at Four o'clock.
REPORTS.
The following reports were brought up, the amend-
ments and alterations agreed to, and the Bills ordered
to be engrossed, viz.:—
West of Scotland Junction Railway.
Exeter, Topsham, and Exmouth Railway.
Eastern Union and Harwich Railways and Pier.
Saint Austell Small Debts.
Western-super-Mare Pier.
Numerous petitions were presented, some in favour
of, and others against, different railway Bills.
Mr. LABOUCHERE moved that the report on the
Rugby and Huntingdon Railway Bill be presented this
day, notwithstanding the resolution of the House of the
7th of April.—The motion was agreed to.
METROPOLITAN SEWERS.
Sir R. INGLIS presented a petition from the Dean
and Chap er of Westminster respecing a which was
now pending before the House for the better regulation
of the Metropolitan Sewer. The petition complained
that the d'posits of the common sewers were veiy
noxious and productive of great disease in the metro-
polis.

Mr. WILLIAMS presented a petition from the in-
habitants of Coventry, expressing their satisfaction that
a Bill had been introduced into the house for the entire
removal of the penalties and disabilities to which per-
sons professing ti.e Cltholic re liaion were liab:e.
Sir G. STRICKLAND presented three petitions in
favour of the "i'en Hours' Bid.
EDUCATION IN IRELAND.

Mr. MILES presented a petition trout the Church of
England Association in the town of Shepton Mallet, in
favour of Church Education in Ireland.
BISHOPRIC OF MAN,sHESTER.
The Hose MEMBER presented a peiLion, iu favour of
the establishing a bishopric in Manchester, without en-
croaching on the remit ces of the Welsh dioceses.
THE LAW OF SETTLEMENT.
The HoN. MEMBER also presented a petition from the
guardians of the pour in Wellington, complaining 01 the
Law of Settlement brought forward by the Government.
GOVERNMENT FREE-TRADE MEASURES.
The IIoN. MEMBER further presented a petition from
the county of Somerset, against the commercial mea-
sures of the Government.
RAILWAY BUSINESS OF THE SESSION.
Sir R. PEEL rose and spoke as follows:—Sir, I gave
notice, two days since, that I should feel it my duty to
call the attention of the House to the state of the rail-
way business now pending before Parliament. No one
is more impressed than I am with the conviction, in
the ordinary current of affairs, of adhering to
the great principle of permitting, in a com-
mercial country, the free application of individual
entzrprise and capital, and although, in the application
of capital for purposes of commercial enterprise under
the existing law, it has been the practice of Parliament
to favour inchoate companies who applied to Parliament
for large powers, still the general principle is so valuable,
even in respect to commercial enterprise, that were
the circumstances of an ordinary character I should
not seek or deem it necessary to interfere. The better
rule is in the application of capital in individual enter_
prise, and the usage of Parliament has been to grant
powers for the formation of railway companies where no
strong opposition from landowners was given, and where
no competing lines urged reasons sufficiently strong why
such powers should not be given. Even in respect to
those I should not deem it, under ordinary circum-
stances, ste advisable rnle ;or Parliament to in
terlese. But at the same time, at the risk of
great public inconvenience. I deem it advisable that
Parliament should depart from those principles in the
present state of the country, in order that its capital
may not be needlessly applied to railway specula-
tions, which confer no great public benefit, and which
would paralyse all other commercial engagements.
In doing so it will be necessary, before asking
you for that qualified interference with this rail
way speculation, fur me to describe the circum-
stances, and detail the reasons why I think it
necessary to depart from the ordinary course observed
in such matte's, in order that what I now propose may
not be taken as a pre,sedent on future occasions. In the
first place I shall state to the House the amount of ca-
pital already pledged for the Railway Acts already ob-
tained from Parlitsment; and also the amount of capital
which would be necessary for the Bills now pentanes
in order to carry out into effect those projects. I
find that in 1844 the number of Railway Acts which
ebtaised the sanction of the Legislature was thirty-seven.
the capital authorised to be raised by share amounted
to 13.900,000/., and th et authorised to ae raised by boas
amounted to 4,600,000/., being a total amount of capital
authorised to be raised by share and loan by bills,
passed in 1844, amounted to the sum of 17,988,0001. In
1845 the number of railways were 150, and the share'-
capital esutherised to be raised by these Ac s anicuilted
to 45J,85,000/. ; and the total amount of loan wet
-
14,635,0u0/ ; being a total am 'ant of capital authoris, d
by Acts in 1845 or 60,400,000/. I have a return of the
nausea of those 13111 s which were under the consideration
of the Committee, and I fled that the number of Eng
lish Bills amounted to thrse hundred and sixty -i file ;
that the number of Scotch Bills were one hundred and
seven, and that of the Irish there were forty-three, being
a total of five hundred and nineteen Bills for the United
Kingdom. I find from these that ninety English Bills
have capital to the amount of 184,000,0001., and, supposing
they received the sanction of Parliament, an additional
loan of 58,000,000/. might also be raised. The capital
proposed to be raised by the Scotch Bills amounted to
28,500,000 L, with a loan of 9,500,0001. By the Irish
Bills it was also proposed to raise 18,400,000/.. and loans
to the amount of 5,000,000/. would be sanctioned. So,
therefore, the total amount of capital authorised to be
raised by English, Irish and Seoth bills amounted to
231,322,0001., and the total amount of capital authorised
to be raised by loan amounted to 72,000,0001., making a
total, independently of invested capital authorised by
Acts, in 1845, of 304,000,000/. I know it is quite ttue
that many of these bills are delusive, that many of them
are of a competing nature, and that the can.) ing out of
many of them would be unnecessary for the public interest.
But a very great reduction must be made of that total
amount ; and certain it is that Parliament will reject
many of the Railway Bills submitted for its considera-
tion and approval during the present session. In short,
many of the Bills are incompatible with the wants of the
public; still, whatever deduction is made in the number of
Bills during the present session, the total amount of capi-
tal, if there be no interference of Parliament—the total
amount of capital which will be sanctioned in the course
of the present session will be much greater than, havin.7
a due regard to the public interest, ought to be applied
to the construction of railways. Now, I am afraid,
owing to the number of Bills, unless there be most rigid
inquiry by the committees appointed to inquire into the
subject, I fear that at the end of the session, Bills will
pass which, under ordinary circumstances, would
not receive the sanction of Parliament.—(Bear,
hear.) Now I will proceed to state what
amount of capital has been paid up out
of the amount which has been authorised to be received
by the Bills which have already received the sanction of
Parliament. Now, in respect to Bills which passed
before the year 1844—1 am speaking of the Bills which
passed before the session 011844—the sum of 20,867,0001
has not-yet been called up upon the shares in the rail-
ways which obtained before this period. Again, that
must not be taken as the real amount of capital autho-
rised to be raised and ready to be called in, but never
theless remaining unpaid, because, in many eases,
money has been raised on loan on the security of out-
standing shares—a course which has been frequently
adopted instead of calling upon shareholders for pay-
ment for the shares which have been issued to them.
What proportion does the amount, raised by loans, ber.r
to the mullet of shares on which the capital has not
been paid? I can only state the fact that there re-
mains, an unpaid capital connected with railways,
which received the sanction of Parlismrnt before
1844, to the amount of 20,867,000/, suppos-
ing no loans to have been raised on outstanding
sharps for the purpose of completing works. With
respect to Bills passed in the session of 1844, the amount
of capital stock that is still unpaid amounts to 5,293,0001
In respect to the railways which passed in 1845.
118 in number, on the capital stock or
sharesan
nearly
amount2ss
d:uoeet
odh
pootais
tt
passed
ddl e
,or
amount
mfenioknor
before 1844,
morenblw teh4rizg:mhe raised,ngaeiivnri
eaisnsl
et
easrutminitherestill
2a
1i779:0r
oa:
rim,
don:
Hills
ssf.
whichwhich added
capital stock to be paid up of 33,242,0001
.—(Hear.)
met
hoseupneotcpuoi
opinions
ictoiaonpnsi ao:lawtnhhdoi
scecicispoowogannnuirslitilddifebeoeosdei
course in addition it teisroaendf
et to
y:
on
httaehkeeas
authorised to be raised in the course of the present session.
Therefore, even with regard to this amount of capital
who have hwaeve
by that opinion which shall deterumitishirnyeeonrwaeenhtdrerather or no
tdtbhlyomeeinsseegAscppttehaciruastlations shall go on before they get sanctioned
,fiesaPbdaarfltiefabrcur emi
calling
ge Therefionrq
tion. There has been a great change in the
circumstances of these projectsesisntcaendmatnhyataof these
e parr-
ties
had committed themselves. In the
fipwrpsohtienpnla
dc
it
i,...eb,yi
bmruosutgrhetfe
before
etroo
rteh e
them. op in o n ofun
understand
Committee r
nameabilit must be' farni.
this Rouse in coming to a decision on a Bill whicht was,
Brunell—a gentleman whose
greatb eix-
h
enetss exhibited pliearrientcoe, yaot d fgorreattheactigtrea
when you heard him in being examined before. In'
ROxford,think the Committee on the London a d
and
London, Worcester, and Rugby Railways,gave thi
evidence :—" The prices are so increased, that-the lines
mentioned (the London and Oxford) cannot be
con-
structed
at their setled prices. The materials for the
construction of railways is now 50 per cent. higher
than at this time last year." At this point of the
pro-
ceedings the Chairman said that the Committee thought it
unnecessary to hear any more evidence on the London
and Oxford line ; and after the room had been cleared
for a few minutes, the Committee declared that the
preamble of that law had not been proved. If the expense
has so materially increased on those kinds of materials
necessary for the construction of railway—such as iron,
land, and labour—of course the estimates of the rail-
way company must be affected. The cost of executing
the line must be increased, and time prospect of profit
must be diminished. I do not say that these circum-

stances alone would warrant a withdrawal of their pro-