The Sun.
London, England, 1846-03-30 00:00:00

r'l.s; •

RAILWAY PROJECTS.

(From the Times.)
The movement in thvour of winding up abortive railway
projects still goes on. This is the great subject now discussed
among all persons connected with the railway interest, and
it is really astonishing to tind how universal has become the
desire to see measures adopted which have this object in view.
The sharebrokers of Leeds, following the example bf their
neighbours at Liverpool and Glasgow, have passed resolu-
tions calling upon their friends and the public to take imme-
diate steps for the preparation of petitions, requesting mem-
bers of provisional committees of projects that cannot go to
Parliament this session to prepare accounts, lay them before
the shareholders, and. at once distribute the funds in their
possession. From all parts of the country communications
received on this question state thit the stock exchanges re-
cently established, which were some few months ago the at-
traction of the inhabitants, are now deserted, and the various

securities cannot be got rid of without submitting to a vast
depreciation in price. It is known that in the country gene-
rally a great scarcity of money exists among people engaged
in trade, but particularly among the class of shopkeers or re-
tail dealers ; while at the same time it is understood that the
provincial bankers constantly receive applications for money,
to relieve the pressure in which this portion of the commu-
nity find themselves placed. Much of this embarrassment,
without doubt, arises from share transactions, which having
so universally followed, bring a large amount of responsibi-
lity upon parties possessing but limited means. It therefore
behoves the Government to step in and arrest the progress of
railway legislation, which, if persisted in, instead of assisting
the prosperity and developing the resources of the country,
may prove in the end its road to ruin.
The Bankers' Magazine for April says on this subject:—
" We cannot suppose that Parliament will be so unmindful
of the signs of the times as to pass even a tenth part of the
100,000,0001. which some people expect. The greatest mis-
fortune which can happen to the directors of many of the
schemes would be the obtainment of their Bill. It is very

true that 100,000,0001., compared with the whole disposable
capital of the country, is not a sum which it is impossible to
meet. If the whole disposable capital of the country was
laid under a general pro rata assessment to raise even a
larger amount, there cannot be any doubt that in the course
of a reasonable interval the object could be accomplished.
But the difficulty lies in a different direction. The funds for
the construction of railways, so far from being supplied by
the whole community, are supplied by a very small class of
capitalists and traders. We admit, that is such a time of
excitement as last year, the fever of speculation is so great
as to implicate nearly all the adult population; hut then only
a very small fraction indeed of these shoals of railway pro-
moters have either the will or the means to trouble them-
selves with shares during the period of the calls.' And in
numerous cases where the means are ample, the will to do
this is not present. The circle of holders, therefore, becomes
narrowed to a small class of men, who have the shrewdness
to appreciate the intrinsic value of the scheme, and who can
afford to wait for its development."
(From the Chronicle.)
We alluded lately to a movement, originating in Glasgow,
having for its object an application to Parliament, and other
steps, to put a stop to the further progress of numerous rail-
way projects now before Parliament. We think the object
deserving of support, and believe that a very general feeling
is entertained of the necessity that exists for adopting effi-
cacious measures to accomplish the object sought fur, and to
make it applicable, in a wide form, to English railway com-
panies. But to make the movement useful, the motives of
the originators must be pure, and their proceedings must be
impartial. They must have no favourites. Everything
must be clear and above board. We make these remarks
because we have heard, from quarters likely to be well-in.
formed, that the list of Bills pronounced against by the
Glasgow movement is not free from objections. The matter
has been taken up in Liverpool vigorously; petitions to Par-
liament having been set on foot by the bankers, merchants,
and traders, and committees of the Stock Exchange, ap-
pointed to assist and co-operate with all parties interested in
the various schemes now before Parliament.
We subjoin a copy of the petition to the House of Com-
mons, and of the circular addressed by the special committee
of the Liverpool Stock Exchange to the various provisional
committees :
"TO THE HONOUEABLE THE HOUSE OF COMMONS IN PAR-
LIAMENT ASSEMBLED.

The humble petition of the undersignedbankers, merchants,
traders, and others, inhabitants of Liverpool,

" SHEWETII,—That your petitioners view with great alarm
,he number of railway Bills new brought forward for the
sanction of Parliament.
" That in the opinion of your petitioners the passing of
many of these Bills, unaccompanied by any restriction as to
the time for the construction of the lines, will have a most
prejudicial effect upon the interests of the country generally,
more especially those of the commercial and trading classes,
who are the principal parties pledged to find the capital re-
quired for these undertakings, and whose means for pursuing
their legitimate business will thus be completely absorbed,
involving many of them in loss and ruin.
"That the demand for such a large amount of capital for
railways will, in the opinion of your petitioners, not only
further derange the money market and interfere witn trade
and commerce, but by the sudden and violent efforts of its
action on the labour market, will materially retard the com-
pletion of lines alrea4y sanctioned by the Legislature, and
now in progress, as well as interfere with all other works of
public utility.
"That your petitioners view with the greatest apprehen-
sion the social evils which, in their opinion, would necessarily
flow from the derangement of the labour market by the
sudden demand for such an amount of labour in addition to
that required for works now in progress, and for agricultural
purposes, all experience of the present mode of construct-
ing railways proving the demoralising effects produced upon
the masses of the labouring population thus withdrawn from
their usual occupations, without sufficient time being allowed
for the requisite arrangements for such a transition.
" That these evils must be felt in an augmented degree in
proportion to the number of new lines granted.
"That, in ord 'r to avoid the evils anticipated, it is the
opinion'of your petitioners, which they respectfully submit
to the consideration of your Honourable House, that, in ad-
judicating upon the merits of any new lines, and in sanction-
ing the same, your Honourable House should prescribe as a
condition attached thereto, that no calls. be made by the
companies obtaining such Bills within a less term than two
or three years from the passing thereof, or such other period
as your Honourable House shall deem advisable, reserving
for the discretion of your Honourable House to make such
special exceptions to this rule as shall, in your Honourable
House's opinion, be imperatively called for in those cases
of necessary extensions for completing the main trunk lines
from the metropolis, and such coast and harbour lines
as the Government of the country may deem indispensable
for purposes of national defence, or naval or commercial
objects.
" Your petitioners, therefore, humbly pray that your Ho-
nourable House will adopt such measures as may effectually
i limit the capital to be employed in the construction of rail-
' ways to such amount as may appear safe and practicable
within a given period cf time."

" Railway Legislation Committee, 1, Royal Bank-
buildings, Liverpool, March 27, 1846.
" Sir—l am requested to inform you that a special com-
mittee has been formed out of the general committee of the
Liverpool Stock Exchange, upon the subject of railway legis-
lation ; and this committee is anxious to co-operate with all
parties interested in the various railway schemes now before
Parliament.
" That this committee are strongly of opinion that one of
the chief causes of the present depressed state of the money
market, and the unusual depreciation of every description
of property, is mainly attributable to the fears entertained
as to the results of the linee at present projected, as well as
to the large amount of calls now making on the Acts of last
session.
" They are also of opinion, if the Bills now before Parlia-
ment be largely restricted, or altogether postponed, great
relief would at once be felt throughout the country, and
that the calls on the proprietors of existing companies would
be promptly met, and thus enable them to pursue their
works with vigour.
" That, even if success attend the present applications to
the Legislature, it must be evident that the greatest difficul-
ties will be experienced by the companies in obtaining their
capital.
"That for these reasons, and with regard to the best in-
terests of your project, they beg strongly to urge upon your
board to call a general meeting of your scripholderA, to
ascertain their opinion of the expediency, or otherwise, of
withdrawing or postponing your proceedings in Parliament
this session.
"The objects of this committee have been approved by
many most influential proprietors, and they trust that your
board will forthwith adopt the course suggested; and they
further request the favour of an early reply to this communi-
cation. " I am, Sir, your obedient servant,
" H. SCRIVENOR, Secretary to the Committee.
" To the Chairman of the Provisional Committee
of the —."

RAILWAY ENTERPRISE.
GREAT WESTERN RAILWAY.
EXPRESS TRAINS.

The Great Western Company, it appears, intend from
Wednesday next to start express trains every morning,
except Sunday, at half-past six, from Exeter to Padding-
ton, which will call at Taunton, Bristol, Bath, Chippen-
ham, Swindon, and Reading, accomplishing:the whole
distance in four-and-a-half hours, and returning from
Paddington to Exeter at half after five the same evening.
To the commercial body of Exeter, Plymouth, De-
vouport, and other places in the west, these express
trains will be of the utmost importance, inasmuch as a
tradesman will be enabled to leave his home in the
morning, spend in London nearly the business hours of
the day, and return home to Exeter to an early supper
Considering, too, that Exeter is in the high road to Ply-
mouth, these express trains, securing as they do a rapid
communication with that vast arsenal, are of great na-
tional importance. The thanks of the community are
due to the Great Western Company for their enterprise
and spirit, and we hope the excellent example they have
set will be followed by the London and Birmingham, the
Grand Junction, and the other railway companies of
similar commercial enterprise. We believe the London,
Birmingham, and Grand Junction have had the idea in
view for some time back, but the Great Western has the
merit of setting the example.

REPRESENTATION OP SOUTH LA NCASHIRE. —We
think it right to state, for the information of our readers,
that there is considerable probability of an early election for
the southern division of this county. Within the last few days
rumours which had previously been in circulation, of an
intention on the part of government to create several ad-
ditional peers, have acquired greater probability and con-
sistency. It is now pretty generally believed that after the
Bill for altering the corn-law has passed the House of Com-
mons, several individuals, now or recently in that House,
including Lord Francis Egerton, Lord Lincoln, and Lord
Ashley, will be called to the Upper House, in order to assist
in carrying the great measure through that assembly. We
give the statement as it reaches us, not vouching for its truth,
but, at the same time, with a strong impression that there is
at least some foundation for it.—Manehester Guardian.
A deputation from Glasgow, opposed to the amal-
gamation of the Forth and Clyde Canal with the Edin-
burgh and Glasgow Railway, consisting of Mr. Baird,
M.P., Mr. Bain, M.P., Mr. Hugh Tennett, Baillie
Anderson, Mr Brooks, Mr. Mann, Mr. Lamond, Mr.
G. Tennent, and Mr. Strong, had an interview with the
Barl of Dalhousie, at the Board of Trade, on Saturday.