The Sun.
London, England, 1867-07-26 00:00:00

THE RAILWAY COMPANIES HILL.

A meeting of railway directors, shareholders, and
creditors, convened by the committee who a few
weeks ago organised an opposition to the passage of
the Railway Companies Bill, 1867, through the
House of Lords, grounded on certain objectionable
enactments, including one which proposed the com-
pulsory sale of railways, was held yesterday after-
noon at the London Tavern, under the presidency
of Mr. J. D. Delahunty, the chairman of committee.
The CIIAIIOI.kN congratulated those present upon
the fact that the clauses objected to in the bill
had been withdrawn. The bill as amended by the
House of Lords and published on the previous
day, had nothing whatever objectionable in it; in
fact, he thought, as it stood, it was a bill
that would be very useful to railways, and it
was very gratifying that the Lords' committee had
responded to the general expression of opinion that
had been given in reference to the compulsory
clauses. At their last meeting a deputation was
appointed to wait upon the Duke of Richmond, the
President of the Board of Trade, and during the in-
terview, at which Mr. Cave, the Vice-President,
was present, they submitted a statement embodying
the resolutions carried at the meeting, and also the
following :—" That the deputation now submit that
the passing of the compulsory sale clauses of the
Railway Companies Bill, 1807, would effect the
confiscation of millions worth of property now be-
longing to shareholders and creditors in railways.
That this would be done by a complete and total
subversion and alteration of the laws upon the faith
of which the public invested their capital and sav-
ings in such property. That this alteration and
change in the laws is being carried out without
giving the parties vitally interestectopy sufficient
time and opportunity to consider the measure so
injurious and detrimentali to their interests. That
capital has been embarked in railways by share-
holders and creditors, upon the faith of legislation
well considered and defined, whereby each class
were secured the income of the property in such
priorities as were understood and agreed to by all
parties concerned. That any legislation to secure
effectually and undoubtedly the rights and priorities
contemplated by existing laws the shareholders are
most anxious and desirous should take place. That
a compulsory sale of a railway must end in the sacri-
fice of the property, inasmuch as its intrinsic value
is too great for ordinary and legitimate competition,
and that consequently, there being no purchasers,
the line must be sold to sonic party at a price much
below its real value, and in many cases not realising
an amount even sufficient to pay the creditors of
the company. That this was the result of the only
compulsory railway sale that has ever taken place,
viz., that of the Bagnalstown, New Ross, and Wex-
ford line, which costing over £220,000, or £lO,OOO a
mile, was sold for £25,000, or £l,lOO a mile--less
than the price of the rails and sleepers—and the net
amount, after expenses, being only £B,OOO, not more
than four per cent. of the capital invested, or 15
per cent. of the mortgage debts of the company.
That parties have invested their capital in railways
on their faith and security of the present laws, and
any alteration therein whereby that capital is sacri-
ficed and destroyed is a cruel and grievous wrong to
thousands, and is calculated to prevent all future
enterprises for developing the resources of the coun-
try from being assisted and supported by the sur-
plus earnings and wealth of the people." The Chair-
man said that the result of their efforts, and those
of the public press, had eventuated in the success of
their movement, and in the withdrawal from the bill
of every objectionable clause. That being so it
would not be necessary for them to take any further
action. At the same time it showed that if railway
shareholders wished to combine to save their pro-
perty and make it profitable and advantageous they
could get proper legislation to do so. Ile asserted
that the Government and Parliament victimised
shareholders by limiting the charges on one hand
and the dividends on the other, and said that the
Government ought to give them some compensation,
which they could do by sustaining the borrowing
powers of the railways.

Mr. lIEREPATII thought the bill was now not only
unobjectionable, but beneficial. It had passed through
the Commons in a most mysterious manner, and
they had reason to say, in this instance, " Thank
God, we have a House of Lords 1"

The following resolution was than unanimously
agreed to :—" That the withdrawal of the compul-
sory sale clauses from the Railway Companies Bill
by the select committee of the Home of Lords is
most satisfactory, and we now declare that the bill
as it stands is unobjectionable."
Mr. J. ASIIBURY, a holder of £150,000 of rail-
way stock, and a railway director, expressed his
opinion that the bill, if unamended, would have
been most disastrous, and that it would have ren-
dered his holding comparatively yaltielexi, A friend

of his, a member of Parliament, was amazed at the
mysterious manner in which the bill had passed
through the house, and he (Mr. Ashbury) did not
know who was more to blame, the House of Com-
mons, for having passed the bill, or the shareholders
for having shown such extraordinary apathy as they
have appeared to have done.

A cordial vote of thanks was then passed to the
chairman, and the proceedings terminated.

IRELAND,
DUBLIN, July 25.
The Lord Chief Justice, in his address to the
King's County grand jury yesterday, noticing the
fact that he had met only two trivial cases of
Fenianism on the circuit, deprecated the making of
exaggerated statements with respect to the dis-
affection of the peasantry. It is a most unjust
aspersion to say that disaffection exists in a county,
though it has not been manifested. It is absurd
and illogical to say that the people would have
joined in an insurrection if they had an opportunity
of doing so. Capital is very sensitive, and is driven
away by such statements.

Two or three years ago a gentleman named
Harvey Wadge came to Dublin, and devoted him-
self with great energy to the development of the
industrial resources of Ireland, which he said were
magnificent, but unaccountably neglected. All that
was needed to make the country prosperous was
capital, directed by intelligence. Happily, Mr.
Harvey Wadge was a gentleman who felt a deep
interest in our people, and ho had an unlimited
command of capital, being a large proprietor of
English mines, and having, though a young man,
realised an immense fortune. What Ireland wanted,
therefore, said the press, was more Wadges. He
established a company and set a factory going in
the neighbourhood of Dublin. He established an
industrial magazine to make known the wants of
Ireland on the one hand, and its latent wealth
on the other. After a few mouths the magazine
suddenly stopped, but this was because the object
for which it was started had been effectually ac-
complished during its brief and prosperous career,
and Mr. Harvey Wadge found that the time and
attention it required must be devoted to schemes
of a higher and nobler character. In the mean-
time his entertainments were in a style of splendour
almost unparalleled, as became a millionaire. His
house was furnished in the most costly manner, and
his taste was the theme of general admiration. He
had in his cellar a quantity of the choicest vintages,
which he declared to be 100 years old. Marley, the
fine old family seat of the La Touches, was iu the
Landed Estates Court, and Mr. Harvey Wadge
was declared the purchaser, making a deposit of
£12,000 in part payment. In the meantime there
were mysterious whispers in commercial circles that
all was not right, and ultimately it was announced
in the fashionable intelligence of the Dublin papers
that Mr. Harvey Waage had left town for a short
visit to Italy, where he was required to authenticate
a signature in a will case, in which a Prince was one
of the parties. It soon transpired that this enter-
prising gentleman was not likely to return to the
country which he promised to regenerate, and many
of those in whom he inspired confidence have come
to the conclusion that it would be better without
such industrial operators to develope its resources.
This opinion will be confirmed by the following pro-
ceedings before Judge Millar in the Bankruptcy
Court yesterday. The object of these proceedings
was imply to take evidence as to Mr. Harvey
Wad
ges assets in this country for the English Court
of Bankruptcy :--‘, Mr. John Littledale (Littledale
and Co., of Ormond-quay) was examined. He
stated that in December last, at the request of Mr..
William Lewis, solicitor, of Nassau-street, he
arranged and carried out a sale of Mr. Wadge's
furniture and effects at Stradbrook-hall, Blackrock.
The furniture was removed for sale to the rooms on
Ormond-quay, and before the auction witness ad-
vanced Mr. Lewis £7lO on account of the sale.
The auction lasted three days, and realised, after
deducting expenses, £B5O 2s. 2d. Mr. Lewis told
witness the sale took place to pay Mr. Wadge's
debts.

Mr. Thomas O'Sullivan, foreman to Mr. Rispin,
pawnbroker, Charlemout-street, was next examined.
He proved that between August, 18G6, and Decem-
ber following, Mr. IVadge personally pledged at
Mr. Rispin's offices various valuable articles of
jewellery, including diamond lockets, brooches,
rings, bracelets, &c., upon which was lent altogether
£399. The articles, if sold by auction, ought, in
witness's opinion, to realise £lOO more. There was
about £5O due for interest on the pledge. Mr. Lewis,
accompanied by a gentleman, came three times
to see the property. His latest visit was on Sa-
turday hat.

➢ir. E. B. Curragh proved that Mr. Wadge, Mr,
Solume, and Mr. Lewis were partners in the Dublin
Flax Spinning Company, having mills at Chape-
lizod. Witness was manager of the mills. The
shareholders dissolved in October last, after which
Mr. Wadge carried on the business alone till the
failure. Witness remained in charge under the
order of the English Court of Bankruptcy.
,Re-
ceived some letters from Mr. Wadge since he went
away. The last was three or four months ago.
Sent his letters to his brokers in Liverpool to read
them, and never got them back. The first letter
came from Paris, the last from New York. Heard
that Mr. Wadge was in London. There was a
great deal of tattle about Mr. Wadge since he went
away, and some persons said he was in New York,
others in London, and others again in Dublin.
Witness's wife told him that day that she heard
that Mr. Wadge was seen recently in Dublin.
Witness would make out a list of the machinery in
the mills. There was property of Wadge's in agents'
hands, but it was all known to the assignee.