The Sun.
London, England, 1867-05-31 00:00:00

report of the commission that id Totnes, where the
'total number on the register was 421, there wore 158
bribers and bribed, or 38 per cent.; in Reigate, 912 on the
register, and 346 bribers and bribed, or 38 per cent.; in
Yarmouth, 1,647 on the register, and 528 bribers and
bribed, a little less than 32 per cent. And we must bear
in mind that this is not the first time Yarmouth has been
before us. (Hear, hear.) On a former occasion the house
passed a measure of disfranchisement of the freemen, who
contribute very highly to the category of guilt on occa-
sions like this. In Lancaster, there were 1,498 voters on
the register, and 916 bribers and bribed, or 64 per cent.
But it is only fair to say that out of 980 freemen, 708 are
corrupt; and out of 439 householders, nearly as many.- He
could not agree in the wish these cases had been dealt with
in a separate bill. In this country, in a case of this kind
we generally push a good principle to excess. In the re-
gard for the sacredness of private rights, which is the
foundation of law and order, we are sometimes apt to fol-
low Mere phantoms and simulacra of right which we fall
down and worship, as if they corresponded substantially
with that definition; and sometimes real public right is
sacrificed to imaginary private right. (Hear, hear.) Ho
could not agree with the hon. member for Birmingham
that we are unable to deal impartially with this subject
on the present occasion, for the number of seats to be had
from each borough is not likely to blind our view with
regard to the general question of the redistribution of
seats. Ho trusted that the Government will accede to the
motion of the hon. member for Wick, or some such motion
with regard to the redistribution of seats. He supported
this clause on this principle, that local communities must
in a case of this kind be held responsible for the acts of
large portions of its members. (Cheers.) And that proposi-
tion is strengthened when you recollect that in all these
cases, besides the number of individuals whose corruption
you prove, there is a further percentage of corruption
which you fail to prove, and beyond and above that, be-
sides those who are actually tainted with bribery in com-
munities where it has unhappily prevailed, there are others
who wink and laugh at bribery, and make light of it, and
by conniving participate. (Hear, hear.) No doubt there are
many honourable, upright, and perfectly cleah-handed men
who are indignant at such acts, but the proportion of such
innocent persons is not so large as upon an indulgent con-
struction of the case wo might suppose. The question in-
volved by this clause is a very serious one. With regard
to the question of bribery, above all others, we are apt to
beat about the bush. There is nothing so easy as to make
speeches in favour of severe laws against those who take
bribes--and there is nothing so delightful to an excited
andienceas to hear denunciations of those who give bribes
—but our severe penal enactments are almost wholly in-
sufficient for the purpose. It would be ludicrous to profess
to abolish bribery by severe penal enactments against per-
sons in their individual capacity. Ho admitted that the
plan of dealing with local communities is open to the ob-
jection that if they are disfranchised on evidence obtained
largely from them, this may check the disposition in future
to give such evidence. (Hear, hear.) But, on the other
hand, the evidence is reduced to absolute inutility, if on
that account, having made an investigation at the public
charge, you refuse to act upon it. (Cheers.) The
punishment of communties is likely effectually to check
all bribery. We shall create a public opinion in these
local communities adverse to bribery—(hear, hear)—
and it is this, as well as the exercise of influ-
ence and example, to which we must chiefly look for this
discouragement of bribery. (Hear, hear.) Ho could not
for a moment defend any one who, in his ambition to ob-
tain a seat in Pa-liament, has been led to taint himself in
connection with these transactions; but how does it arise?
Not because the candidates have such an avidity for ex-
penditure that they ere determined to force bribery upon
the communities—(laughter)—but because, misled by the
brilliancy of their object, they fall into the operation of a
system ingrained in these communities, mixed up with
their local habits and practices for a length of time. (Hear,
hear.) It is there the source of the evil lies, and there
you must attempt to purify it by the purge of great
severity, if you intend to make any serious effort to re-
form. (Cheers.) Therefore he was anxious this clause,
or ono highly stringent in its enactments, should be
passed. (Hear, hear.) He was not prepared to say he
did no wish to draw distinctions between small and large
communities in this matter. Large communities are at
present without a check which operates upon small com-
munities. The latter know they will be disfranchised. Is
there a man that will stand up for Totnes ? (Laughter.)
But there is a latent sense of the importance of large
communities which tends to weaken the operation of
checks. (Hear, hear.) Consequently we must be pre-
pared to deal with large communities upon nearly the
same principle as small communities—(cheers)—subject to
this exception, that if a community, which has no title to
representation except the fact that it has possessed that
right, abuses that right, there is no argument remaining
to be made in such a case. Ho hoped the Government
will adhere to the stringent measures they had proposed.
(Cheers.) He could not conceive a worse proposal than
that made by the honourable member for Montrose, for
taking away one of the members for a borough which has
a double representation. It is perfectly clear that,
whatever punishment you inflict, you must break the
htbit of bribery. YOl mly do this by total dis-
franchisement, or by disfranchisement for a term
of years; but tc adopt this proposition would be
equal to saying, " You have taken bribes from two mem-
bers, and this is so intolerable that we can bear it no
longer ; but we have no objection to your taking bribes
from one member." (Laughter.) He gave the Govern-
ment great credit for the decisive course which they had
adopted as far as this proposal is concerned, and he hoped
the house would resolutely support them, and he trusted
that the Government themselves will be worthy of the
proposal they had made. (Cheers.)
Mr. H. BAILLIE (who was unable for several seconds
to obtain a hearing in consequence of the calls for Mr.
Lowe, who rose about the same time) said that, inasmuch
as wo were not living under a Mosaic dispensation—(loud
laughter)—he did not see why we should assume the
power of visiting the sins of the fathers for successive
generations upon their children. (Hear, hear.) It would
be more just to suspend the rights of corrupt boroughs for
ten. or fifteen years—(no, no)—and this would be a more
severe punishment than that proposed for Lancaster, as
under the Government Reform Bill, the electors, though
disfranchised for the borough, would become county
electors.
Mr. LOWE wished that the hon. member for Norfolk
(Mr. Howes) would make the discussion more regular by
moving to leave out the borough of Yarmouth from the
preamble. (Hear, hear.) He wished to call to the mind
of the house certain considerations which had not been
brought prominently before it. Rather less than a third
of the electors of Yarmouth ere proved to be guilty of
corrupt practices. And if it were so, that the case
stands now as it did when the offences wore committed,
or when the commission reported, er the Government
introduced the motion, he should have no difficulty in
voting for the disfranchisement of the borough. But
the case does not stand so now. Since that time we
had gone through a revolution. (Cheers.) The prin-
ciple upon which the franchise was to bo conferred was
that it wss a privilege or trust, or agency deputed to
certain places which were thought fit to exercise it
for a public good. The principle upon which it was
now conferred, phrase it how we may, was the right of
every citizen who had a settled residence in the country
to be represented in Parliament—(hear, hear)—and there-
fore they should well consider whether the principle in
respect of bribery, which was applicable in the past, could
be applied to the new state of circumstances of the coun-
try. If they took the gross number of inhabitants in any
particular borough and divided it by seven, they would
arrive at what new constituencies will be. Applying that
rule to Great Yarmouth, its constituency of 1,650 will be
increased by something lik 4,500 voters. The right hon.
gentleman the member for South Lancashire said that
they should punish the innocent with tho guilty. Granted;
but upon what principle ? Were they going, because of
the fault of 500 voters, to prevent coming into being 4,500
electors, who otherwise would be admitted to the fran-
chise under the bill ? (Hear, hear.) It was said that they
would contaminate the new voters ; but was it to go forth
that the House had no confidence in the new constituen-
cies ? (Hear, hear.) Was the House prepared to admit
that they were not to be entrusted with the franchise?
There was another consideration. The right hon. gentle-
man the member for South Lancashire argued that the
size of the borough had nothing to do with the question ;
but if they laid down that rule, ha fancied that they would
and by disfranchising all the borough constituencies in
the country. (Hear, hear, and laughter.) He had no par-
ticular sympathy with transactions such as those which
took place at Great Yarmouth, but as ho was convinced
that, as in America, we shall have to wink at bribery in
the new constituencies, ho thought the House should act
warily in the matter—not as if thoy were at the fag-end
of an old system, but at the beginning of a new one. It
would be of evil augury for the plan which they were
e elaings
thr a
which
aofibofr
sttuh
etc
atsoperecosetta
tht
delinquency
ntwhgoeuryeenlse,ye
r obligedebyasakt
an
absolute
asked
tolcommenceay drreversal
in
vwenrtshianel
the disfranchisement of Groat Yarmouth. (Hear, hear.)
Mr. HOWES contended that a system of disfranchise-
ment,i if carried indiscriminately into effect, was one of the
worst things that could be devised.
Mr. BRIGHT said that whatever opinion hon. members
might hold upon the question, they would all find that it
was very unfortunate for a fair discussion and determina-
tion of it that the case of the four boroughs should be
rought before the House on a clause in a bill of such mag-
nitude. He believed that since the Reform Act of 1832
Only two boroughs, Sudbury and St. Albans, had been dis-
franchised; but he ventured to say that if those boroughs
had been of the size of Lancaster and Great Yarmouth they
never would have been disfranchised. They wore dis-
franchised, in the first place, because they were so small
that they ought not to have existed at all; and, secondly,
because being so small, there was no expectation that there
could be created in them any constituency of a less cor-
rupt and more reliable character; so that their represetlta-
tion in the futura would be satisfactory and creditable to
the country. What was the true course in the case before
them. This—to disfranchise every individual elector
whose corruption had been proved. Their name, were
known ; they were on the table. (Hoar.)
.The proposition

of the Government was that the four thousand innocent
should be punished with the five hundred guilty ; but the
proposition was so monstrous that he was surprised the
Chancellor of the Exchequer should have put it in the bill;
he was astonished that the right hon. gentleman the mem-
ber for South Lancashire should have supported it, and he
should be amazed if it received the sanction of the house.
(Hear.) His hon. friend and relative would forgive him for
referring to what had taken place in Wakefield. At the
general election of 1859 it was found that extensive bribery
prevailed in that borough, and one of the most honourable
and conscientious men living, having unfortunately come
in contact with the system, had almost become inex-
tricably involved in it. (Loud laughter.) if there
were no honourable and conscientious men who had been
connected with bribery, ho could only say that he should
form an unfavourable opinion of many he saw around him.
(Renewed laughter.) But the committee knew what took
place in the case of Wakefield. There was a commission
and a full inquiry, but the borough was not disfranchised.
When the next election came round his hon. friend and
relative determined to have nothing more to do with it ;
but the constituency having felt thatthey had suffered from
what had taken place, entered into an agreement to return
him without canvass and expense, and gave
.a pledge at the
same time not to resort to bribery. Tho result was that the
borough of Wakefield was restored and bribery discon-
tinued as far as the party of his hon. friend was concerned.
The right lion. gentleman then referred to the boroughs
disfranchised in schedule A, but those boroughs wore dis-
franchised on the ground of general policy, because they
were not in any sense a representation of the people, and
that their members should be given to large towns and
cities, where they would represent a considerable amount
of public opinion. The right course in the present case
would be what had been suggested—that the writs should
be suspended. (Cries of "No, no.") There was no man in
the house to whom corruption was more odious than to
himself ; but he would never consent that many hundreds
of innocent men should be perpetually disfranchised, and
the great population of Lancaster and Yarmouth perpetu-
ally excluded because a small number of electors in one
generation had been guilty of the offence.
Viscount CRANBORNE thought there was danger of
the committee being misled by the term " disfranchise-
ment." If they said to the people of Yarmouth that they
never should have any share in the representation of the
country, in that case the punishment would be out of pro-
portion to their guilt.
Mr. H. VIVIAN said he would support the clause, as he
believed there was a desire on the part of 9. large number
of the respectable inhabitants of Great Yarmouth that the
borough should be diefranchised;
Mr. P. WYNDHAM made a few observations which
were not intelligible in the gallery owing to the loud and
constant cries of "Divide" on both sides of the house.
The CHANCELLOR of the EXCHEQUER said that
the Government had not proposed the present clause
without the most matey, and anxious consideration, and
the conviction that it was ono which was justified by
sound policy. The charge of the hon. member for Bir-
mingham, that the Government wore proceeding in the
present course because it suited the convenience of their
other arrangements, bad no foundation in justice. (Hear,
hear.) On the contrary, they were anxious that the
clause, if carried, should be carried by the general sense
and feeling of the committee; as it was only by such
means that it would have the moral effect which it was
desirable it should produce. The more ho considered the
question of bribery and corruption the more firmly was he
convinced that the practice had very little effect upon the
fortuues of parties, however it might gratify the ambition
and vanity of individuals who wished to force their way
into a position into society. ([Lear, hear.)
After a few words of explanation from Mr. Bright, the
amendment to omit the words " Groat Yarmouth" was
negatived without a division.
The CHAIRMAN then put the preamble of the clause
The committee then divided, when there were—
For the preamble
Against ... •
Majority •.. _276
Colonel PATTENthen moved to omit Great Yarmouth
and Lancaster, with a view of moving at the end of the
clause that the writs for those boroughs should be sus-
pended for ten years. This ho submittted would be
punishment enough.
Mr. ACLAND suggested that the period of suspension
should be 23 or 30 years, and Mr. BAXTER that it should
be 15 years.
Mr. GLADSTONE observed that if mercy were ex-
tended to any of those boroughs it ought to be extended
to Reigate. If the suspension were to be continued till
1887 he should support it.
Lord CRANBORNE pointed out that by suspending the
writs they would not turn these electors over to the county
constituency, but they would not be represented at all.
The discussion was continued for some time longer, Mr.
Ayrton, Mr. Cubitt, Mr. Gurney, the Solicitor-General,
and Mr. Cardwell arguing in support of the clause, and
Sir G. Bowyer, the Marquis of Hartingten, Mr. Gilpin, and
Mr. Dillwyn supporting the amendment. Mr. Read pro-
tested against the constituency of East Norfolk being con-
taminated by that of Great Yarmouth being added to it,
and Mr. Wyld suggested that instead of disfranchisement
they should try the ballot.
The CHANCELLOR of the EXCHEQUER contended
that the policy recommended by the Government was the
right policy. The mere suspension of the writs would be
looked upon by the country as mere trifling. Ile believed
a great effect would be produced by disfranchising those
boroughs.
On a division the amendment was rejected by 159, to 87,
and the clause as amended was agreed to.
THE REPRESENTATION OF MINORITIES.
On clause 9, which enacts that the boroughs mentioned
in Schedule A shall return one member of Parliament,
Mr. MILL proposed an amendment, which he said was
intended to embody a principle not yet introduced into the
discussion, overlooked by the constitution, and disregarded
in most theories of political reform ; yet of great impor-
tance. The proposal will not give a weapon of attack or
defence to any party ; it is neither democratic, aristocratic,
Tory, Whig, nor Radical; bat partakes somewhat of
all these qualities. It is to give fair play to all opinions of
all parties, so that
.none may bear down another. He
should assume the existence of a serious evil requiring a
remedy ; and that this remedy would be practicable an
efficacious. The evil is, that the electors already on the
register are not represented. The representation about
the extension of which the house is inquiring
imswtushilshooetittstipti ntse
aoidosrfslotioamffi proportion
mieitnriemeonodr imperfect
tttoriiiefnloesetf:httctehnhoeonorreenhienl
naisetelgeci
h;nti
iotte
ehrtdhsdae. net
yoadd
at all,
this
duration
ie,osbne
nobeo
enuori n-s
-ft
newasseentliddet uiwccrtleeihanocisocntns iesyeaussorf insufficient
efupw:
minorities : often blotted out for an indefinite period just
as much as if they were disqualified. They cannot, on the
average, be less than one-third, and sometimes approxi-
mate to one-half of the constituencies. Even the majori-
ties are represented only in a rough way. Their represen-
tative really only represents their party. This is not
enough. We want in the House of Commons not only a
sufficient number of Conservatives and Liberals, but the
best persons and representatives of their respective parties.
The elector desires to bo represented by the person who
has most of his confidence in more than party matters.
How many electors in this country are represented by the
persons they would most prefer? Not one. (" Oh, oh,"
and cheers.) Well, the only electors who are so repre-
sented are those who have been bribed. A candidate's suc-
cess is determined sometimes by his being first in the field ;
sometimes by his having been defeated at a previous elec-
tion ; but most commonly by local leaders, who may be
honest politicians, or jobbing intriguers—(no, no, and, hear,
hear)—who like the gentleman who is willing to pay most
money. (Loud cheers and counter cheers.) It answers best
to put up some person who has no opinion but those of
party, for if he has 'any others they will probably cost some
votes. (Hear, hear.) Having made out a sufficient case
—(laughter, and hear, hear)—of the evil to bo corrected,
he would state the remedy. His proposal was that votes
shall be taken in every locality for other than the local
candidates ; that those electors who decline to vote for any
of the three or four candidates in their locality should have
the power to bestow their votes on any one who is a can-
didate anywhere else. (Prolonged laughter.) The natural
result will be that the elector will vote for the person among
the whole number of candidates who represents him best;
and when a certain number of votes have been given for a
candidate, he will be declared duly elected. It is objected
that this plan would destroy the local character of repre-
sentation. (Hear, hear.) But the feelings and opinions of
localities would be represented so long as these feelings
existed in the minds of the electors, and as every elector
must reside in a locality. But in certain districts a majority
of the electors will always prefer to be represented by some
one connected with them by some special tie. It will be
minorities, who know they cannot obtain local representa-
tion, who for the most part will avail themselves of the
new plan. With regard to the majority, the effect would
bo to induce local leaders to bring forward the best local
candidates who can be obtained, because voters having
the power to carry their votes elsewhere, would demand a
candidate deserving of their votes. Let every elector
have the option of registering himself, either locally or
generally ; lot borough elections take place on the local
register, and lot those electors who register them-
selves as members of a national constituency have
members allotted in due proportion to their numbers,
and let those only be voted for on the new principle. To
prevent a few popular names getting all the votes, 3,000
might be the minimum number of votes necessary to
secure the election of a candidate; but all votes regis-
tered above this number for a certain candidate would be
lost, unless each voter was permitted to put on his v)ting
paper the name of a second candidate for whom his vote
might be used if it were not wanted for the first candi-
date. This is all the voter will have to do more than at
present, the only person on whom additional duty will
devolve being the scrutineer. He had given a simple, true,
and sufficiently full explanation of what many of you have
beard about, but which very few know much about—(hear,
hear, and laughter)—the plan of personal representation
of his eminent friend Mr. Hare. (Hear, hear.) Is a re-
presentation of parties all we have a right, to demand ?
Ii
that were the case, it woad be as well to get up three

... 325

flags, inscribed respectively " Tory," " Whig," and
"Radical," and when the electors had made their choice,
let the leaders of the winning party-nominate the persons I
to represent them. (Laughter.) We desire that this
house should represent the opinions of the country, and
this system would make it the express image of the nation.
(Hear, hear.) Its principle is neither specially Liberal
nor Conservative, but in a high degree both. Conserva-
tives chiefly deprecate any plan of parliamentary reform
by which there would be danger of some class of the com-
munity being swamped by the others ; but by this pro-
posal no feeling of interest which had among its adherents
several thousands of tho electors need be without a repre-
sentation in this House proportionately to its numbers.
Minorities would have the power of being heard by the
best organs they could procufe. On the other hand, he
claimed the support of democrats for this proposal, as it is
the only possible realisation of their political principles.
The true principle of democracy is, that everybody should
be represented and represented equally. Is an elector re-
presented by a member against whom he voted ? In the
present mode of taking the suffrages nobody is represented
but the majority. But this system is unjust to both the
majority and the minority, and moreover affords no
guarantee that the majority which seems to prevail repre-
sents the majority of the electors. The practical working
of the plan will always be in favour of those who
would otherwise be in danger of being outnumbered. (Cries
of "Agreed," and "Order.") If the parties in this house
would only give their minds to the comprehension—(laugh-
ter)—of the claims of this plan they would be convinced
that it was the only perfect system. Although this was an
age fertile in inventions, yet it was one. in which very
great improvements in human affairs had actually taken
place. It was an age iu which they had entered upon now
paths, and under circumstances which were entirely un-
exampled in history. They should therefore be neglecting
their duty if they declined to entertain a proposition be-
cause of its novelty. It was not the mare crotchet of an
individual, for it had been many years before the world
and had received the adhesion of some of the most eminent
and thoughtful men in Germany, France, and the United
States. (Cries of "Oh, oh.") In the Swiss Confederation
there was a proposal for organising the constitution upon
the basis of this scheme. With regard to the machinery
with which such a plan could bo worked, neither he nor
its distinguished author was pledged to any particular
mode ; but if the matter were referred to a committee or
commission, a proper means could be devised for carrying
the principle into effect. He begged to move the amend-
ment which he had placed on the paper. (Cheers.)
The CHAIRMAN having put the question, there were
loud cries of "No," but, after a short pause,
Viscount CRANBORNE rose amid cheers, and said that
he must enter his most earnest protest against the mode in
which the hon. members appeared to treat a subject be-
cause it happened to run out of the ordinary course. With
reference to the scheme of the hon. member, they all knew
that it had no chance of being adopted at present. They all
knew instinctively that it had no chance of success ; but ho
did not see that because the scheme was not likely to pass,
it was not a fit thing for the representatives of the people
to discuss, particularly when it was known that it had
been supported by cultivated men out of doors, and
introduced to their notice by a gentleman who held so
high a position in the world of letters as the hon. member
for Westminster. It appeared to him that the remedy
pointed out, if practicable, would only be partial ; for the
real evil was that they were in danger of drifting into a
system of nomination by local political causes. Wherever
the majority would be large it would destroy all special
local interests, and the danger would be that power would
not pass into the hands of the natural leaders of the people,
but into the hands of men who would use it for their own
ends. If they had to do with the philosophers they might
be safe enough; but what they had to dread was that the
unphilosophical mind, which had been worked to a certain
point by the philosophers, would recoil from the safeguards
which those philosophers deemed necessary to counter-
balance their schemes. Although the scheme could not
possibly be tried at the present time, yet he thought the
house had not done justice in not giving attention to a pro-
posal which was supported in a speech of no common
eloquence. (Hear, hear.)
Mr. MORRISON thought there were many objections to
the plan. On the other hand, it carried the principles of
democracy to their logical conclusion.
Mr. B. HOPE objected to the measure on the ground of
its impracticability.
Mr. Sergeant EASEL EE said he did not know whether
the hon. member wished the house to be a house of philo-
sophers ; if so, God help them! He hoped the house would
go to serious bus!ness.
The CHANCELLOR of the EXCHEQUER said he was
glad the subject had been brought forward. It was one
which would, no doubt, in future have the attention of
Parliament; but he supposed the hon. member did not in-
tend to divide the house upon it.
The amendment was then withdrawn, and the Chair-
man was ordered to report progrese.
The house then went into committee on the Court of
Chancery (Ireland) Bill, in which some progress was made.
Tho Exchequer Bonds (.£1,700,000) Bill was read a
second time.
The Metropolitan Police Bill passed through committee.
The Railways (Scotland) Bill was read a third time and
passed.
The Metropolis Subways Bill was read a second time,
and referred to a select committee.
Mr. HUGHES obtained leave to bring in a bill to amend
the Industrial and Provident Societies Acts.
Mr. MiEVOY moved to nominate the select committee
on the Ecclesiastical Titles Bill.
Colonel GILPIN said if this question was pressed it
would be found that the Protestant feeling of the country
would be against it. Ho moved that the committee be
nominated that day six months.
Lord NAAS supported the motion.
Mr. VANCE objected to the composition of the com-
mittee, and suggested that it should be nominated by the
committee of selection.
On a division the amendment was rejected by 69 to 42.
Another division took place on the motion for the ad-
journment of the house, which was moved by Sir B.
Brydges, and was negatived by 70 to 39. Another motion
for the adjournment of the house was then made, and,
' after some discussion, this was agreed to, and the house
• adjo urned, accordingly, at ten minutes to two o'clock.

RAILWAY INTELLIGENCE.

GREAT WESTERN. 1
The committee appointed at the adjourned meet-
arab elinef attentionits a ff
oais
th
,'
e'
business meet-
ing of shareholders on the 29th of March last, " to
consult and advise with the boari of directors in
e n tot r
reference to the financial position of the company
have issued the following preliminary report :
and the organisationaiLdnmsiadne
g
That
tnetshs nteeyaruvse given
entrusted to them. At the time of their
appointment they found the position of the com-
pany the most pressing question which required
their attention, and it is with no little satisfaction
they are able to state that the liabilities of the com-
pany in respect to the floating debt have been dimi-
nished from the sum of £1,300,000, at which it
stood on the 31st of July, 1866, by £654,000. This
has been effected partly by the acceptance of the 6
per cent. stock when originally offered to the pro-
prietors, and partly by the application of the re-
venne of the company to the discharge 'of these ob-
ligations in lieu of the payment of dividend in the
customary form. Hitherto, in spite of the panic
which has affected railway securities, the greater
part of the debentures which have become payable
have been renewed at a moderate rate of interest,
and the interest on debentures, which is now pay-
able at the Bank of England, has of course been re-
gularly met. The committee have satisfied them-
selves, by
pursuance of the Railway Companies Securities Act,
an inspection of the return made in
1866, that the debenture issue is considerablywithin
the limits of the Parliamentary powers, and they
have no hesitation in stating their opinion that no
safer investment can be found than the debenture
stock of the company. Numerous letters approving
the issue of 6 per coat. stock in payment of divi-
dend to meet the financial difficulties of the corn-
pany have been received ; and your committee, on
a review of the past, are confirmed in the judgment
that no better course could have been pursued. It
will probably be necessary to continue a similar
course for a short period, unless a restoration
of confidence in railway securities, which may
reasonably be anticipated, should obviate
the necessity for such an exceptional practice.
And the committee are of opinion that the 6 per
cent. stock is undoubtedly a safe investment, and at
no distant time will probably be in great request. In
conference with the directors, it has been decided to
seek powers in the bill now before Parliament (in
accordance with the strongly expressed opinion of
the shareholders) for reducing the number of direc-
tors, so that the board may consist of not more than
15 nor less than 12, irrespective of the owner of the
Wynnstay estate, who holds a seat under legislative
enactment. In the opinion of the company's solici-
tor, it was not considered desirable to attempt to
make this change without the sanction of Parliament,
which, it is expected, will be obtained without diffi-
culty before the close of the present session. While
much remains for the committee in conference with
the directors (who have given every assistance in
their power) to consider in respect of the future
policy of the company, this will require the most
careful deliberation for its due decision, and much
more information than they yet have had time to

obtain. Certainly, nothing has arisen in the course
of this investigrtion to shake their confidence in the
future prospects of the Great Western property,
although it is apparent that it is now suffering
severely, and must continue for some time to suffer,
from having been overloaded with unprofitable un-
dertakings. If, as may be hopel, the commercial
activity of the country shall recover from the fear-
ful prostration in which the calamities of the past
year have involved it, if railway traffics regain their
normal state—and the wonderful elasticity of com-
merce gives ui reason to suppose that such will be
the case—the receipts of this company in a little
while will again be found steadily on the increase.
It will be the duty of your committee to advise with
the board, and with those of its officers most able to
assist in the work, in what way the income of this
company may be further developed. Edward Smith,
Chairman, Thomas Brassey, Richard W. Giles,
Robert Rankin, Sam. li. Thompson.