The Sun.
London, England, 1866-06-04 00:00:00

IMPERIAL PARLIAMENT

HOUSE OF LORDS-THIS EVENING.

The LORD CILINCELLOR took his seat on the woolsack
at five o'clock.

he
THE ROYAL PATRIOTIC FUND.
EadarolfNthEeLAS
dOn aNi ras al
ti yd ''ftahahtfasepelianege,thhee nwotbahleeddutokeaeakt
hithme
some questions in reference to the Patriotic Fund. Several
discrepancies occurred in the statements made in their
Lordships' house on Friday last, when the subject was
brought forward in reference to the meetings of the Com-
missioners. A meeting took place on the subject, but the
proc,eedings were of a character that required explanation.
The Duke of SOMERSET said that he was not satisfied
with the proceedings of the institution, and therefore
withdrew from its presidency.
PUBLIC SCHOOLS BILL.
The Earl of ELLENBOROUGH presented several peti-
tions from persons who were interested in the maintenance
of public schools in their present state, and who considered
that the applications proposed by this hill would not work
efficiently, praying that the .bill might not be passed into
law.

PRIVATE 1817SINESS.
The following bills were read a second time : —Metro-
politan Railway (Additional Powers), Glasgow (City)
West Riding and Grimsby Railway
provenients, ac., South Yorkshire Railway, Wrexham and
(Tiirnaenrsafeßr), ndaialwaYPresteign, Clun, and Bishop's Castle Rail-
he Local Board or Health Bill, the Clee-
p.s
and the Bridgewater and
Taunton Canal
eßarnsleyoas
Bill,
and Bristol and Exeter Railway Bill were read a third
time and passed.

PRIVATE BILLS.—RAILWAY SPECULATION.
Lord REDESDALE rose to move a series of alterations
in the standing orders relative to private bills, with a
view to reckless speculation. This was particularly requi-
site with respect to railways, from the magnitude of thes9
undertakings. There was plenty of capital in the country,
to complete all these undertakings, and his objection was
directed to the mode in which the capital was raised,
which required to be subjected to grave restrictions so
as to prevent what might result in commercial disaster.
He referred to differeut prospectuses to show the extz ava •

gant prospects that were held forth to induce persons to
embark their capital in speculations that, practically
considered, were not likely to be successful. He
referred to different reports on the -subjects to show
Ole looseness in which the business of these in-
cipient railway undertakings were conducted, and he
referred to one case in which there was no chairman, and
in another where there was no secretary. (Laughter.)
The speculative spirit of the country was so great that
schemes promising to yield a good result were seized with'
avidity Without caution or inquiry. He contended that in
every speculation there should be some capital subscribed
at starting, without which such would be merely schemers,
and not entitled to public credit. (Hear, hear.) He re-
ferred to the case of different railways in course of con-
struction, in which an immense excess of debenture bonds
over capital subscribed was issued, which was a most
unhealthy condition of the financial matters. It could not
be denied that iu the cases of many of these companies the
amount of capital represented bore no proportion to tho
amount of capital subscribed, but persons ignorant of the
real state of the case were induced to become pur-
chasers of stock at a most exaggerated value. He
referred next to the objections that had been taken in re-
spect to legislation on this subject, which ho contended,
were quite unfounded.

[LEFT SPEAKING.]

HOUSE OF COMMONS—Tms EVENING.
The SPEAKER took the chair at 4 o'clock.

PRIVATE BUSINESS. -
The following bills were read a third time and passed:
Barry Railway (Extension), East London Extension
ttail-
way,Midland Railway (Settle to Carlisle), North Metropo-
litan Railway, Southgate and Colney Hatch Gas, South.
London Market.

VOTING PPES. -
SirW. S. MAXWELL asked the
Chancellor of the Ex--
chequer whether, in committee on the Redistribution of
Seats Bill and the Representation of the People Bills
(Scotland and Ireland), he would propose amend-
ments for the purpose of enabling the electors
in the new university constituencies to vote, by
means of voting papers, as the electors of the existing
Universities of Oxford, Ca/nbridge, and Dublin now have
it in their power to do?
The CHANCELLOR of the EXCHEQUER said he
could not give the hon. gentleman an answer. All he
could'say was that the matter was ono that admitted of
discussion without prejudic3.