The Sun.
London, England, 1866-06-05 00:00:00

PRIVATE EI7SINESS.

The following bills were read a second time:—Metro-
politan Railway (Additional Powers), Glasgow (City) Im-
provements, &c., South Yorkshire Railway, Wrexham and
Minera Railway, West Riding and Grimsby Railway
(Transfer), and Presteign, Clun, and Bishop's Castle Rail-
way.

The Barnsley Local Board of Health Bill, the Clee-
thorpes Gas Bill, and the Bridgewater and Taunton Canal
and Bristol and Exeter Railway Bill were read a third
time and passed.
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PRIVATE BILL S.—RAILWA Y 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 these
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 bo subjected to grave restrictions so
as to prevent what might result in commercial disaster.
He referred to different prospectuses to show the extrava -
gent 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
the logseness in which the business of these in-
cipient railway undertakings wore 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 tho 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 coalition of the financial matters. It could not
be denied that in the cases of many of these companies the
amount of capital represented bore no proportion to the
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, he contended,
were quite unfounded.

Lord CLANRICARDE objected to a different trroatment
of railway companies than that of other companies. If
such requirements as were now proposed were to be en-
forced the public interests would suffer, for new lines could
not be made by existing companies, and funds for a pro-
spective scheme could not be obtained in advance. He con-
tended that it was not the business of Parliament by its
standing orders to intervene between railway directors and
their shareholders, and thinking it desirable that the ques-
tion should be more fully considered, proposed, as an
amendment, that a select committee be appointed to inquire
into the expediency of amending the standing orders re-
lating to railways.

Lord LANSDOWNE supported the original motion.
Lord HARRIS gave some explanations in vindication of
the London, Chatham, and Dover Railway Company, which
had been referred to by Lord Redesdale, and objected to
the proposed additional standing orders, as liable to pre-
judice railway enterpris9 and public interests.
Lord GREY regarded the formation of branch lines as
of great public importance, but thought that Parliament
should take care that powers for making such lines were
granted only to those who were likely to carry them out,
as at present many scherr3s were put forward by con-
tractors and others solely to compel existing companies to
purchase their interests.

Lord PORTMAN pointed out various objections to the
proposed standing orders, and recommended the appoint-
ment of a committee.

Lord STANLEY of ALDERLEY thought the proposed
changes were too extensive to be suddenly adopted, and
supported the amendment.

The Duke of CLEVELAND dissented from that opinion.
Lord GRANVILLE, acknowledging the public services
rendered by Lord Redesdale, urged upon him the propriety
of submitting the subject to fuller inquiry.
Eventually the motion and the amendment were with-
drawn, upon an- understanding .t.b.at
should be appointed to consider the subject.
Their lordships then adjourned.

HOUSE OF COMMONS—LAST EVENING.
Tho 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 flail-
way,Midlaud Railway (Settle to Carlisle), North Metropo-
litan Railway, Southgate and Colney Hatch Gas, South
London Market.