The Sun.
London, England, 1866-03-23 00:00:00

IMPERIAL PARLIAMENT

HOUSE OF LORDS-THIS EVENING.

The Royal Assent was given by Commission to the fol-
lowing bills :—Princess Helena's Annuity, Prince Alfred's
Annuity, Consolidated Fund (£19,000,000) National Debt
Redemption, Janiaica Government, Marine Mutiny, and
Mutiny
•

The'bormnissioners were the Lord Chancellor, Viscount
Sidney, and Lord Foley.
The sitting was suspended until five o'clock, when the
Lotto CHANCELLOR resumed his seat on the woolsack.

PARLIAMENTARY OATHS BILL.
Lord SONDES presented petitions from Norwich and
other places against this bill.
CAPITAL PUNISHMENT.
The LORD CHANCELLOR brought in a bill to amend
the law relating to capital punishment, founded on the re-
port of the Capital Punishment Commission, which was
read a first time. He said he proposed to move the second
reading of the bill on the 17th April.
PRIVATE BUSINESS.
The following bills were read a third time and passed:—
Letterkenny and Londonderry and Lough Swilley Rail-
ways, Barry Harbour, Barry Railway (Alteration), and
East Louden Railway (Additional Powers).

CONSTRUCTION OF RAILWAYS,
Lord REDESDALE called the attention of the house to
the fictitious character of the financial arrangements for
the construction of railways by almost all newcompapnrieos_
and by many already existing, and to the manner in which
public interests, and of those of landowners, railway
prietors generally, and of the holders of railway com-
panies' mortgages and debenture stocks were thereby
affected, and moved that the report of the select committee
to whom the Cork and Youghal Railway was referred be
printed. He said that noble lords who were acquaintad
with railway matters must be aware of the facility with
which money had been acquired for the construction of rail-
ways even at the time of the railwaymania, when there was
such an unprecedented demand for money. Originally- for
these undertakings a subscription contract was required,
and a certain amount of money was deposited. That con-
tract was a substantial one, and was in operation up to the
year 1847, but it had eeased at the present time. A certain
amount of money, instead of being deposited, was bor-
rowed, which represented merely the respectability of some
persons on whose credit it had been obtained, and being
borrowed at a very large interest was an actual
encumbrance and loss to companies. In fact a
large number of these railways wero promoted by
contractors and lawyers without any reference to the
requirements of the districts which they traversed, or to the
interests of the persons who had been induced to take
shares. The effect of these lines promoted in the way he
described was actually to prevent large companies con-
structing railways which they would be able to work
beneficially to the public and profitably to the share-
holders. He referred to the evidence obtained
before committees on this subject in support of his views,
and to show the existing system. The extent to which
the borrowing powers possessed by the promoters of these
companies was carried was a great evil, and necessarily
calculated to cause embarrassment, and in many cases
utter ruin to the shareholders. So long as these practices
were permitted there could be no security in railway
stocks. He adverted to the practice of paying dividends
out of capital, and said that numerous tricks were resorted
to under the present system, and cited some instances of
the same with which he had become acquainted. Amongst
the other evils the noble lord had pointed out was the
great
cost in the construction of railways which was necessitated
by the present system. It had been said that if any check
were imposed upon that system it would also check rail-
way enterprise, and he believed, to a certain extent, that
would be the case. He contended that when money was so
freely expended in mining and other speculations in
foreign countries, their was no reason to apprehend that-
railway schemes would be seriously affected provided a
wholesome restraint were placed on speculation in their
undertakings.

[LEFT SPEAKING.]

HOUSE OF COMMONS—Tins EVENING.

Mr. DODSON (deputy-Speaker) took the chair at four
o'clock. -
NEW MEMBERS.

Mr. WHITMORE took the oaths and his seat for Bridg-
north, and Sir E. LECHMERE for Tewkesbury.

PRIVATE BUSINESS.

The following bills were read a third time and passed :
Dublin Port Acts Amendment, Dublin Port (Docks),
Elham Valley Railway, Kidwelly and Burry Port Railway
and Burry Port Amalgamation, Leicester Cattle Market,
&c., and Rathmines and Rathgar Improvement.

ilattigar Imp.
NEW WRITS.
A new writ was ordered to be opened for the election of
a member for Ripon, in the place of Lord John Hay, who
since his election had accepted the office of a Lord of the
Admiralty.
A new writ was ordered to issue for lioniton in the room
of Mr. Goldsmidt, deceased.
IAVAL ORDNANCE.

In reply to Mr. WHITE,
The Marquis of lIARTINGTON said it was quite true
that two 15-ton 9-inch Whitworth guns, at the cost of
£3,000 per gun, had been so ordered at the re-
quest of the Lords of the Admiralty. The Secretary of
the Admiralty could furnish that information which was
not in his(the Marquis of Hartington's) power to give, viz.,
the name of the vessel in which these guns were to be
placed. There would be no further competitive trials be-
tween the Armstrong and Whitworth gun'. There would
be no objection to the returns the hon. gentleman had
asked for.