The Sun.
London, England, 1866-03-24 00:00:00

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 new companies
and by many already existing, and to the manner in which
public interests, and of those of landowners, railway pro-
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 acquainted
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 railway mania, 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 ceased 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 were 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 Ito
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 tho 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. Ho contended that when money was so
freely expended in mining and other speculations in
foreign countries, there was no reason to apprehend that
railway schemes would be seriously affected, provided a
wholesome restraint were placed on speculation in their
undertakings.
Earl RUSSELL, in complimenting Lord Redesdale on
the honourable manner in which he discharged his duties
as chairman of committees, said that the subject to which
he had referred was one that well deserved the considera-
tion of the house.
The Ecclesiastical Commission Dill was read a second
time.
The Marquis of CLANRICARDE having called atten-
tion to the state of the law relating to the tenure and im-
provement of land in Ireland, a short discussion ensued, in
which Lord DUFFERIN stated that the Government in-
tended to bring in a bill in the House of Commons relating
to the law of landlord and tenant in Ireland, and Earl
RUSSELL added that he should have great pleasure in sup-
porting any measure to settle the relations between land-
lord and tenant upon equitable principles.
On the motion of Earl RUSSELL, their lordships ad-
journed until Thursday, the 12th of April.

HOUSE OF COMMONS—LAST 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.
NEW WRITS.

A new writ was ordered to be issued 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 now writ was ordered to issue for Honiton in the room
of Mr. Goldsmidt, deceased.
NAVAL ORDNANCE.

In reply to Mr. WHITE,
The Marquis of HARTINGTON 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 Ilartington's) power to give, viz.,
tho name of the vessel in which those guns wero to be
placed. There would be no further competitive trials be-
tween the Armstrong and Whitworth guns. There would
be no objection to the returns the hon. gentleman had
asked for.
THE IRONCLADS.

In reply to Mr. GRATES,
Lord C. PAGET said the names of the vessels whose
funnels had been lengthened were the Royal Oak, the
Warrior, and the Black Prince. The addition has been
made in order to try an experiment, which, if successful,
the arrangement would remain, and others would be fitted
and tried accordingly.
BUSINESS OP THE HOUSE.

In reply to Mr. B. COCHRANE,
The CHANCELLOR of the EXCHEQUER said on the
9th, the first day of the house meeting after the recess, they
would proceed with the miscellaneous estimates, as usual.
After that, on the 12th, they would take the second read-
ing of the Franchise Bill; and after the second reading of
that bill he would bring forward the Budget. Probably
that was a bill of faro quite enough to satify the house.