The Sun.
London, England, 1844-07-03 00:00:00

MARKET NEWS-(THIS DAY.)

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state,at
9 oth free and in bond,
so little was doing that the rates were almost nominal. Owing
to the fine showers, the business doing -11 i all II
spring Corn was
very trifling, at, in some instances, lower rates.
ARRIVALS.
• Barley. Oats. Flour
60 qrs. 3,410 qrs. I,E7osacks.
1
1,60,) --
8,910 ---

Wheat.
1,700 Ors.
Irish
Foreign 10,12)
Malt4:81TIO qts•

WEIXTECHAPZi..
Prime Mutton was in steady demand, at full prices; other-
wise the trade was dull. Beef, from 2s 2d to 3s 4d ; Mut-
ton, 2s 4d to 3s 8d ; Lamb, 4s to 5s ; yea], 3s 4d to
4s 4d; and Pork, 2s 4d to 4s per Sibs.

!'TONE Y AND COMMERCIAL NEWS.
CITY,
QUARTER TO THREE.
The demand for Cotton at Liverpool continues unabated, and
full 7,000
bales have changed hands at very firm rates. Ex-
porters took 600 bags, and speculators 1,500; the sales com-
prising 250 Egyptian at bid. to 7d.; 100 Pernams at 6d. to
Cid.; and the rest American, at 31id. to sjd. per lb. Grand
Junction
dull. Birmingham and Gloucester, Birmingham Shares93l ; in
Eastern Count ies , eest, but otPer--
hers
petnal, 1/. Os. 10d ; Grand Junction, 222 ; Ditto Half, 111 ;
Great Western, Fifths, 23; London and Birmingham, 2184 ;
Ditto 321. Shares, 36 ; Manchester and Birmingham, 65* ;
Midland Counties, 94i ; North Midland, 944 ; North Union,
98; South-Eastern, New, 10i.
We learn from Liverpool, that most extensive and rather
important sales of foreign timber are coming on there in a
few days, and that large-sized chair and richly-figured table
wood, with superb veneer wood, in log and curl, from the best
cutting districts—including those of the city—are insured to
all who may attend the sales. For a series of years no such
import has been offered to the trade, and such buyers
as may not visit this next periodical sale here will
be deprived of a treat or a benefit to themselves, which
they may not meet with again for a very long time. We
are assured, on the best possible authority, as well
as the public prints, that owing to the revolution in the
island the cutting of mahogany has been suspended, and that
for a long time the supplies from St. Domingo must be ljrnited.
There being sufficient time before the sale for these purposes,
it is hoped that the cabinet-malting trade will test these
representations by a personal examination of the several
: Domingo trade ;indeed,
cargoes, and by inquiries through disinterested merchants in
the St
experienced residents here
will confirm what has been said descriptive of the woods now
in port and the state of the island abroad.
The Bristol Share report of Sohnes and Ts ipp, just to
hand, in reviewing the movements of the past month, points
with reason to the increased traffic of the Great Western line,
as the cause of the recent advance in its market value, and
states that Bnstol and Gloucester remain quiet, be-
cause the speculators feel disposed to wait the result
of the first two or three weeks traffic. The Bit,
mingham and Gloucester traffic is represented as
having decidedly improved under the new management,
and Birmingham and Grand Junction have both rallied from
the panic into which the differences had thrown them. The
allotment of the new 501. shares for the purchase of the
Leeds and Selby line has taken place, and they are recom-
mended as a good investment at the present rates.
The result of the debate on the motion of Mr. Duncombe,
in the appointmept of a Secret Committee to inquire into
the practice of the Home Secretary, and it seems, of his pre-
decessors, is not relished in the City. There is, we are told,
more than one instance of mercantile letters having suffered
the same indignity as those of the Italian, the secrecy of
whose correspondence has been violated by the Post-office.
There has been an improvement in the Funds to-day, and
some of the speculators for a rise begin to show front against
the Bears. They have taken Consols at 08, to 98g. Ex-
chequer Bills have remained at 735. to 755. premium. Bank
Stock is worth 1981. The Reduced Three-and-a-Half per
Cents. arc up to 102 a.
The Foreign Securities have been rather buoyant also;
Spanish Actives have touched 23i1, ; and the Three per
Cents. 33i tr. There has hem a great deal doing in them.

Portuguese Converted Stock, ex-dividend, realised 454 to 4.
Mexican Bonds are steady at 35} to 1. Dutch Two-and-a-
Half per. Cents. have been at coi to 644.
The Railway Shares have been better supported, and Bir •
mingham are lively. The French lines are also in more re-
quest. In the miscellaneous shares there is not much doing.
BRITISH FUNDS THIS DAY AT ONE O'CLOCK.
(From the 021cial List.)
Bank Stock 106%
3 per Cent. Reduced Annuities
p% per Cent. Reduced Annuities 102%
New 3% per Cent. Annuities 102%
Long Annuities, Expire sth Jan. 15E0....
Consols for Open ng 98%%
Exchequer Bills, l%d. I%d
1,0001. ..... .............. ..... 73 pm.
5001 ........... 73 pm.
Ditto Small
Ditto Advertised..„..... pm.
FOREIGN FUNDS THIS DAY AT ONE O'CLOCK.
Columbian Bonds
___

Mexican Bonds, lt-137, 5 per Cent.
Ditto for the Account 351n1
Ditto Deferred Stock 15%
Portuguese Bonds, 5 per Cent .....
Ditto Converted 4514
Ditto for the Account
Spanish Bonds, Five per Cent 1840 2.3 1414
Ditto for the Account :1.3
Ditto Three per Cent.
Ditto for the Account
Dutch 21/t1 per Cents ..... ..... 1014%
Dutch 5 pet Cents. lOO%
New Loan, 4 per Cents. (1814) . 99%
PRICES OF SHARES THIS DAY AT ONE.
RAILWAYS. PAID. PER SHARE.
Birmingham and Gloucester IOO
Chester and Holyhead 5 4% to
Eastern Counties
Ditto New Registered V. Gs. Ad.
Great Western
Ditto % Shares
Ditto Fifths
London and Birmingham. lOO .......220 219 to 2-ZO%
Ditto New Thirds
Ditto 1,4 Share-
London and Blackw.,ll 16%
London and Croydon
Midland Counties
Ditto 14 St-ares
Newcastle and Darlington Junct. :21
South Eastern and Dover
Trent Valley
York and North Midland
Ditto % Shares 35 52% to
Ditto Scat boro' Branch - -
. _ _
...

Orleans, Tours, and Bordeaux... 1 - I% ...... to
Paris and Orleans
Parisand Rouen 2O ... to

MANCHESTER STOCK. EXCHANGE, JULY 2:--We cannot
report any improvement ia the state .of our market to-day.
Manchester and Birmingham Quarters, 34 premium ; Shef-
field and Manchester Quarters, 11 ; Lancaster and Preston
New Shares, 12s. 6d. premium ; Manchester 'and Leeds, 106
to 107 ; Edinburgh and Glasgow, 63 to 64; North UniOn,:p
to 100.

IM PE RIAL PARLIAMENT

(THIS DAY.)

HOUSE OF COMMONS.
The SPEAKER took the chair at Twelve o'clock.
The Hon. ARTHUR HENRY COLE took the oaths and his
seat, as Member for the borough of Enniskillen, in the room
of the Hon. Henry Arthur Cole. The Hon. Gentleman was
introduced by Sir J. Y. Buller, and Sir Philip Egerton.
RAILWAYS BILL.
On the motion that the Order of the Day for going into a
Committee upon the Joint Stock Companies Registration
and Regulation Bill be now read,
Mr. HAWES said he should oppose the Bill. He believed
the Bill was imperfectly understood, and it was not known
that the Bill would be proceeded with so soon. From com-
munications which he had with several persons, he found
that the provisions of the Bill were not known to joint-stock
Companies. The provisions of the Bill were not merely ap-
plicable to future railway companies, but to existing rail-
way companies. They were of such a nature, and went into
such minute details, that the Bill, if passed, would throw the
greatest possible obstruction in the way of joint-stock com-
panies, presentand future. It seemed to be the object of her
Majesty's present Government to interfere in everything and
to settle nothing. The great object of the Committee which
sat on this subject was to prevent the formation of fraudulent
companies, by which the public would be likely to suffer.
But this Bill would not prevent the formation of fraudulent
railway companies. It did not merely apply to future com-
panies, but it said that existing companies required the su-
perintendence of the Executive Government. Tbis was an
attempt to grasp at power which was perfectly unprece-
dented. The Bill not only applied to future companies, but
to existing ones, and it went into details to' n extent which
was perfectly absurd.; It even gave directors a power to
appoint menial servants. 'ln fact there was no kind of petty
legislation which this Bill did not embrace. He thought
they had a right to know what was the opinion of her Ma-
jesty's Ministers generally.—(Hear, hear.) The Right Hon.
Gentleman (Mr. Gladstone) seemed remarkably hostile to
the employment of capital in those great undertakings to
which this country was so largely indebted.—(Hear, hear.)
From beginning to end joint-stock companies were to be
placed under the control of the Board of Trade.
The Bill had been materially altered since it VMS first printed,
and very extensive powers had been given to the Board of
Trade in reference to railway companies--(an expression of
dissent from Mr. Gladstone)—and insurance companies.—
(Hear, hear.) He would join issue with the Right Hon.
Gentleman in reference to railway companies. The Right
Hon. Gentleman intimated that the Bill did not apply:to
them. Now in clause 76
The SPEAKER here interrupted the Hon. Gentleman by
informing him that until the order of the day had been read,
he could not discuss the clauses of the Bill.
The order of the day was then read.
On the motion that the Speaker do leave the chair,
Mr. HAWES said the Right Hon. Gentleman had intimated
that the Bill did not apply to railways.7("No,"frem Mr. Glad-

stone.) Then he would assume thal it did apply to them ; and
indeed, he could conceive of no company to which it did not
apply. The insurance companies had been included recently,
and he thought they ought to have had notice. His great
object was to elicit a clear exposition of the principles and
intentions of the Government. To the Bill itself he enter-
tained three objections—first, that the interference took
place without sufficient notice to the several companies ;
secondly, that the interference was minute to a degree, which
would be destructive of the proper management of the com-
panies; and, thirdly, that the Bill gave to the Board of Trade
a degree of power in reference to joint-stock companies which
it ought not to possess. He would be glad to know
what necessity there was for a measure like this. Had there
been that extent of fraud and deception in the formation and
management of joint-stock companies, which alone could
justify such an interference ?, He maintained that there had
not. The evidence taken before the Committee on this sub-
ject was of the most unsatisfactory character. The chairmen,
directors, and shareholders of joint-stock companies had not
been examined as to the practicability or necessity of the
scheme. One of the principal witnesses was Sir Peter Laurie.
Another was a solicitor, who, by his own confession, had had
pqtni questionable
i which
would justify the proposal of that measure. The Hon. cahgarreaacttedre. al
Ittoldvaos wniotltf
euvniddeerntcaekionig. sthoaf
Mem-
ber concluded by moving that the House should resolve itself
tadve7cri
into Committee on the Railways Bill on that day six months.
Mr. HAY TER seconded the motion. The Bill was one for
giving to the Board of Trade unlimited control over all joint-
stock companies. Every document even connected with the
companies was to be sent to the Board of Trade. The Board
of Trade by this measure was assuming to itself all those
powers for the purpose of making itself an irresponsible tri-
bunal, and enabling it to throw a net over every company,
from which they could not escape. That was the real object
of the Bill. Every penalty fixed by the Bill was, he would
venture to say, unknown to the Constitution, enormous in
amount, and unexampled in all times. But then it
was said that this Bill did not apply to railway
companies. He (Mr. Hayter) would assert fearlessly that
it not only applied to railway companies but to every com-
pany, even the East India Company; nay, more, it applied
to every foreign railway company. Under such circum-
stances he felt bound to support the amendment of his Hon.
Friend the Member for Lambeth.
Mr. GLADSTONE was surprised that a measure like the
present should have been met in the manner it had been by
the Hon. Member for Lambeth. The Hon. Member made
the measure a source of accusation against her Majesty's
Government. Thinking that such an accusation was
unworthy of the Honourable Member, and totally
uncalled for by the provisions of the Bill, he
should take no further notice of them, but go at once into
the discussion of the objection that the Hon. Member had
raised. Be (Mr. Gladstone) was surprised that such objec-
tions should come from the Hon. Member for Lambeth, be-
cause it must be recollected that the Hon. Member for Lam-
beth was a member of that Committee upon whose resolutions
the present Bill was founded—(Hear, hear)—and if he (Mr.
Gladstone) was not mistaken, that Hon. Member agreed in
every word of that Committee's report. Whether the provi-'
sions of the Bill were meritorious or not her Majesty's Govern-
ment were not to blame. It was the act of the Cc mmittee, and the
CoMmittee alone, and the Bill was founded upon the resolu-
tions they bad come to. If there were details in the Bill that
were objectionable, why he would ask, should not the House
go into Committee in order to amend them ? The real ques-
tion they had to consider was, what was the main
spirit, and what was the outline of the Bill. Upon
that it was his wish that the measure should
stand or fall. The resolutions of the Committee had been
printed no less than four months, and he challenged the
Hon. Member for Lambeth to state that any serious objec-
tion had been taken to the Bill during that period. Added to
this, not a single Member of Parliament bad given notice of
any amendment to the measure. The principal object of the
Bill was, that there should be established a public office,
to which all parties soliciting to take part in joint-stock
companies might repair, in order to know the real history
of these companies. That was the groundwork of the Bill,
and could any Hon. Member doubt that it was most important
that the Legislature should put a stop to the system that
had been so long carried on of attaching the names of Hon.
Members, and men of importance and property, to schemes
in order to entrap the unwary.—(Hear, hear.) Many of the
assertions of the Hon. Member for Lambeth he (Mr. Glad-
stone) would give an unequivocal denial to. The principle
of the Bill was prospective legislation, and its provisions
were to be applied to future companies. The registration re-
quired by the Bill for present companies consisted of a few
and simple particulars, every one of which was recommended
by the Committee, and assented to by the Hon. Member for
Lambeth.

Mr. HAWES—No, no.
Mr. GLADSTONE said that the twentieth resolution
required that the registration should take place, and who was
an assenting party to this resolution in the Committee?
Why the lion. Member for Lambeth himself. How, then,
that Hon. Gentleman could now come down to the House
and make the large and general statement he had done—
how he could assert in so sweeping a manner that this Bill
was to apply not only to all future but to existing companies,
was to hint (Mr. Gladstone) a matter of so much surprise, that
ho could only account for it by supposing that he must re-
cently have drunk very deeply of the waters of oblivion.
But if there were all those evils really attached to the Bill
which were asserted to be attached to it, let them get into
Committee at once, and prune them out. Having
alluded to the first • allegation of the Honourable
Member for Lambeth, he would proceed to notice his
next. The Hon. Gentleman said the Bill would bring all fu-
ture companies under its operation. He (Mr. Gladstone)
should meet that allegation as he bad met the preceding one,
by plainly asserting that it did not bring all future compa-
nies under its operation. This was not a point of law. Were
it so he should not presume to say one word upon it, for ho
(Mr. Gladstone) was no lawyer. It was simply a point of
fact; and as a point offset lie strongly contradicted the view
taken
amn ro.t 1e
61 led
lapdrt
sohtyeoi
nsioepo)pn
os
that
afi
ottnht
oe measure
tb;ibteyewtt
ahse
he
charged
ri(g,
eGidne
pt
viewloen-
hiwas to increase the power, the patronage, and the emoluments
of the Board of Trade. Why, by an Act, already in existence,
the Board of Trade, in conjunction with her Majesty in Council,
could now exercise every privilege that the Bill now before the
House gave, and many more privileges besides. Why the
express object of this Bill was to get rid of the discretionary
powers already vested in the Board of Trade—powers which
caused him and all connected with him in his office very great
anxiety and uneasiness. He could assure the House that
when he was sitting in the Board of Trade with his secre-
taries and others about him, attending, to the best of their
ability, to their duties, there was nothing gave them so
much uneasiness and annoyance as the exercise of the dis-

cretionary powers already vested in them as to the manage-
ment
of commercial matters. He repeated the object of this
Bill was first to limit these ungracious powers, and then to
get rid of them altogether.—(Hear, hear.) As' to the dis-
cretionary power which this Bill was to give with respect
to joint- stock banks, it would give the power to make
them a statutory body. But even this discretionary .
power was not a new one, but one rather
of a relaxing than of a stringent character. Joint-stock
companies at present could not be formed with any privilege
such as that of suing and being sued, except by coming to
her Majesty in Council, or by applying to Parliament. What
was one of the main principles of this Bill ? That. under ,
it they could be formed entirely irrespective of the Board of
Trade, and they would be subject to that department only as
to certain forms of construction and regulation. Under this
Bill, there would be a power, fir the first time, for persons to
associate themselves in companies, for the purpose of com-
mercial pursuits, without the fear of interference from any
human being whatever. So that this Bill was, in fact, a
limitation of the powers of the Board of Control, and not an
extension, as had been asserted. But the most ridiculous of
all suppositions was that the Bill was conceived in a
spirit adverse to joint-stork companies. Why he (Mr.
Gladstone) stood there moving and supporting the
Bill as en organ of the very Committee on whose
resolution it was founded, rather than as a member of
the Government. And all that the Bill, in fact, proposed was
to establish publicity as to joint-stock companies, and a cer-
tain degree of regularity in their proceedings. For his (Mr.
Gladstone's) part he could not conceive anything more ex-
traordinary than that. a Bill should be framed on the resolu-
tions of a Committeethat it should be passed without
opposition ih its early stages—and that it should afterwards
be combated by one of the very Members who assisted in
passing those resolutions. But the Hon. Gentlemale (Mr.
Hawes) said alterations had been made in the Bill within the
last twenty-four hours. So there had been, as far as regarded
insurance offices. They were to be not exempted,
but excluded from this Bill.—(Hear, hear.) But
this had been agreed to simply and solely on the
condition that they were to be regulated separately here-
after. Even here, however, there was surely no extension of
the powers of the Board of Trade. Then, as to railway
schemes—what was the specific effect of this Bill? This—
to cut away the encouragement which the present system
gave to letter sellers—(Hear, hear)—and jobbers in scrip—
(Hear, hear).— men who had no real or permanent interest
in the undertakings whose shares they sought for. This Bill
certainly struck a very severe blow at those persons, and he
was sure neither of the Hon. Gentlemen opposite (Mr. Hawes
and 1111 e. Hay ter) would disapprove of this. But whatever
they (4d disapprove of would be best discussed and best
settletkremedied when the House got into Committee.
Mr.a3IAYTER, in explanation, said the Right Hon. Gen-
tlennutmes entirely mistaken. He had never seen the Bill
till yetWerday, and since yesterday
.he had had no communi-
catioiwitili any one individual connected with railways, ex-
cept t* Hon. Nlember for Reading. The Right Hon. Gen-
tleina4 kheref6re, was not justified in pointing either the
finger of scorn or approbation at any Hon. Member of that
House.
Mr. GkADSTONE could assure the Hon. Gentleman that
he was npt conscious of having used any terms disrespectful
to him. If he had, he begged to retract them.
Sir W. CLAY had heard the speech of thee. Right Hon.
Gentleman, and he was bound to say that he (Sir IV. Clay)
gave his entire approbation to the Bill as a whole. He
thought it a measure called for by the necessity of the case;
there might be portions of the Bill which he disapproved, and
some of its provisions might be susceptible of improvement.
As far as he had looked at it, lie was also bound to say that
it fairly carried out the resolutions of the Committee, of
which he was a member. The Right Hon. Gentleman said
this Bill would supersede the necessity of the Board of Trade
acting en the law of letters patent. , The Bill did not
repeal the Letters Patent Act in express terms, but it
would go far to supersede the necessity of. the Board
of Trade acting upon it. He had always thought that the
Letters Patent Act was one of doubtful expediency, and
conferred powers which it was dangerous to give to any de-
partment of the Government. The Right Hon. Gentleman
and his predecessors had alwayS acted with extreme caution
on that law. As to the effect of the Bill on joint-stock com-
panies, if there was anything on which the public mind was
made up, it was on the necessity of some change in the
mode of forming joint-stock companies. There was a gene-
ral feeling that some remedy must be applied to the evils
with which these companies were attended. That remedy
was sought to be applied by the present Bill, and its provi-
sions were well calculated to accomplish its purpose. Joint.
stock companies generally sought from Parliament advan-
tages by a Bill, which they could not possess under the law as
it stood. The object of the Bill, by one general enactment,
was to give all joint-stock companies those advantages which
they now sought by separate Acts. Ile should support the
going into Committee.
Mr. GODSON referred to the mischief done by such companies
as the Westminster Loan Society, and the West Middlesex
Insurance Society, and stated that the inquiry of the Com-
mittee was directed to how such companies were formed,
and the ground work of the Bill was in substance to provide
against such bodies being formed. Instead of the Bill
going too far, he thought it did not go far enough.
One object of the Bill was to register existing companies, in
order that they might be known. The Hon. Member for
Lambeth did not deny that some legislation was necessary
for the regulation of future companies. The Hon. Member,
therefore, agreed in the principle of the Bill, and ought not
to refuse to go into Committee. If he considered the regula-
tions too stringent, the Committee was the proper place to
have those regulations altered. The Hon. Gentleman ob-
jected to giving the Board of Trade the power proposed by
this Bill. The fact was, the Bill merely regulated the great
discretionary powers already vested in the Board of Trade.
Its object was to prevent the imitation of good companies
by bad ones.
Lord SEYMOUR could not suppose that the Board of
Trade, was actuated by any hostility to joint-stock com-
panies. But he would suggest the propriety of excluding
railway companies &can the operations of the Bill. Those
companies had always been considered as of a peculiar
character, and as requiring regulations which were net re-
quired by other companies. He would, therefore, ask the
Right Hon. Gentleman if it would not be better to exclude

raTiways'altogether from this Bill, and to introduce any regu-
lations which might be required in the general Railways
Bill?
Mr. PARKER agreed that great harm had been done by
the abuse of the principle of joint-stock companies; but
he considered that the advantages Aiich had arisen from
them more than preponderated, and they should be careful
while legislating against the dangers that they did not de-
stroy the advantages also. One great principle distinguish-
ing this country from others was, tha non-interference of the
Government with the regulations of trade. It was not wise
to give the Board of Trade power to interfere too much. The
first speech which the Right lion. Gentleman had ever
made in that House had been in defence of the West Indian
• proprietors. What amount of compensation the Right
Honourable Gentleman got he knew not. But no one would
say that his arguments were undeserving of attention on that
occasion, because he was connected with the West Indies.
Neither were the arguments of Hon. Gentlemen connected
with point-stock and railway companies undeserving atten-
tion, because they were so connected The Right. Hon.
Gentleman had accused them of being actuated by party
spirit, because they alluded to the manner in which the Bill
had been drawn up, and on the late period of the session at
which it had been introduced. Now, he (Mr. Parker) recol-
lected when the Right Hon. Gentleman would have been elo-
quent against anyßill of 91 clauses, with every clause ill-drawn,
which should have been introduced on the 2d of July.—
(Laughter.) One great advantage they were promised from
the change of Ministry was, that they were to have no ill-
drawn Bills.—(Cheers and laughter.) Every measure was to
be carefully considered, everything was to be well done; and
now the lion. Gentleman accused them of being actuated
by party spirit, because they objected to an ill-drawn Bill.
Mr. GLADSTONE did not accuse Hon. Gentlemen of party
spirit because they opposed this Bill. He had no objeetion
to the Bill being subjected to the most minute criticism, but
lie considered that the Hon. Member for Lambeth bad,
throughout his speech, alluded not to this Bill only, but to
the general system of legislation.
Mr. HAWES said be alluded to legislation with regard to
special Bills, and not to general legislation.
Mr. GLADSTONE said he would then withdraw what he
had said.
Mr. PARKER said he had no objection that such persons
should be appointed under the Bill as were necessary to carry
out its provisions, but he thought it would confer very
great patronage on
a certain office in Whitehall. He oli•
jected to any preliminary interference being thrown in the
way of companies, and he thought the Right Hon. Gentle-
man would do better if he had entirely confined himself to
that class ofjoint-stock companies not yet incorporated under
Act of Parliament. Ile thought it would be better to separate
the two classes which the Right Hon. Gentleman proposed
to unite. He would not ob.;ect to going into Committee if the
Right Hon. Gentleman consented that no preliminary diffi-
culties should be thrown in the way of persons coming to Par-
liament for Acts.

hlr. HODGSON was opposed to the Bill, not so much
because it interfered with joint-stock companies, as because
it interfered with railway companies; but he would not
object to going into Committee, because he could in Com-
mittee propose those alterations he thought advisable.
He had never intended to say one word which was disrespect-
ful to the gentlemen connected with the prospectus of the
London and York Railway Company. What he objected to
was the mode of getting up the names.
Sir G. STR►ICKLAND said he had never held a railway
share in his life, and he believed that he 'never should.
Therefore anything which he might say would not be open
to the objection that he was an interested party. He was sur-
prised that the Right Hon. 'Gentleman should have thrown
something like a slur upon those gentlemen who had given
the sanction of their names to the projected railway
from London to York. He himself was one of those individ.uals ;
and his sole object had been' to provide a check against the
existing monopoly.--(Hear, hear.) Notwithstanding what
the Right Hon. Gentleman had said, he was still of opinion
that not only additional, but very great powers, were
given to the Board of Trade with respect to the forma-
tion of new railway companies. The 27th clause de-
clared that it should not be lawful for the officers of the com-
pany to exercise the powers given to them by Act of Parlia-
ment without the consent of the Committee of the Privy
Council. _

Mr. GLADSTONE said hismind was not made up, butthe
railway companies ought to be included in the Bill, except in
their early stages. He proposed that they should go through
the provisions of the Bill generally, and that it should then he
open to any gentleman to propose that railways should be
excepted in certain particulars.
Mr. GILL thought the Right Hon. Gentleman the Presi-
dent of the Board of Trade was not justified in introducing
some of the clauses he had done into this Bill, with respect to
railways. It was surely not the duty of the Board of Trade
to throw obstacles in the way of measures of this description.
All that the Board of Trade was called on to do, was to put
an end to fraud; and if the Right Hon. Gentleman would
only bring in a Bill fur that -purpose, he had no doubt it
would receive the support of every Member. No statement
had been made why railways were included in this Bill. He
was glad to hear the Right Hon. Gentleman 'intended to take
this measure into his further consideration.