The Sun.
London, England, 1845-03-31 00:00:00

ON THE EVIL EFFECTS OF
THE REPORTS OF THE BOARD OF TRADE
ON RAILWAYS.
TO THE EDITOR OF 7'HE SUN.
SIR,—As an old subscriber, I have taken the
liberty of sending you the following remarks on the
pernicious effects of the continued advertisements in
the Gazette of the decisions of the Board of Trade
for and against the various new projected lines of
railways, hoping that, as the editor of one of the
largest and most popular journals in this country,
you will take such notice as to prevent the possibility
of the re2urrence of so absurd a system in a fu-
ture year.
I had hoped the exposures of these reports in the
Houses of Parliament, and the declaration of Sir R.
Peel that they were by no means final, and more
especially the decision of the Committee that some of
the lines reported on favourably had not complied
with the standing orders, and, consequently, could
not go to Parliament this session, would have caused
the Board to have dispensed with their advertisements,
and have led them merely to have published their
detailed report for the assistance of the Committees
on the various Bills; but they do not appear content
with this, they must still continue their advertisement
that they have decided on reporting favourably, &c.
It is not necessary for me to say anything here as
to the constitution of the Board, and the time they
have had to decide on this important subject (scarcely
so long to decide on 224 lines as it takes a Committee
of the most able men in the House of Commons to
decide between two lines). Neither is it necessary for
me to advert to their would-be secresy. If sufficient
has not been said on the South-Eastern case, any one
who has noticed the prices of shares in the markets,.
must be aware that the report of Tuesday was known
and was acted on for stock-jobbing purposes, by the
favoured few, before the publication of the Ga-
zette. But it is not of the stock jobbing I would
take notice, if this were all the evil. Those who
seek it and lose deserve all they get. The evil I
fear is of a more permanent character. Many thou-
sands of persons, of but limited means, induced by
these reports, purchase at a great premium in one of
these favoured lines, solely because the line has been
reported on favourably; such report bearing an
official stamp, they think their investment is sure. A
Committee of the House of Commons may not
think with the Hon. Board, or the plans may be defec-
tive. Should such be the case, the whole of the premium
is lost, together with a portion of the deposit-money;
the consequence will be that many persons will be
ruined by it. I will take a case in point; in the
Staffordshire and Shropshire district, a line called the
Shrewsbury, Wolverhampton, Dudley, and Birming-
ham line, was reported on favourably, and its rival,
the Grand Junction Shrewsbury branch, was reported
against, the consequence has been a great rise in the
price of the shares of the former company. I have it
in my own knowledge that many parties have pur-
chased in consequence of such report. The Committee
of Standing Orders have since thrown out the Bill for
non-compliance. That, in many respects, the report
was a fair one on the merits there is no doubt, but,
in consequence of the failure of compliance with the
standing orders of Parliament, this Bill is not before
the House; the report is therefore useless. The effect
will be that, should the opposing line be successful in
the standing orders (and they have now no opponents
in committee), they will get their Bill ; should they
not, it will be as bad, or worse. The Grand Junction
Company are too old Parliamentary tacticians to go
next session for a line that has been reported against
and thrown out this; they will deposit for a line with
as great or greater advantages than the Shrewsbury
and Birmingham Company, according to the report,
and if the Board of Trade and Government follow out
the Conservative speech of this year, they, as the
trunk line, will get it. What, therefore, is the action
of these ill-digested reports, or decisions on the
ex-parte evidence of the promoters of a Bill ? In this
case it is this—that eighty thousand pounds will be
entirely lost. This Company have 18,000 shares,
these shares were at 4/. premium, there can hardly be
a doubt that 10s. per share will be spent in Parlia-
mentary and other expenses; should they lose their
Bill, of which there is now little, if any, doubt, 4/.los.
will be lost to the present holders, of whom, five-sixths
have purchased at the present high rates ; but this is
only one out of many cases. I have no doubt that
millions will have changed hands this year, and many
deserving men ruined by these proceedings; they must
he altered. HO the Board been constituted of the
Vice-President of the Board of Trade, assisted by two
or three of our most eminent engineers, had their
powers been merely drawing up the reports for the
assistance of the committees, as to the merits of the
various lines, it would have been different ; as it is,
without materially assisting any parties, they have
caused much mischief. I hope we have seen the last
of their decisions.
I intended making some remarks on the detailed
reports of the various districts, more especially the
Manchester and Leeds, but find I have trespassed
more than I intended. Should you express any
desire to hear from me again, I will forward you my
remarks.—l am, Sir, your most obedient,
ALPHA.