every proposition for the amalgamation or sale of a line should appear in the November Gazette notices, and that the terms upon which the arrangement was proposed to be carried out should be set forth in the notice. There would then be time for the shareholders and others interested to make themselves acquainted with the terms, to ascertain what were the receipts of the line it might be proposed to purchase or lease, and to consider how far it might be advantageous that the amalgamation should be carried out. It was also desirable in these matters to increase the control of Parliament, which was allowing such control to pass too much out of its hands. Arrangements ought to be entered into in a more formal way than they were at present. These were the alterations in the Standing Orders he wished to submit to their Lordships, affecting the points to which he had called attention. He would lay on the table the formal alterations he proposed, but he would not ask their Lordships to agree to them without full consideration; and therefore, without positively pledging himself to the day, he would name that day three weeks as the day on which he would move the new Standing Orders.

interested in a district would not care to subscribe more than they do at present, although they benefited their estates by the construction of the line. The present system had a tendency to discourage such subscriptions, as in almost every instance an issue of preference capital became necessary, whereby those who came forward to construct a line, and who subscribed 20s. in the pound, were the parties to suffer most-if they did not, as in too many instances they did, really lose all the money they had advanced. A system of preferred and deferred shares had been introduced, which enabled persons desirous to promote the interests of a company at some personal sacrifice on account of the advantage to be secured to their properties, to subscribe to the same amount, or to a larger amount than they might be disposed to do at present without incurring greater liabilities. Under this system a share was divided into two parts, and when a portion was paid on one-half the other half was thrown upon the market with a secured preference. The effect was, that a person was enabled to increase his subscription without increasing his risk, that the necessity for raising preference capital was probably avoided, and the money required being found, the line would be constructed LORD STANLEY OF ALDERLEY said, without delay, the shareholders knowing that their Lordships were much indebted what they are about. Another matter, to the noble Lord the Chairman of Comin respect of which he desired an alter-mittees for having brought the subject ation of the Standing Orders, was one of under their notice. It was one of very very great importance: he referred to the amalgamation and the sale of lines. He proposed to require that the terms upon which these amalgamations and sales were to be made should be stated beforehand. The rule at present was for general powers to be taken to enable line A to absorb line B by lease or purchase; but the proprietors of the railways really knew nothing about these transactions, and had not the means of inquiring into them before their companies were bound to the terms, whatever they might be. In each case notice was given of a general special meeting to sanction an agreement which had been entered into between the one company and the other for the transfer of one concern to the other; but the shareholders were not told anything about the terms; they had no means of making inquiries; and he had no hesitation in saying that the grossest jobberies had been perpetrated by means of amalgamations, purchases, and arrangements effected in this manner. He proposed that notice of

great importance. At the same time, the proposals which the noble Lord had signified his intention to submit involved changes of the greatest magnitude, and he was inclined to think it would not be desirable that their Lordships should come to a decision upon them without entering into some communication with the other House of Parliament. No doubt there were abuses in the existing railway system, but in remedying them care must be taken not to throw unnecessary impediments in the way of the construction of railways which might materially benefit the country. He would appeal to their Lordships in their capacity of landowners to consider the bearing the matter might have upon the construction of lines in which they were peculiarly interested. The lines contractors now made were chiefly such as opened up country districts in connection with great trunk lines, which were often opposed by them; and if great difficulties and impediments were thrown in the way of their construction they

might not be made at all. He was not | jealous rivalries which had done so much sure that if measures were adopted to make injury. Had there been any supervision a deposit a more effective reality, the desired object would not be to a large extent attained; and if it were required that the money deposited with the Treasury should not be taken away until the line, or a considerable part of it, was constructed, the public would obtain the security that could be required for the construction of a line. One of the suggestions which had been made by the noble Lord was founded upon reason and propriety-he referred to the suggestion that the terms of an amalgamation should be set forth, so that the subscribers or shareholders interested in the matter might learn what they were.

proved their general object and purpose. It was painful to contemplate the commercial immorality which had prevailed in this country of late years, and which he feared could end only in disgrace to our national character. He attributed the position in which we were now placed in regard to our railway system to the imperfection of previous legislation, the consequences of which he had foretold long ago; and he welcomed the suggestions of the noble Lord, not only because he thought they would improve legislation on the subject of railways, but because he looked upon them as a first step towards a return to more sound, more healthy, and more just views than those which had prevailed for a very long time past.

clusion totally different from that which proposal. He would not at present give had been arrived at by the Committee any opinion as to the proposed alterations appointed by the House of Commons, he would only say that he quite apand the parties were in consequence sent back for a whole year-in the course of which, however, the matter in dispute was satisfactorily settled; but the Committee might have settled it in a very unsatisfactory manner indeed. No one appeared on the part of the public, though some resistance was offered by a few landed proprietors. Noble Lords and hon. Gentlemen were chosen to sit on the respective Committees simply because they had no interest in the matter and knew nothing about it. He was afraid that the Government of the late Sir Robert Peel did wrong when they refused to place the railways under State control, for at that time a general supervision of the railways might have been provided by the State. He thought their Lordships ought to proceed very carefully in the consideration of a proposal to place fresh obstacles in the way of making railways. If railways ought to be made, he did not see why the construction of them was to be stopped. He did not believe that the noble Lord the Chairman of Committees could, by the proposed system of deposits and paid-up calls, put a stop in toto to such proceedings as he had described. You might impose a fine, and thereby put an obstacle in the way of persons who wanted to make a railway; but what was called "financing" would still go on, for means would be found of driving holes through any Standing Orders which might be made. He hoped their Lordships would consider whether a system could not be devised much better than, and totally different from, that which had prevailed up to the present time. He was aware that all statesmen, whether in or out of office, would be averse from undertaking such a task, but still it was their duty to do so. The penalty paid by men in high office, or who had attained political distinction and renown, was the dealing with difficult questions like this one-which, he might remark, was not in any way a party question. In conclusion, he urged upon their Lordships the necessity of considering the whole matter with great care and circumspection.

LORD ÖVERSTONE was understood to express his thanks to the noble Lord the Chairman of Committees for having brought this subject before the House, and for the valuable and prudent observations with which he had accompanied his

EARL FORTESCUE said, he joined in acknowledging that the House owed a debt of gratitude to the noble Chairman of Committees for the luminous and valuable statement which he had made, and he quite concurred with the noble Marquess (the Marquess of Clanricarde) as to the unsatisfactory legislative proceedings of both Houses of Parliament with regard to railways. He could not help feeling that successive Governments and successive Parliaments had been drifting too much and steering too little with respect to railway legislation. There had been too much fear, or too much neglect, in laying down general principles for the guidance of the Committees on Railway Bills. It seemed to him extraordinary that after so many Railway Bills had received the sanction of Parliament no general principle should have been laid down by either House for the guidance of its Committees, and that at this very moment no one could tell, except from his knowledge of the individual opinions of the members of a Committee, whether the fact of a line being competitive was to be held as a recommendation or an objection to the Bill authorizing its construction. Years ago he did hope, when he was a Member of the other House, that the Government of Sir Robert Peel, under the guidance of a much lamented and most able Member of their Lordships' House (the Earl of Dalhousie), would have laid down some general principle for the guidance of Parliament in legislation on this subject. Millions and millions had been wasted since that time; scheme after scheme had been passed, and

scheme after scheme had been rejected by | to begin with would prevent the necessity different Committees on the same ground for having resort to these measures for -that the line was a competitive one. He raising money, which became more objecventured to hope, before it was too late- tionable at every step, and which raised before the remaining links in the railway money by offering more and more ruinous communication of the United Kingdom terms. With regard to what fell from the were connected-some general principles noble Lord opposite (Lord Stanley of would be laid down for the guidance of pro- Alderley), he did not desire to make the jectors and Committees, and, above all, that subscription contract more stringent-what Parliament would authoritatively decide he wished was to add the deposit to the whether competition should be considered subscription contract in order to test its an objection or a recommendation to a line. soundness. The money would, of course, THE EARL OF BELMORE wished to be applied to the completion of the scheme, direct attention to the manner in which and was not to be returned to the person the borrowing powers of companies were who had subscribed it. He should depreexercised. The public were told that cate any direct communication with the Parliament had put a limit upon these other House on this subject. The other borrowing powers; but they all knew that House had constantly altered their Standunder the semblance of this limit, money ing Orders without any communication was every day borrowed beyond the au- with that House, and he did not see why thority which Parliament had given. The their Lordships should not do the same. question was, what remedy they could But he should be sorry to do anything apply to this state of things. He did not without giving the whole House and the want to try to make it safe for people to public the means of knowing precisely jump in the dark-you cannot do that, but what alterations he proposed. If they he thought that every company ought to were likely to be beneficial there was every be compelled to make periodical Returns, reason to anticipate that they would be coupled with some system of registration, adopted by the other House. Yet there which should be open to public inspection; were interests that did operate to prevent this would enable the public, to judge for measures which were thought desirable themselves. Last Session he introduced a from being carried into effect. More than Bill on this subject, which passed their two years ago measures were proposed in Lordships' House, but, owing to the lateness the shape of Standing Orders, with a of the Session, did not go further. This view of carrying out a system of efficient Session a Bill, which was substantially the deposit available for the construction of same as his, had been introduced into the lines; but they were defeated. He should other House, and had gone as far as the therefore recommend their Lordships to second reading; but its further progress wait and see how the proposals he made was postponed for the present, until a Bill were received by the other House and the brought forward by the Government on public; and if they saw that the alterthe same subject would reach the same ations proposed would be advantageous, he stage. He trusted the Government would hoped they would have prudence and have no objection to refer both Bills to the courage to adopt them, in order to insure same Committee, in order that a principle that some change should take place in a of registering the securities of railway system which, if suffered to go on, would companies might be considered. lead to the greatest and most serious inconvenience.

LORD REDESDALE, in reply, said, that his object in proposing these alterations was the same as that of the noble Lord on the cross-bench (Lord Overstone) -his desire to see a sounder system of finance in respect of railways. The noble Marquess (the Marquess of Clanricarde) seemed to be of opinion that no legislation could put a stop to "financing," and that whenever a speculator desired to borrow money for his schemes some means would be found for driving a hole through any Standing Orders that might be made. But the effect of having the required capital

House adjourned at half past Seven o'clock, till To-morrow, half past Ten o'clock.

HOUSE OF COMMONS,

Monday, May 14, 1866.

MINUTES.NEW WRITS ISSUED-For Devon-
port, v. John Fleming, esquire, and William
NEW MEMBER SWORN-Ralph Bernal Osborne,
Ferrand, esquire, void Election.
esquire, for Nottingham Town.

SELECT COMMITTEE · On National Gallery En- beg to ask the Secretary of State for the largement nominated.

House further informed, That the Committee POLICE AT THE HOUSES OF PARLIAhad agreed to the following Resolutions :