§ MR. WALDEGRAVE - LESLIE, in moving for leave to introduce a Bill "to amend the law in respect of the Sale and Purchase of Shares in Railway and Gas Companies," said, it resembled very nearly the Bill affecting the sale and purchase of bank shares, brought forward by the hon. Member for York (Mr. Leeman). To show the necessity for such a measure, he might refer to the City Article of The Times of November 28, which stated—
In the railway-market the daily increase of distrust continues, and after regular hours this evening Caledonian, which left off yesterday at 72½, went to 70½ to 71 for the next half-monthly settlement. Midland, also, at 110 to ¼, showed a further fall of nearly 2 per cent, although the traffic returns of that line for the week present the large increase of £7,547. Those of the London and North-Western line likewise show an increase of £7,130, but in that stock, too, there has been a fall of 1 per cent. At the same time, the extent to which the cause of depreciation is due to speculative operations has been exemplified by the fact that a rate of from 20 to 24 per cent per annum has been paid to-day for the loan of Caledonian Stock until the next half-monthly settlement, while 9 per cent has been paid for Midland and Lancashire and Yorkshire, and 6 per cent for Brighton.The railway "bearing" was then upon the Caledonian Railway; but it was reported that other lines were to be taken in turn.
§ Motion agreed to.
573§ Bill to amend the Law in respect of the sale and purchase of Shares in Railway and Gas Companies, ordered to be brought in by Mr. WALDEGRAVE-LESLIE, Mr. GOLDNEY, and Mr. GRAHAM.
§ Bill presented, and read the first time. [Bill 23.]