Lord Folkestoneopposed the bringing up of the report of the Western Ship Canal Company bill, on the ground that the standing orders had not been complied with. He maintained, that the list of subscribers was, in effect, a fabricated list; the names of any persons being inserted as holders of one hundred and two hundred shares, who did not hold more than thirty and fifty; and many persons being inserted in the list as shareholders, among whom were several members of that House, who declared that they had nothing whatever to do with the speculation. For a project, requiring a capital of 1,700,000l., not more than 250,000l. had actually been subscribed. It was, in his opinion, a fraudulent speculation, and he should give it his determined opposition.
§ The Speakerobserved, that, in point of form, the report must be received, but that it would be competent to the noble lord to oppose the bill in a future stage.
Lord Folkestonewithdrew his opposition to the receiving of the report, but declared that he should oppose. the bill when it next came before the House.
Mr. Baringtrusted that the House would not be prejudiced by any thing which had fallen from the noble lord. He had never known a committee more regularly attended than that which sat on this bill; and the circumstances adverted to by the noble lord had been fully considered by the committee before they agreed to the report.
§ Mr. Brogdenthought the measure likely to be beneficial, and that though there might be some mistakes in the list of subscribers, nothing had been shown to sanction the supposition that it was a fabricated list.
§ Sir J. Yorkesaid, than if the names of. persons who had nothing to do with. the transaction were inserted in the list of subscribers, it was, to all intents and purposes, a fabricated list. In his opinion, the whole concern had been got up in a very suspicious manner.
§ Sir T. Aclandthought there was no ground for the supposition of the noble lord.
§ Mr. W. Williamsmaintained, that the list of subscribers was got up in a way calculated to mislead the public. It was the duty of the House to discourage speculations of this description, in which petty shopkeepers and others, imagining that they would only be liable to the extent of the deposit of one pound for every hundred, were tempted to embark their little capitals, and expose themselves to utter ruin.
§ The Speakerthought it right to observe, that there could not be a greater mistake than to suppose that persons embarking in these speculations were liable only to the extent of the deposit of one pound for every hundred pounds. By one of the standing orders it was expressly provided, that all such shareholders should be liable for the whole cent per cent.
The report was then received.