MR. WILLIAMSwished to ask the noble Lord at the head of the Government, whether it was his intention to propose any Resolution with respect to the introduction of Railway Bills in the next Session of Parliament? He was induced to ask this question, because it had been computed that in the course of the present Session the Legislature had sanctioned Railway Bills requiring the sum of 150,000,000l. for their construction; and that the Session before, they had legalized undertakings requiring a further sum of 60,000,000l., making altogether no less than 210,000,000l. There was, he believed, a great apprehension existing in the money market, that the monetary affairs of the country would be deranged, and its commerce considerably retarded, by the application of so much capital to railway undertakings.
LORD J. RUSSELLThere are proposals about to be made with respect to the mode in which Railway Bills are to be framed; and the manner in which it is proposed they shall be examined in this House; and for that purpose a Committee has been sitting. Her Majesty's Government intend to take into consideration the Resolutions recommended by that Committee, with respect to the formation of a Railway Board. I will not now state the functions of that board; but the hon. Gentleman seems to have in contemplation another mode of interference—an interference calculated to restrict the application of capital, from the apprehension that such an application would derange the monetary affairs of the country. With regard to that subject, the House will bear it in recollection that a Committee of this House was appointed at the commencement of this Session, and another in the House of Lords to inquire into that point, and that neither of those Committees recommended any interference with the numerous railway projects then before the House. On the ground that they had not so recom- 624 mended any interference, various Railway Bills were passed, after they were examined before Committees, at a great expense to the parties concerned, and to the country at large. I do not, then, think with regard to those Committees, and with regard to the examination of railway projects, that it would be right now to stop those Railway Bills, and prevent the application of that capital which the public may be anxious to invest in such speculations. With regard to the general question, without pledging myself to a question of general legislation, I see a very great objection to an interference with the application of capital to railway projects and other undertakings of similar character, seeing we do not know any mode by which we could interfere with respect to the application of capital to railways in foreign countries. There are no means by which we could propose that any extent of capital speculators may think fit to invest, should not be applied to the construction of railways on the Continent or in the United States of America. Such being the case, I see a great objection to our interfering with the application of capital, and I fear in practice it will be found difficult and impracticable to carry such legislation into effect.