§ Report of Resolutions on the Railways, Piers, and Harbours (Ireland) brought up.
§ MR. HUMEstated, that after the decided opinion which the House had expressed upon a previous night on this subject, it was not his intention to offer any further opposition. He would simply con tent himself by entering his protest against Government undertaking a portion only of a large plan at a time, when they could not command the necessary funds to meet the demands upon them, and when money was not to be had under rates of interest varying from five to ten per cent.
§ MR. HUDSONexpressed the great pleasure which he felt that the House had agreed to those resolutions, and only regretted that the Government aid now proposed to be given was confined to three railways. He did not attribute the present depressed state of the money market to railways, but to the restrictions under which the commercial and financial world laboured, in consequence of the financial measures of the late Government. In his opinion, Government grants of this description were eminently calculated to promote the prosperity of the country; and he hoped the Government would watch the effects of the present grant, in order, at a future time, to follow it by others of a more general and comprehensive nature. If they were 340 not prepared to adopt the measure which had lately been brought under their consideration, in all its integrity, he hoped they would propose an amelioration of it, which would have the effect of encouraging railways and public works. He also hoped, that if the financial measures of late years were found to be too stringent and embarrassing upon the commercial classes, that the Government would take measures to relax them.
MR. WILLIAMShoped, that instead of following the advice of the hon. Gentlemen opposite, Her Majesty's Government would carefully avoid granting any money for such a purpose, when the best commercial bills could not be discounted for less than eight or ten per cent.
§ Resolutions agreed to. Bills to be brought in.