HC Deb 21 February 1853 vol 124 cc348-9
MR. WILSON PATTEN

said, he wished to put a question to the right hon. Gentleman the President of the Board of Trade with regard to the private legislation of the House. He wanted to know whether it was the intention of the Government to introduce any measure for the purpose of giving public companies powers with limited liability.

MR. CARDWELL

said, it would be in the recollection of the House that, in the Session of 1850, and again in that of 1851, Committees of that House had investigated the subject of the law of partnership, particularly with reference to the subject of limited liability. In 1851, the Committee represented that the Crown should issue a Commission for the purpose of inquiring into the subject of that law; and the right hon. Gentleman then at the head of the Board of Trade (Mr. Labouchere) had announced his intention of issuing such a Commission. He (Mr. Cardwell) had now to state that it was the intention of the Government that that Commission should issue.

MR. WILSON PATTEN

said, he would now ask what was the intention with respect to those measures which were already before them? The usual course had been that, with some exceptions, limited liability should only be given in cases where private enterprise could not reach the end.

MR. CARDWELL

said, the question put to him by his hon. Friend was divided into two parts: first, with regard to the power vested in the Board of Trade of recommending to the Crown whether a charter should or should not be granted. It was the intention of the Board of Trade to be guided on this question by principle, and, as far as they could, by precedent. What they believed to be the intention of the House when they intrusted the Board of Trade with the power they possessed was, that the charter should be granted in conformity with and in subordination to the general principles of the law. With regard to the proceedings of this House, he could do no more than give his opinion as a single Member of that House with regard to the measures that might have been brought before it from time to time; and in respect to that opinion he would only say, that it was in conformity with the opinion of his hon. Friend, and he did think that while the inquiry was pending on the subject, it would be desirable to be guarded, and not to give a limited liability where the object could be accomplished by private competition.