§ MR. THOMSON HANKEY
said, the Question which he was about to put arose from the fact that considerable alarm had been excited among the holders of debentures in consequence of some remarks which had been made at railway meetings to the effect that those bonds had been issued by railway companies in excess of their Parliamentary powers. He therefore wished to ask the President of the Board of Trade, Whether he intends to propose any measure this Session for the registration of debentures issued by Railway Companies, with the view of enabling debenture holders or lenders of money on debentures to ascertain whether the Companies are in a position legally to issue such debentures?
§ MR. MILNER GIBSON
The subject to which the Question of his hon. Friend related has been considered, and a measure is in course of preparation for the purpose of giving security to the public that the statutory debentures issued by Railway Companies do not exceed the limits of the borrowing powers which such Companies are entitled to exercise under their Acts of Parliament.