Lords Sitting of 2 June 1824

JOINT-STOCK COMPANIES.
The Earl of Lauderdalerose to move his two resolutions relative to bills for incorporating Joint-Stock Companies. In addition to the amendments he had already made, he proposed to alter the amount of capital required to be paid up, from four-fifths to three-fourths, and with this amendment he now moved, that these resolutions be agreed to.
The Marquis of Downshirehoped their lordships would exempt Ireland from the operation of these resolutions, or at least,

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that they would not extend it to mining companies. At the present moment, when capital was required for speculations of that kind in Ireland, it appeared to him that the resolutions would prevent its transmission from this country, and completely prevent the formation of any company. He therefore meant to move as an amendment, that mining companies be exempted.
The Earl of Lauderdalesaid, that the noble marquis totally misunderstood the effect of the resolutions. Instead of preventing capital from being invested in mining speculations, the regulation, if adopted by the House, would cause it to be paid up. The stock of such companies would be no longer nominal, but real. So far from being hostile to the removal of capital from this country to Ireland, he wished to secure its transmission.
The Marquis of Downshirewas still of opinion, that the proposed regulation would have the effect of preventing the transmission of capital to Ireland. He did not mean to propose to exempt mining companies generally, but only those to be established in Ireland. He accordingly moved the insertion, among the exceptions, of the words "or relating to mines in Ireland."
Their lordships divided on the amendment. Content 6, not content 29,
The resolutions were then agreed to, and entered as standing orders on the Journals.