HL Deb 14 June 1825 vol 13 cc1134-5
Lord Dacre

moved the second reading of this bill.

The Earl of Lauderdale

expressed his surprise, that after all that had fallen from counsel on the subject of the illegality of this bill, his noble friend should have moved the second reading, without stating any one ground why it should be so read. However, he would consent to the bill being sent to a committee, in order to have the deed made a part of it; and, on the third reading it would be for their lordships to consider how far it ought to receive their sanction. His objection to this bill did not arise from wanton prejudice, but from a strong feeling he had of the injurious tendency of joint-stock companies. He could not concur in the assertion, that joint stock-companies encouraged competition. So far from it that he thought the direct effect of them was to destroy all competition, and to bring the most ruinous consequences upon trade. From t he nature of such companies, they could not carry on trade so beneficially to the country as private individuals.

The Lord Chancellor

observed, that if this company were not illegal, it might be for their lordships to consider whether it would be useful to the community to grant them the privileges for which they sought; but, if they were illegal, it might be asked on what ground did they claim any privileges at all? It was admitted, that until the signing of the trust-deed, the company was unquestionably illegal. He had no objection to allow the trust-deed to form a part of the bill. After it had passed the committee, it would be competent for their lordships to discuss whether the bill, as it would then stand, was or was not a fit measure for legislative sanction; and he would take care that the twelve judges should be summoned to give their opinion as to its legality. He begged to be understood distinctly as neither admitting or denying the legality of the company, until the deed formed a part of the bill.

Lord Dacre

expressed a hope, that when the deed was embodied in the bill, their lordships would give the measure all that consideration to which it was so well entitled.

The bill was read a second time.