§ LORD OVERSTONEpresented a petition from the Manchester Commercial Association for the repeal of the Limited Liability Bill, as being a measure which would lead to excessive speculation, which would damage the commercial character of the country, and which contained no provision against reckless trading on the part of the managers of companies which might be formed under the Act.
LORD DENMANsaid, as the noble Lord was in his place, he wished to contradict a statement made by him some time since, that the supporters of the first Limited Liability Bill had been none but Members of this House connected with Her Majesty's Government. He begged to say that he had given an independent vote, and had agreed to some of the Amendments proposed in the Bill, which he had partly supported, because he thought it would be injurious to the country for it to be known that Her Majesty's Government, when engaged in war, were defeated on almost the only measure of internal improvement which they had attempted to carry. He believed that the Bill, with those restrictions, would be a very good Bill; and he regretted that more time had not been taken for it—but that was impossible; and he begged to repeat it, that he would not be the servile adherent of this or any other Administration.