§ Amendments reported (according to Order).
§ THE EARL OF LONGFORD moved, to reinsert a paragraph which had been omitted from the end of the second clause during the progress of the measure through that House. His object was to save the shareholders of two small railway companies in Ireland from being devoured by lawyers by providing distinctly that they should not be liable for more than the amount of their shares.274
Moved, after ("thereunder") p. 1, line 19, to add—
It being however hereby declared that no Person, Company, or Body Corporate, by reason of his or their being a Shareholder of any Railway Company made bankrupt under any such Adjudication of Bankruptcy, is or shall be liable to pay or contribute any Sum beyond the Extent of his or their Shares in the Capital of the Company not paid up at the Time of such Adjudication.
EARL ST. GERMANS
supported it on the ground that it would restore the Bill to the condition in which it was originally submitted to that House, with the sanction of the Irish Law Officers and of the Lord Chancellor of Ireland.
THE EARL OF DONOUGHMORE
said, that the Select Committee had recommended that the Bill should be passed in its present form, after hearing an exposition of the law as it now stood, from a learned Gentleman who was a Member of the other House.
trusted their Lordships would assent to the Amendment. As the law stood at present, a very grievous hardship was inflicted upon shareholders who had invested their money in Irish Railway Companies in the belief that no alteration could be made in the law affecting their liability.
THE MARQUESS OF CLANRICARDE
said, the Bill now before the House proposed to remedy an omission in the Bill of 1857. Since that period hundreds of thousands of pounds had been invested by shareholders in railway companies in the belief that they would be liable only to the amount of their shares. Several gentlemen of fortune who had become shareholders on that supposition were now on the verge of ruin.
§ LORD CHELMSFORD
hoped the House would support the decision come to by the Committee, and reject the Amendment proposed by his noble Friend.
§ On Question? Their Lordships divided:—Contents 18; Not-Contents 21: Majority 3.275
|York, Archp.||Saint Germans, E. [Teller.]|
|Graham, E. (D. Montrose.)||Clifton, L. (E. Darnley.)|
|Harrowby, E.||Ebury, L.|
|Foley, L.||Silchester, L. (E. Longford.) [Teller.]|
|Monson, L.||Somerhill, L. (M. Clanricarde.)|
|Ponsonby, L. (E. Bessborough.)||Wentworth, L,|
|Westbury, L. (L. Chancellor.)||Hawarden, V. [Teller.]|
|Hutchinson, V. (E. Donoughmore.) [Teller.]|
|Somerset, D.||Belper, L.|
|Boyle, L. (E. Cork and Orrery.)|
|Airlie, E.||Clandeboye, L. (L. Dufferin and Claneboye.)|
|De Grey, E.||Cranworth, L.|
|Derby, E.||Dartrey, L. (L. Cremorne.)|
|Hardwicke, E.||Redesdale, L.|
|Malmesbury, E.||Stanley of Alderley, L.|
§ House adjourned at a quarter before Seven o'clock, till to-morrow, half past Ten o'clock.