§ Order of the Day for the House to be put into Committee read.
§ LORD REDESDALE
said, that as he had stated on introducing the Bill, its object was to prevent the seizure of rolling stock by the creditors of a railway; and his object in introducing it was, that due notice might be given to those concerned of the proposal to take away part of the 1603 security of railway creditors. He classed rolling stock with other species of property and settled property which were protected from seizure, on the ground that great public inconvenience would result if railway traffic were suspended by a seizure at the instance of creditors. As he did not think there was a prospect of the measure being passed by the House of Commons this Session, he moved that the Order to go into Committee be discharged.
THE DUKE OF BUCKINGHAM
said, that the Bill involved a great invasion of principle, because it was proposed to take away almost the only available security upon which a new Company could raise the money which it was empowered by Act of Parliament to borrow. It seemed to him that the making of so great a change would endanger the credit of railway companies, and would render necessary a complete revision of the law affecting them; because it would be useless to give them large borrowing powers if their property could not be accepted as security. It would be necessary to consider, in the event of the Bill passing, whether such charges as rates and tithe rent should not be exempt from its operations. On these grounds, he trusted that the Bill would be reserved for a future Session.
§ Motion agreed to.
§ Order of the Day discharged.
§ House adjourned at Seven o'clock, to Monday next, half past Eleven o'clock.