§ Order of the Day for the Second Reading, read.
§ EARL COWPER,in moving that the Bill be now read the second time, said, its object was to enable any Gas or Waterworks Company to obtain Provisional Orders from the Board of Trade, authorizing an amendment of their special Act, in relation either to the prescribed illuminating power, or the prescribed maximum price, or the prescribed pressure of the gas, to be supplied. Certain necessary notices having been given, the Board of Trade was to consider the application, and if they signified their assent, the Provisional Orders were to be valid, and to come into operation without awaiting the confirmation by Parliament, which, however, was to be obtained as speedily as possible.
§ Moved, "That the Bill be now read 2a."—(The Earl Cowper.)
§ LORD REDESDALEsaid, the Bill appeared to him to require very serious consideration. It seemed to him to be a very dangerous step to confer upon the Board of Trade the power by their mere approval of an application for a Provisional Order, to do that which hitherto had been done only by the Legislature. It also seemed to him strange to introduce the principle that a Company which 206 was not working at a profit might apply to the Government for permission to increase their rates. It might be a very proper thing to do where, from circumstances for which they were not answerable, they were carrying on their business at a loss; but, under ordinary circumstances, Companies should be held to their chance of profit and loss, like any other description of traders. The Act seemed to fix .3 per cent as the rate of profit to which the Companies were entitled. But a statutory stipulation that the rate of profit was not to exceed 5 per cent under extraordinary circumstances was in effect to fix a minimum dividend for ordinary circumstances.
§ THE DUKE OF RICHMONDsaid, he thought the Bill in some respects a useful one, and therefore he would not oppose the second reading; but, as it was only delivered that morning, it was proceeding in great haste to ask for the second reading that evening. The Bill gave very large powers to the Board of Trade, and consequently it ought to be seriously considered before it left that House. The Companies ought to he required to show that, through the great increase in the price of coals, or from some other cause, they were working at a loss. He hoped sufficient time would be given before it came on for consideration in Committee.
§ Motion agreed to; Bill read 2a accordingly, and committed to a Committee of the Whole House on Tuesday next.
§ House adjourned at Seven o'clock, to Monday next, Eleven o'clock.