HL Deb 18 July 1873 vol 217 c602

(The Earl Cowper.)

(NO. 201.) THIRD READING. BILL PASSED.

Bill read 3a according to Order.

LORD REDESDALE

moved an Amendment restricting the increase of rates to cases where the companies could prove, that in spite of careful economy, they were likely to incur a loss.

Amendment moved, Clause 7, line 25, to leave out ("with a view to prevent undue loss.")—(The Lord Redesdale.)

EARL COWPER

said, that the companies' dividends having been limited while the price of materials was low they were entitled to increase their rates, provided the dividends obtained by the increase did not exceed 5 per cent.

THE DUKE OF RICHMOND

also thought the increased price of coal entitled companies to increase their rates so as to secure dividends of 5 per cent.

LORD REDESDALE

said, the companies had had a monopoly, and in many cases the works were expensively carried on. Some companies still earned dividends with low rates.

On Question, that the words proposed to be left out stand part of the Bill? Their Lordships divided:—Contents 13: Not-Contents 9; Majority 4.

Bill passed, and sent to the Commons.

House adjourned at half past Ten o'clock, to Monday next, Eleven o'clock.