. Legislative regulation of railway finance in England . ved of his money or of his common lav; right, but simply of thoceextraordinary privileges which belonged to the rightful and recog-nized mortgagees. To form a complete check, it was also urged that the Boardof Trade should be furnished with returns showing the extent of theborrowing powers of each company. Then the proposed public regis-trar, being in an independent office, should furnish the Board ofTrade with a return compiled from the registration of the securitiesof each company, showing the amount which each company had
. Legislative regulation of railway finance in England . ved of his money or of his common lav; right, but simply of thoceextraordinary privileges which belonged to the rightful and recog-nized mortgagees. To form a complete check, it was also urged that the Boardof Trade should be furnished with returns showing the extent of theborrowing powers of each company. Then the proposed public regis-trar, being in an independent office, should furnish the Board ofTrade with a return compiled from the registration of the securitiesof each company, showing the amount which each company had comparing these two independent returns, tne Board of Tradecould easily ascertain whether or not a company had exceeded itsborrowing pov/ers. Another plan was proposed by the deputy keeper of the sig-net of Scotland to the effect that (1) public registers should bekept in London, Edinburg and Dublin; (2) that all existing companieshaving debenture debts or stocks should be required to give to the1. See evidence before lords Committee of 1864, pp. respective registrars a return duly certified as at a certain date, specifying the acts of Parliament under which they were authorized to borrow money, the amount so authorized, the amount which the shareholders had authorized to be borrowed by resolution of general meetings, and the dates of such meetings, together with the amount of debenture bonds and stocks which had been issued and was then due and outstanding against each company; and (3) that all existing and future companies should be required to make returns from time to time of all acts thereafter passed authorizing the borrowing of money or effecting any changes of their borrowing powers. To ac- 1 oomplish such purposes an elaborate form was proposed. 1. Form: Name of Company No. I. - Returns of Borrowing Pov/ers. Date :when :Recei-•ved. : ACTS OF PARIIAMESTi Amo int :author-:ized by:Acts. : Amount ;sane- ;tioned :- by :•share- :holders; ;Date of :Meeting ;; when
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