. Legislative regulation of railway finance in England . o certifyto the Board of Trade every new issue of debentures. Upon due exam-ination and after being satisfied that the company had not exceededits borrowing powers, the Board of Trade should give the company stamped debentures for that specific amount. According to the opin- 2 ion of the managing director oi the Lands Improvement Company,securities, unless so stamped, should not receive any legal recog-nition. By this process every debenture holder whose debenture hadthe Board of Trade mark impressed upon it would be sure that heheld, a
. Legislative regulation of railway finance in England . o certifyto the Board of Trade every new issue of debentures. Upon due exam-ination and after being satisfied that the company had not exceededits borrowing powers, the Board of Trade should give the company stamped debentures for that specific amount. According to the opin- 2 ion of the managing director oi the Lands Improvement Company,securities, unless so stamped, should not receive any legal recog-nition. By this process every debenture holder whose debenture hadthe Board of Trade mark impressed upon it would be sure that heheld, a good security. The credit of the companies would also bebenefitted by the removal of the existing suspicion. The consideration of the matter was taken up by Parliament. 3 As mentioned in a previous chapter, when the special report andevidence upon the West Hartlepool Harbor and Railway bill were 1. Economist, May 2, 1863. 2. Evidence before Lords committee of 1864, pp. 22-33. 3. See chapter on the 6ontrolof Borrowing Powers of RailwayCompanies, p. presented to the House oi Lords, great alarm was felt over railway-borrowings by that and other companies. Action by Parliament wasobviously necessary if the alcrm were not to spread* Accordinglyin 1863 the House of Lords appointed a committee on railway borrow-ing powers to inquire and report as to what legislative measures_ , . , _ , companies were desirable to prevent the exceeding their borrow- f\ 1 mg powers. This committee, therefore, recommended that semi-annualdeclaration of the state of the borrowing powers signed by thechairman, the secretary and a director of the company should bepublished in the London Gazette by every railway company exercisingor claiming to exercise borrowing powers under any act of Parliament*In this declaration, the amount paid up and the amount which thecompany was legally authorized to borro?/ by the creation of debt,should be clearly set forth. These officers of the company should
Size: 1367px × 1828px
Photo credit: © Reading Room 2020 / Alamy / Afripics
License: Licensed
Model Released: No
Keywords: ., bookcentury1900, bookdecade1910, booksubjectra, booksubjecttheses
