. Legislative regulation of railway finance in England . should also be presented. Such balance sheet was alsorequired to be examined by at least three of the directors, andwas to be signed by the chairman or deputy chairman of the com-pany. Lloreover, both the shareholders and mortgagees were author-ized to have access to these accounts at the prescribed or otherreasonable times, with the liberty of taking extracts therefrom without charge. In the railways Glauses Act of the same year, 6 a further provision was made to require, under penalty, railwaycompanies to prepare and transfer to the cl
. Legislative regulation of railway finance in England . should also be presented. Such balance sheet was alsorequired to be examined by at least three of the directors, andwas to be signed by the chairman or deputy chairman of the com-pany. Lloreover, both the shareholders and mortgagees were author-ized to have access to these accounts at the prescribed or otherreasonable times, with the liberty of taking extracts therefrom without charge. In the railways Glauses Act of the same year, 6 a further provision was made to require, under penalty, railwaycompanies to prepare and transfer to the clerks of the peace andthe over-seers of the poor of the counties and parishes traversed 1. 8 16. 2. Section 116. 3. If no period is prescribed, then the balance should be made fourteen days at least before each ordinary meeting. 4. 8 T. cap. 16, ss. 55 and 117-119. 5. 8 Y. cap. 20, s. 107. 6. In case any railway company should fail to prepare or transmit such accounts as reoiiired by lav/, it should forfeit foreach failure the sum of twenty 1 by the railway, aostracts of their annual accounts. The financial depression caused by the railway mania of1847 led to investigation of the accounts of railv/ay committee of the House of Lords was appointed in 1849 to con-sider whether the railway Acts do not require amendment, with aview of providing for a more effectual audit of accounts to guardagainst the application of the funds of such companies to purposes for which they were not subscribed, under the authority of the2 Legislature. This committee pointed out that a serious omission in the existing law lay in the want of any prescribed and uniform system of accounts, and recommended the enforcement of some statutory forms to oe binding, within certain limits, upon all railway companies. It further proposed tnat the statutory forms 4 should embrace the following particulars: 1st. A full statement of all the parliamentary powersgranted for raising money, ana sh
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