. Legislative regulation of railway finance in England . 7% of the total paid upcapital. So far as the writer has been able to discover, thestrenuous adhesion of Parliament to the idea of limiting the borrow-ing powers of railway companies to one-third of their chare capitalarose simply out of the desire of giving- security, by that means, tothe holders of legal debentures. Yet if railways had been permittedto borrow to the extent of one-half or even two-thirds of the bonafide share capital it seems hardly likely that thereby the de-benture-holders wo ild have been deprived of a reasonable sec
. Legislative regulation of railway finance in England . 7% of the total paid upcapital. So far as the writer has been able to discover, thestrenuous adhesion of Parliament to the idea of limiting the borrow-ing powers of railway companies to one-third of their chare capitalarose simply out of the desire of giving- security, by that means, tothe holders of legal debentures. Yet if railways had been permittedto borrow to the extent of one-half or even two-thirds of the bonafide share capital it seems hardly likely that thereby the de-benture-holders wo ild have been deprived of a reasonable hardly admits any doubt that it is desirable for a governmentto limit the facilities for constructing railways with otherpeoples money; yet too stringent regulations are liable to be asharmful as the lack of regulation. English experience seems tojustify the statement that broad but vigorously-enforced restrict-ions may prove more beneficial than narrow but loosely-enforcedlimitations. 1» Cf. A* T. Hadley; Railroad Transportation, 1903 p.
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