. Legislative regulation of railway finance in England . ey on them,but he said They were not worth anything. They were quasi thingsand the good securities were elsewhere. It was no wonder, there-fore, that the whole basis of railway credit was utterly shaken. To make things still worse, the treacherous instrument2 called Lloyds bonds also came appeared in the financial market. What followed was but natural. Distrust and dissatisfaction over railway securities was felt everywhere. It was urged that the Government should see to it that the law was complied with. A3 loud cry was also raised dema
. Legislative regulation of railway finance in England . ey on them,but he said They were not worth anything. They were quasi thingsand the good securities were elsewhere. It was no wonder, there-fore, that the whole basis of railway credit was utterly shaken. To make things still worse, the treacherous instrument2 called Lloyds bonds also came appeared in the financial market. What followed was but natural. Distrust and dissatisfaction over railway securities was felt everywhere. It was urged that the Government should see to it that the law was complied with. A3 loud cry was also raised demanding that Government should stamp all the debentures issued as it stamped money and ascertained the 4 qualities of schoolmasters, so that only the allowed numberwould be permitted to circulate. Nothing, however, was done by Parliament to meet the de-mands. In the meanwhile the railway panic of 1865-67, which was 1. Economist, Oct. 27, 1866. 2. For a description of these bonds see Chapter I, p. 3. Economist, TTov. 17, 1866. 4. Economist, Oct. 27, the result as well as the cause of the growing distrust in railway rebentures, was setting in, during which a number of companies suffered great embarrassments. The credit of some railway companies like that of the South Eastern was greatly injured on account of the pressure brought about by the renewal of their debentures. Other companies, like the London, Chatham and Dover, met with, utter 1 and disgraceful failure? due to similar causes. What was evenof greater consequence was the effect of such happenings upon thecredit of the whole railway system. The accidental circumstance ofmere neighborhood to the exploded companies was construed intosome participation in their faults. In the midst of this chaos,a royal commission was appointed to examine the whole matter,with a view toward Government purchase as a solution of the pro-blem. Parliament intended to postpone 2,11 action until thecommission had finished its work; but the pr
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