. Legislative regulation of railway finance in England . aware that under the semblence of compliance with the limit prescribed by Parliament, money was borrowed every day beyond the authority given. Parliament itself 5 was forced to recognize the unfortunate state of affairs. Itappeared timely to legislate on the matter. It was thought impoli-tic, however, to start too stringent rules so as to make it safe 1. Hansard, vol. 184, p. 1704. 2. Hansard, vol. 180, p. 848. 3. In 1864 there were no less than 153 railway directors (notto st>eak of fineers, bankers, or contractors] in the House ofCo
. Legislative regulation of railway finance in England . aware that under the semblence of compliance with the limit prescribed by Parliament, money was borrowed every day beyond the authority given. Parliament itself 5 was forced to recognize the unfortunate state of affairs. Itappeared timely to legislate on the matter. It was thought impoli-tic, however, to start too stringent rules so as to make it safe 1. Hansard, vol. 184, p. 1704. 2. Hansard, vol. 180, p. 848. 3. In 1864 there were no less than 153 railway directors (notto st>eak of fineers, bankers, or contractors] in the House ofCommons, nearly- one-fourth of the cheif branch of the legislature waithoroughly identified with the railway interest in the of the railway directors, however, were not returned to Parlia-ment for the purpose of representing the railway interest, otherssolicited to become members of railway boards in consequence of thebeing members of Parliament. Railway Times, January 16, 1864. 4. Hansard, vol. 180, p. 848, 111 5. Hansard, vol. 183, p. 869. for people to jump in the dark. As a compromise between the extre-me views, the Marquese of Clanricarde revived the agitation of theprevious year by proposing that every company should be compelledto Liake periodical returns and that Parliament should adopt some system of public registration so as to enable the people to judge 1 2for themselves. In the meantime a bill for the registration of railway debentures, which was substantially the same as that of the 3 previous session, was introduced into the House of Commons . Thisbill contained thirteen clauses and dealt in detail with the yearlyreturns to the registrar of joint stock companies, the appointmentof assistant registrars by the Board of Trade, and the question offees, etc. It also contained three schedules, of which the firstwas concerned with the returns of borrowing powers, the second withthe registration of the issue of bonds and debentures and of certi-ficates of deben
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