. Legislative regulation of railway finance in England . these recommendations, Sir William Hunt introduced the Railway Audit of Accounts Bill early 2 in the session of 1867. In the following year, another bill called the Joint Stock Companies Accounts Bill was introduced the aim of which, similar to that of the bill of the previous year, was to secure to shareholders and the public, periodically, a true balance sheet of the financial affairs of railway companies 3 and a true statement of the assets and liabilities. Neither of these bills, however, was enacted into the meantime, the Gov
. Legislative regulation of railway finance in England . these recommendations, Sir William Hunt introduced the Railway Audit of Accounts Bill early 2 in the session of 1867. In the following year, another bill called the Joint Stock Companies Accounts Bill was introduced the aim of which, similar to that of the bill of the previous year, was to secure to shareholders and the public, periodically, a true balance sheet of the financial affairs of railway companies 3 and a true statement of the assets and liabilities. Neither of these bills, however, was enacted into the meantime, the Government prepared the Regulation of Rail-ways Bill, which embodied many of the principles contained in thetwo previous bills just referred to. This bill was introduced into the House of Lords first, under the auspices of the Board of4 Trade, in preparing the bill, the Board of Trade, had given much 1. Railway Times, May 23, 1868. 2. For purpose of this bill, see Railway Times, June 15, 1867. 3. Hansard, vol. 187, p. 1588. 4. Hansard, vol. 192, p. careful attontion to the report of the Royal Commission on Railways. A considerable proportion of the bill was based, in fact, on the 1 recommendations of that Commission. Moreover, the Board of Trade had also received frequent deputations and much correspondence on 2 the subject from railway experts. In fact some of the very fundamental matters, such as the forms of accounts, etc., were adopted only after extended consultation with some of the most 3 prominent railway accountants. When the Regulation of Railways Bill was introduced,the legislators recognized the great change which had taken placein the English railway system since the forties. Thus attentionwas called to the fact that all legislation connected with rail-ways must be cautious, practical, and well-considered, and thatin dealing with the subject it was as necessary to look at theinterest of the public, on whose behalf the railways were con-structed, as it was neces
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