. Legislative regulation of railway finance in England . us the2 Economist said: English legislation abounds in abortive expelents. Itshrinks from difficulties. There is very commonly an admitted evil,and very obviously only one real remedy. But very often that realremedy is painful, and if public attention is but half aroused tothe subject, we are apt to put up with some half-measure which giveslittle or no trouble, which looks as if it might mend matters alittle, and which has no disadvantage save that it is not a search-ing cure of the evil to be remedied, and that in a little while itwill
. Legislative regulation of railway finance in England . us the2 Economist said: English legislation abounds in abortive expelents. Itshrinks from difficulties. There is very commonly an admitted evil,and very obviously only one real remedy. But very often that realremedy is painful, and if public attention is but half aroused tothe subject, we are apt to put up with some half-measure which giveslittle or no trouble, which looks as if it might mend matters alittle, and which has no disadvantage save that it is not a search-ing cure of the evil to be remedied, and that in a little while itwill be forgotten on account of the slightness of its effect, whilethe malady itself will rage as much as ever. One of these half-way laws is the Act of last session asto railway securities. This important financial paper contended that the precau-tions provided by this act failed exactly at the weak point. .That 1. For details see the first schedule of the Railway CompaniesSecurities Act, 1866, and Chapter VII of this study. 2. Economist, October 27, J 5 y was wanted was an independent audit, a warranty by a oompetant andimpartial authority that such and such debentures were good. Theconfusion, not to say worse, oi the affairs of some railways has beeiso great that those connected with all of them are inevitably sub-ject to a doubt. Half of the directors in disorganized railways donot know what is being done, and others wish to do what is such dangers, the act gives no security; it requires cer-tain statements to be made which all the good companies, and 99 outof make honestly, but which an exceptional company, orrather some few people about such a company, may make long as you rely on the bona fides of the issuer of the debentureyou are not;and cannot be^safe from his mala fides. The act seemed to have failed to check the confusion overdebentures at least during the three or four years after its did it prevent some of
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