. Legislative regulation of railway finance in England . cial investi-gation. He disregarded, therefore, the usual rule of procedure,and hand ed these frills as if they were opposed. Accordinglythey were referred to a select committee of nine members, fivebeing nominated by the of Commons and four by the Committeeof This Select Committee was empowered to send for 1. The Isle of Wight, the London & South Western, the Caledoniamand the Great Northern. The London & South-Western may betaken as a simple and typical example of the second clause of this compan
. Legislative regulation of railway finance in England . cial investi-gation. He disregarded, therefore, the usual rule of procedure,and hand ed these frills as if they were opposed. Accordinglythey were referred to a select committee of nine members, fivebeing nominated by the of Commons and four by the Committeeof This Select Committee was empowered to send for 1. The Isle of Wight, the London & South Western, the Caledoniamand the Great Northern. The London & South-Western may betaken as a simple and typical example of the second clause of this company* s Bill it was providedthat the company would create ordinary stock of two classes--(1) preferred A% ordinary stock and (2) deferred duplicatedordinary stock, both classes of which to be in substitution ofa corresponding amount of the paid up ordinary stock. Thatis to say £100 of the preferred and S100 of the deferred ordi-nary stock should be substituted for every L100 the existingordinary stock. It was also provided that the maximum divid-. persons,papers and records, etc. concerning both sides of thequestion, and to consider what provisions should bemade for thebenefit of the public, if the applications wereallowed. 1 Two distinct questions at once presented themselves for solu-tion, namely:- (1) Whether or not the proposed duplication of stocks oughtto receive sanction, (2) How far it was necessary or expedient for Parliament tointerfere with the methods by which the duplication was done, andif Parliament should so interfere, whether the terms and conditionsunder which duplication might be done should be prescribed in ageneral enabling bill. With these questions before it, the committee, besides takingtestimony from the representatives of the railways and other inter-ested parties, called for much independent evidence, among whichwas that of the representatives of the Board of Trade, the StockExchange Committee and of prominent members of the London andScottish banking f
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