. Legislative regulation of railway finance in England . o much opposition among the holders of rail-way debentures as shown by the fact that a formal protest was lod-ged against such a provision being inserted in private bills ofthe session by a large number of bankers, lawyers, as well as many prominent railwaymen, in behalf of the holders of railway deben-4 tures. These petitioners claimed that the effect of such a pro-vision would be to depreciate or bring into disrepute the securityhitherto attached to acts of Parliament. It was claimed that alarge proportion of these securities were held
. Legislative regulation of railway finance in England . o much opposition among the holders of rail-way debentures as shown by the fact that a formal protest was lod-ged against such a provision being inserted in private bills ofthe session by a large number of bankers, lawyers, as well as many prominent railwaymen, in behalf of the holders of railway deben-4 tures. These petitioners claimed that the effect of such a pro-vision would be to depreciate or bring into disrepute the securityhitherto attached to acts of Parliament. It was claimed that alarge proportion of these securities were held by trustees for in-fants, married women and widows, or by persons of fixed incomes,who invested their means in such securities upon the faith of theacts of Parliament, and that such persons would have never madeany such investments had they supposed that Parliament would per-mit their rights being affected by a later issue of securities. 2. Hansard, v. 189, pp. 159-160. 3. Hansard, v. 188, pp. 590-492, and v. 189, 163. 4. Railway Times, July 22, After being cciiimitted and recommitted and modified in manyrespects, the bill was parsed and became the Railway Companies Actof 1867. The first important section of this act provided that thecreditors of a railway company might obtain the appointment of a re-ceiver, and if necessary, of a. , on applying to the Courtof Chancery to manage the railway, but that the rolling stock used or provided by a company for the purpose of the trafficon the railway or of the stations or workshops, shall not, afterthe railway or any part thereof is open for public traffic, beliable to be taken in execution at lav/ or in equity at_ any timeafter the passing of this Act, and before the first day of Septem-ber, It may be noticed that the provision for the protection of rolling stock was adopted for only one year. This was due to the I fact that such a measure was still regarded as an innovation. On i account of the afores
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