. Legislative regulation of railway finance in England . question, the committee said that there was nothingunreasonable or objectionable from a public point of view in theconversion of ordinary stocks into a preferred and a deferredclass, and, therefore, it recommended that the necessary powerfor that purpose should not be refused when a railway company de-sires it. With regard to the second question, which was of gen-eral interest, the committee instead of trying to solve it as itwas expected, dodged it by throwing the responsibility u^.on theRoyal Commission of 1867 which stated that Parlia
. Legislative regulation of railway finance in England . question, the committee said that there was nothingunreasonable or objectionable from a public point of view in theconversion of ordinary stocks into a preferred and a deferredclass, and, therefore, it recommended that the necessary powerfor that purpose should not be refused when a railway company de-sires it. With regard to the second question, which was of gen-eral interest, the committee instead of trying to solve it as itwas expected, dodged it by throwing the responsibility u^.on theRoyal Commission of 1867 which stated that Parliament should re-lieve itself from all interference with the financial affairs ofrailway companies, leaving such matters to be dealt with under theJoint Stock Companies Act. .; and purged that Parliamentshould continue to act upon the principle of ,believing that while the public are naturally concerned in thesolidity and stability of corporations to which Parliament hasgiven large exclusive powers, these objects are, in most cases,. best secured by trusting to the self-interest of the shareholders.]In order to avoid the confusion inherent in these nominal additions,the aommittee believed it right to insist (1) that the dividendshould in all cases continue to he declared on the original stock,and (2) that the original stock or paid-up capital shall be recorderand shown in the accounts as though no alteration had been ,and (3) that the new stock should bear a different and uniformnomenclature. This report proved, as might have been expected, disappointing2 to many parties, with the exception of the railway its length it showed that the committee took for grantedthe very matters into which it had been expected to inquire. Mostof its conclusions were drawn from the fact that some commissionsaid so and so; and much of the evidence seemed to have been dis-regarded. In the first place, the conclusion of the committeethat there was nothing
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