. Legislative regulation of railway finance in England . 63-4,and the Railway Companies Securities Act of I860-The railway panic of 1866 and its revelations-The Railway Companies Act of 1867-Royal Commissionon Railways, 1867-Adoption of uniform system ofaccounts-elose of legislative activity. (7) Thescope of the English system of regulation. (8) wljyEngland has undertaken to regulate railway financeand why she had adopted her unique 1 Chapter II. Legislative Supervision of Railway Capitalization. 1-Share ^Sapital. (1) Introductory-Variety of railway securities-Sketch ofearly legislat
. Legislative regulation of railway finance in England . 63-4,and the Railway Companies Securities Act of I860-The railway panic of 1866 and its revelations-The Railway Companies Act of 1867-Royal Commissionon Railways, 1867-Adoption of uniform system ofaccounts-elose of legislative activity. (7) Thescope of the English system of regulation. (8) wljyEngland has undertaken to regulate railway financeand why she had adopted her unique 1 Chapter II. Legislative Supervision of Railway Capitalization. 1-Share ^Sapital. (1) Introductory-Variety of railway securities-Sketch ofearly legislation. (2) general provisions governingshare capital-Creation of shares and convertion ofloans into share capital-Ordinary shares- No compulsorypower to take land until all shares subscribed-Privil-eges of shareholders and the transfer of shares- Can-cellation and surrender of shares- Additional sharecapital and new ordinary shares-Preference shares-The splitting of shares into preferred and deferredportions. (3) Restrictions governing the application g,. of capital-Principles followed by the English legislature-Financial difficulties of the forties led to further le-gislation-Experimental legislation during the fifties-Application of money raised by debenture stocks- Irregu-larities in practice. (4) Prohibition of paying dividendsout of capital- Early regulations as shownn in the Londonand Croydon Act of 1837- need of relaxation during theforties-Provisions adopted in 1845-Standing order of 1847-Self-contradictory provisions contained in the CompaniesAct of 1862-Details rules prescribed in the Railway Com-panies Act of 1867-Undefined working expenses and irregu-lar chargings led to violation of regulations-Efforts toremove restrictions-Relaxation of restrictions in 1868 andsubsequent unsatisfactory results. (5) Conclusion. *5j Chapter 111. Legislative Supervision of Railway Capitalization. 2-Loan capital. (1) Introductory-What constitutes railway loan capital-Policy of Parliamen
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