. Legislative regulation of railway finance in England . consequence of Parliament having granted to each company in its special act its corporate privileges, that when the company desires to alter the terms of that incorporating act, to enlarge its original capital, or in any way to vary the conditions under which the capital is to he raised, a fresh ap- 3 plication of Parliament becomes necessary. The most important of the general acts governing railwayfinance are the Companies Cluases Acts, 1845 and 1863, RailwayCompanies Securities Act, 1866, Railway Companies Act, 1867, Re-gulation of Rai
. Legislative regulation of railway finance in England . consequence of Parliament having granted to each company in its special act its corporate privileges, that when the company desires to alter the terms of that incorporating act, to enlarge its original capital, or in any way to vary the conditions under which the capital is to he raised, a fresh ap- 3 plication of Parliament becomes necessary. The most important of the general acts governing railwayfinance are the Companies Cluases Acts, 1845 and 1863, RailwayCompanies Securities Act, 1866, Railway Companies Act, 1867, Re-gulation of Railways Act, 1868, and Railway Regulation Act, except the first two acts named above are applicable to all railways without incorporation in the special acts. In the enact-act s, ment of special Parliament is guided by a set of standing ordersas well as its model bills and clauses. 1. The Coventry Railway Bill, 1910 now withdrawn. 2. Standing Order JTov 168b of the House of Commons, 1906. 3. Report of Royal Commission on Railways, 1867, p. The development of English legislation upon railwayfinance has been a continuous one, yet it may be sharply dividedinto three periods. From 1801 to 1844 forms the first period,1845 to 1871, the second period, and from 1872 to date forms thethird period. Although railway finance has received much considerationfrom the beginning, during the first period it was regulated in amore or less haphazard manner. The legislative measures then takenwere modelled after the special canal and turnpike was no general law governing railway finance. The second period, covering the twenty-seven years from1845 to 1871, is by far the most important in the history ofEnglish legislation on railway finance. Concurrent with seriousrailway manias and disastrous railway panics, a feature of thisperiod, the English system of financial legislation underwentrapid evolution and was subjected to repealed tests. The financialproolems of railway
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