Lord Redesdale's Bill for the protection of Railway Companies from
their creditors was smashed on Tuesday by Lord Cairns. In a speech of exquisite lucidity he showed that the Bill granted the Companies a "complete immunity from execution for debt," and granted it as a retrospective measure. The sense of the Upper House was so entirely. with Lord Cairns that the Bill was withdrawn, and no aimilor one is likely to be brought forward. As, however, Railway property is steadily declining and creditors are becoming more clamorous, there seems at last a chance that the alternative proposition may have a hearing. Let two-thirds of the creffitors of an insolvent railway be at liberty to put it up to auction, they accepting the money so obtained as dividend in lieu of all further demands. The Railways would then gradually pass into the hands of a solvent proprietary, able to try the much required experiment of a large reduction in rates.
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