POSTSCRIPT.

SATURDAY NIGHT."'

In the House of Commons, last night, Sir CHARLES Woon moved for leave to bring in a bill to extend the time for the purchase of land and the completion of works by Railway Companies. He explained at some length the grounds of the measure.

chief cause of the mercantile and manufacturing distress. Mr. Porter had foreseen this danger, and represented it to the Government, at the end of 1845. speculation, and for six years a comparatively small number of bills was Sir Charles adduced several figures to show the rapid increase in the amounts annually devoted to expenditure on the construction of Rail- ways. From 1826 to 1835, Parliament authorized the raising of about posed 1846, 800 plans for Railways were submitted to the Railway Board, and Par- liament authorized 132,000,0001. The total expenditure authorized bet wean 1826 and 1846 was 286,000,0001; by fax the greater portion being sanctioned in the last three years. In 1847 the authorized amount was 38,000,0001. 19,000,000L; in 1836 and 1837, 38,000,000L Distress then checked railway The Railway Commissioners have prepared a statement which is believed to be substantially correct, and it shows the following results as the railway expendi tare in the years mentioned-

The too rapid conversion of floating capital into fixed capital has been the The actual expenditure differs in some degree from the authorized. amount. In 1844 and 1845, Parliament authorized the raising of 74,000,0001.

In 1841

843 1843 1844

leo 5 First six months

/ Second six months

1846 j First six months

/ Second six months £1,470,000 2,980,000 4,435,000 6,106,000 3,510,000 10,625,000 9,815.000 26,670,000 1847, First six months The latter half of 1847 would probably show somewhat different results, as it had not been so easy to borrow money or extract the calls from the pockets of the shareholders. But if works had gone on at the same rate, the expenditure would have amounted in this year to 64,000,0001.; in 1848, to 70,000,0001.; in 1849, to 47,000,0001.; and in 1850, to 10,000,0001.; by which time, probably, the works already authorized would have been finished.

There is a general feeling that it would be desirable to spread this expendi- ture over a longer time; and strong measures had been suggested to Ministers, even to the extent of a total stoppage of all railway works. Looking, however, to the engagements with contractors and manufacturers, and to the number of labourers employed, Ministers thought it would be very injudicious to propose any compulsory measures. Ms bill related to two classes of railways. With re- ference to those railways which are in course of construction, he proposed to do no more than to relieve the companies from the obligation of buying the land, or completing the works, within the time prescribed. [Sir Charles afterwards said that the time would probably be extended by about three years.] He proposed to give landowners a claim to compensation for injury sustained through the de- lay in purchase of their land. [The assessment on their part to be the same as that in any other case of compensation for damage.] In respect of railways which have not been commenced, besides the provision already described, ho proposed that the directors should be forbidden to commence the construction of works without the express content of a certain portion of the shareholders. Those were the only provisions in his bilL With regard to the railway bills suspended last session, or likely to be brought for- ward this session, he proposed that a Select Committee should be appointed to con- sider which of the bills should be allowed to proceed. It might be very desirable to goon with bills for small deviations and extensions; but any measure involving a large expenditure would be better deferred. He had reason to believe that he should receive a pretty general support from the directors of railway companies.

In a short discussion which followed, Colonel SIBTHORP attacked the Railway system altogether. Mr. Emacu applauded the measure, but suggested the further proposition of a limitation on the powers of joint stock companies to raise capital by borrowing money in the market. Mr. HUDSON declared that he should not oppose the bill; but it would be in- operative on the railways with which he was concerned. Leave was given to bring in the bill. Sir CHARLES WOOD'S motion for the appointment of a Committee was also affirmed; the Committee to be nominated on Monday.

Earlier in the evening, Mr. LABOUCHKEtE moved for a Select Committee to consider whether any and what improvement can be adopted in the mode of conducting Private Business. He deprecated the notion that he had come to any definite conclusims on the subject, the more as his official duties have prevented him from attending closely to private business for the last year. Great improvements have already been effected. For instance, the appointment of an officer, at an expense of 1,2001. a year, to inquire whether or not the Standing Orders have been complied with, has saved 200,0001. a year. Mr. Labonchere suggested another improvement: amendments are sometimes made in the House of Lords which escape observa- tion in the House of Commons; and be suggested that the Chairman of Ways and Means might be made responsible for pointing out such amendments in pri- vate bills; or if that officer's functions are already too onerous, the private busi- ness might be entirely separated from the Chairmanship of Ways and Means. The proposition for a Committee met with general approval; though Colonel S1BTHORP and some other Members objected to any increase of salaries.

In reply to Dr. Bowania, Mr. SHELL stated that the two-shilling pieces would be ready for circulation in a few days. Sir Joax PAK1NGTON made a motion to give Orders of the Day- pre- cedence over Motions till the Christmas holydays, in order to the better despatch of public business: but the motion meeting with some opposition, it was withdrawn.

Mr HUME moved for papers on the case of the Rajah of Setters; and they were ordered without opposition from the Government, after a brief and superficial debate on that very stale subject.

The business in the House of Lords consisted almost entirely of soma questioning on the subject of the Bank Charter Act, with no striking revelation.

Both Houses adjourned till Monday.