Railway Deposits — HC Deb 23 January 1846 vol 83 cc131–4

Claims Supported by This Source

1. Lord Russell: According to the Standing Orders and resolutions of the House of Commons, railway deposits will soon be paid in cash into the account of the Accountant-General of the Bank of England. The amount paid last year was £3 million, and this year it is expected to reach £9 million, raising concerns about disruption to the financial market (c. 131).
2. Chancellor of the Exchequer: The Standing Orders require a deposit of "one-tenth of three-fourths of the whole expense" before a railway petition can be presented. In mid-November 1845, parties in the City requested that deposits be allowed in Exchequer Bills, public funds, India Bonds, or private bills instead of cash, but I replied that I would not promise to alter the Standing Orders, nor would I propose it to Parliament (cc. 132–133).
3. Mangles and Masterman: The purpose of the deposit is to ascertain that the scheme is bona fide, but for this single point, commerce in general is being pressured. For the last few days, it has been difficult to obtain the usual accommodation of funds, and the interest rate has also risen (cc. 133–134).

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