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Image from page 197 of “Legislative regulation of railway finance in England” (1911)
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Identifier: legislativeregul00wang
Title: Legislative regulation of railway finance in England
Year: 1911 (1910s)
Authors: Wang, Ching-Chun, 1883-
Subjects: Railroads and state Railroads Theses
Contributing Library: University of Illinois Urbana-Champaign
Digitizing Sponsor: University of Illinois Urbana-Champaign

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hemortgagees depended. The bill provided that: 3. The undertaking as difined by the Companies Glauses J Consolidation Act, 1845, and all the engines, carriages, wagons andother plant, movable and inmovable (including work-shops), used orrequired for the proper management and working of the railv;ay, andbelonging to the railway company, shall be security for the paymentand as the case may require, for the repayment, of the principalmoney of the debenture debt; and it shall not hereafter be lawfulfor any person to seize or take in execution, in satisfaction of anydebt or claim, (other than rates or taxes, or rent charges in respectof which there is a power of distress, or compensation for personalinjury, or loss) incurred or made after the passing of this act,such undertaking, engines, carriages, wagons, or other plant, in-cluding workshops as aforesaid. 1. Hansard, vol. 185, p. 781. 2. The bill was introduced on Feb. 12, 1867. Hansard, vol. 185,pp. 297-299. 3. Hansard, vol, 185 p. 781.

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As is seen from th< passage, the bill did not help thedebenture-holder to his principal. It only secured him his in-terest. For, obviously, it was only the sale of the line in vh ichhis money was sunk which could pay the mortgage when the credit ofthe undertaking was so damaged that no new lender would come for-ward to replate the old ones. But this in reality was not veryobjectionable, since so long as one received his interest regularly,he usually did not worry much about his principal. This was es-pecially true in England at that time, when the people were veryent erpri sing. This measure was regarded as both timely and helcful in establishing the desirability of debentures. No one could doubt, 1 remarked the Economist, that this enactment is beneficial. Itamounts to preserving the interest of the mortgages from all danger,if the line yields money enough to pay it, because the whole earn-ing machine is kept together and intact to make what gains itcan. It was also felt in Parlia

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