§ Sir T. Metcalfemoved the order of the day, for the second reading of the bill for incorporating the Globe Insurance Company.
Lord Castlereaghput it to the gentlemen on the other side of the house, whether, as this bill was likely to give rise to some discussion, it would not be more desirable to put it off to some future day, to make way for the discussion of a more important measure, which was fixed for this day; or if this bill was to go on, that there should be an understanding in the house, that the other discussion should not be brought on at a late hour.
§ Lord H. Pettydid not think the discussion of this measure could occupy much time. It was not for him to anticipate what might be the pleasure of the house with respect to calling in the counsel, but he had no difficulty in saying, that if the discussion should be protracted to any length, there would be no objection to put off the other discussion to a more convenient time.—On the question being put, that the bill be now read a second time,
§ Sir John Andersonmoved an amendment, that the bill be read a second time this day three months, in which he was supported by sir W. Curtis, Mr. Grenfell, and sir C. Price, on the ground that the bill would be an infringement upon the rights of the London and Royal Exchange Insurance Companies.—Mr. Aldm. Combe, lord H. Petty, Mr. Paull, and Mr. Alexander, supported the second reading, on the ground that a competition was favourable to the public; that the trade and shipping of the country had been vastly increased since the charters had been granted to the companies alluded to; and that other corporations were necessary to meet the accumulation of business, and that this company proposed to contribute 100,000l. to the public, and to invest a capital of 1,000,000l. in the public funds, and without requiring any exclusive privileges. Mr. Paull, too, stated, that above seven millions annually were insured in India for want of corporations in England for effecting insurance, more confidence being placed in companies, than in individual or private insurers.—Mr. Perceval, Mr. Shaw Le Fevre, and Mr. W. Smith, were of opinion that counsel should be heard on the bill, and the matter of the petitions against it, before the house should come to any decision. A division then took place, For the Amendment 20; Against it 74.—Majority 54.—On the motion that 813 counsel should be called in another division took place: for calling in counsel 39; against it 62. The bill was of course read a second time, and ordered, to be committed.