HC Deb 11 June 1824 vol 11 c1202

Mr. F. Buxton moved, that the report of this bill be now received.

Mr. Robertson

hoped, that in the present state of the House, when so many were absent, who would, if present, be disposed to take a share in the discussion, the hon. gentleman would not persist to press it.

Mr. F. Buxton

said, that the Some objection had been made last night, and might be used again and again. If the opponents of the bill chose to absent themselves, he could not delay the bill on that account.

Mr. P. Grenfell

said, that the bill went to destroy the vested rights of Insurance Companies. How tender the legislature formerly had been in dealing with these vested rights, was seen in the case of the South Sea Company, which had a grant of an exclusive right of trading to the South Seas. Though this right had not been exercised for a hundred years, so tender was the House of interfering with it, that it would not take away that right without granting a compensation of 15,000l. a-year. He moved as an amendment, "that the report be brought up this clay six months."

Mr. Alderman Wood

said, that the bill was intended to break up the Insurance business of 15 or 1600 persons, against whom no complaint had been adduced, and upon whose immense transactions there had been only a loss of three farthings in the pound.

Mr. Robertson

contended, that the commercial world would suffer considerably by the establishment of such a society as that now proposed: for when such a valuable institution as that of Lloyd's was once destroyed, it would be impossible to restore it again. The information which had been received in this country through the agents of Lloyd's, from all parts of the world, had been of the highest consequence to its commercial interest.

The House divided: For receiving the report 50. Against it 31. The report was agreed to.