MARINE INSURANCE. (Hansard, 5 May 1836)

§ Mr. Robinson
had four Petitions to present for the reduction of the Stamp Duties on Marine Insurances, from Beaumaris, Bangor, Carnarvon, and the fourth was most respectably signed by 900 merchants, underwriters, and insurance-brokers of London. These were Petitions deserving attention, particularly the last, which was one of great importance, coming as it did from such an influential body, and he would therefore have to trouble the House with a very few facts, to show that, in the proposed alteration of the Stamp Duties, the right hon. the Chancellor of the Exchequer could not, injustice refuse to comply with the prayer of the petitioners. The whole tax only pro- 612 duced the comparatively small amount of 200,000l., considering the magnitude of the transactions over which the stamps were spread, and their injurious consequences to the trade and commerce of the country. Such was the burden which this description of tax was considered, that upwards of twenty petitions had been presented from the most influential merchants, traders, and shipowners of the principal commercial towns in England for its repeal, and he (Mr. Robinson) had an assurance from the Chancellor of the Exchequer that it was under consideration. In the year 1822, when the imports and exports of this kingdom did not exceed 88,000,000l. the Stamp Duties produced 300,000l.; but in the year 1833, when the imports and exports had increased to 120,000,000l. and when, in the same ratio, the duties on stamps should have produced at least 400,000l., they had fallen off to 200,000l. This simple fact alone he considered as a sufficient proof of the impolicy of the tax; and he (Mr. Robinson) had always understood, on the true principles of finance, that a better test of the impolicy of a tax could not be adduced, than that which he had now ventured to allude to. The reason was this, that British subjects had to send their insurances abroad, where they could be effected with equal security and less expense than in this country. There was another reason—

§ The Speaker
begged to call the attention of the hon. Member to the rule that had been laid down for facilitating the public business—that of hon. Members confining themselves to the prayer of petitions, without reasoning on them. The proper time for so doing would be when the subject was before the House, but at present the hon. Member was taking too great a latitude in his observations.

§ Mr. Robinson
would adopt the suggestion of the Chair, and would only trespass on-the attention of the House for a few moments longer. He was desirous of stating the reasons for the decrease in this particular duty, and that was, that foreigners, who otherwise were disposed to insure their property in this country, were prevented from doing so by the facilities afforded for that purpose abroad, added to the dislike they had to contribute to the increase of our revenue. In conclusion, he would say, that many refused to cover their property to the full extent of the risk, in con-sequence of the high rate of marine insurance. With these facts before the country, he hoped the right hon. the Chancellor of 613 the Exchequer would take the case into his consideration, and remove the burden complained of, which was trifling in amount compared with the benefit it would confer on the commercial and trading interests.