HC Deb 05 December 1837 vol 39 c609

Mr. G. F. Young moved for leave to bring in a Bill to amend the laws relating to mortgages of ships and vessels. It was not his intention to throw any impediment in the way of persons having property in ships, and having occasion to raise money on that property, but to put an end to fraudulent practices, which were injurious to the tradesmen who supplied ships with stores, and to those who had bonâ fide property in ships. He would not trouble the House with any discussion of the provisions of the Bill in that stage, but would only say, that it had the entire approval of the right hon. and learned Civilian, the Member for the Tower Hamlets.

Mr. Alderman Thompson

said, that this Bill would have the very opposite effect to what was intended by the Bill of last year, and the measure was not at all necessary for the protection of persons advancing money by way of mortgage on ships. Every person so lending money on ships had the means of knowing whether any part of the ship was already mortgaged. There was a book at Lloyd's in which every mortgage must be entered, no mortgage being valid that was not so entered, and no fee was charged for the inspection of that book. The effect of the Bill would be to prevent shipowners from mortgaging their property with the same facility as they could at present: and as the owners of ail other kinds of property; the shipowners had not been sufficiently consulted about it; still he would not oppose the motion.

Leave given.