HC Deb 28 February 1837 vol 36 cc1171-3
Mr. George F. Young

, in moving for leave to bring in a Bill to amend the law relating to mortgages on ships, as he understood his motion would not be opposed, felt disposed to limit himself to a brief exposition of the evils of the present system and of the remedy which he proposed to apply. Up to the year 1825, the state of the law as to the security of money advanced on mortgages of ships was very defective. In that year Mr. Hockessin (whose great abilities he willingly acknowledged, however he might differ from some of his views) brought forward a series of measures affecting the commerce of the country, and the maritime commerce more especially. He proposed a Bill for affording greater facilities in raising- money on ships, and he thought that he was thus affording an advantage to ship owners. Now, so far from this measure having been found beneficial, it was the source of great evil and of very great disadvantage. The operation of the Bill was this, that it enabled persons without capital to become owners of ships, which ships they afterwards mortgaged, and by the facility of obtaining credit thus afforded, persons without capital were enabled to enter into the wildest speculations, to an extent injurious to the security of the capital of the prudent man engaged in the maritime commerce of the country. The ship owners, and those for whose benefit this measure had been intended, complained of it as a source of very great evil. The system that at present prevailed was productive of frauds of a very extensive description on those who, as tradesmen, were connected with the building and equipment of ships. Now, in the measure which he proposed, for the purpose of patting an end to this system of fraud, he was anxious that no difficulty should be thrown in the way of obtaining money on mortgages of ships by bona fide owners, who might happen to be in a state of temporary embarrassment. The principle of the measure he wished to propose was, that every man should be free to obtain money on that which was really his own property; but that no person should be permitted to hypothecate that which was not his own, or obtain credit on the property of others. He would not at present enter into the details of the measure, which would be the subject of future consideration. He had the satisfaction of stating that his hon. Friend, the Member for the Tower Hamlets, concurred in the advantage that would result from this measure, and he could appeal to the opinions of the hon. Member for Whit by, who had given notice of a motion on this subject in the course of the last Session. He could, in conclusion, give the fullest assurances to those connected with the shipping interests of the country, that the measure he proposed to introduce was one calculated to cause them no alarm. The hon. Member concluded by moving for leave to bring in the Bill.

Mr. Poulett Thomson

said, that it was not his intention to offer any opposition to the motion. He believed that such a measure was necessary, and when it came before the House, he would give it every consideration in his power. When the Bill of 1825 was brought forward he was not in Parliament, but he believed that it was brought forward with the concurrence of the ship owners, who thought that it would confer a particular benefit on themselves. He believed, however, that they entertained a different opinion now. It was right, however, that all parties interested in the question, should have full time to consider the plan proposed. He hoped, therefore, the hon. Member would give full time for the consideration of the measure; and, so far as he (Mr. Poulett Thomson) was concerned, he would give to the arguments of all parties interested, both for and against the measure, the fullest attention in his power.

Mr. George F. Young

said, that he proposed in the first instance to introduce the Bill and have it circulated generally through the country, so as to enable all parties interested to express their opinion of the measure.

Leave given.