§ MR. COWANsaid, he wished to ask the Secretary to the Treasury whether it is intended to propose considerable alterations in two Bills recently introduced—namely, the Insurance Companies and Mutual Companies Bills; and if it be also intended to confer limited liability upon such Companies; also if new prints of such Bills, with the alterations proposed, will be delivered to Members, and notice given of the intention of the Government to proceed with these amended measures? He would also take that opportunity of asking another question. His hon. Friend had been Chairman of the Committee on Insurance Companies which sat four years ago, and on which he (Mr. Cowan) had also served. Among other things recommended was one that no Insurance Company should be allowed to be constituted without lodging £10,000 in order to demonstrate the bonâ fides of the promoters of such companies. He wished to know whether the Government intended to introduce that provision among the other alterations proposed?
MR. WILSONstated that it was thought very desirable that the Insurance Companies and Mutual Companies Bills should pass in the course of the present year, especially as an Act passed last year had unintentionally repealed the only Act which governed Insurance Offices. No doubt the hon. Gentleman was aware that a question of this kind raised an immense difference of opinion according to the various interests concerned, and he had very great difficulty in meeting the objections raised in reference to the two Bills; but he yesterday received a deputation, representing all the London Offices and most of the Scotch Offices, and he came to an understanding 284 that he would read the two Bills a second time that night, and to-morrow in Committee pro formâ introduce such Amendments as he thought it in the power of the Government to assent to, and so enlarge the Bills as to make them as perfect as possible in themselves, without referring to Acts in existence. He had also undertaken that the Bills should not be committed for the purpose of passing until those out of doors interested in the matter should, at least, have four days to consider them in the amended form.