HC Deb 22 July 1874 vol 221 cc489-90

Order for Committee read.


, in moving that the Order for going into Committee on the Bill be discharged, said, that the measure had been re-cast, in accordance with the views of the House, was now being printed, would shortly be circulated, and would, he hoped, be re-introduced next Session. He wished to add a few words by way of redeeming a promise which he had made to the Prudential Assurance Company. The Report of the Royal Commission contained certain remarks on the practice of that company, of issuing policies which were worthless for want of insurable interest. The Directors having had their attention called to the statement, applied to the Government, and stated their belief that there really were insurable interests in those cases to the extent of the funeral money, which was the limit of the insurance. They further expressed their wish to be allowed to bring in a Bill to make the law clear on the point and to legalize their proceedings. He thereupon informed them that it was the intention of the Government to introduce a measure on the general subject of friendly societies, and that it would contain a clause dealing with the point in question. Satisfied with that answer, the Directors did not proceed with a Bill of their own, and he had introduced a clause into the Bill of the Government to meet the case; but, of course, that clause fell through with the measure itself. That being so, the company again applied to the Government to assist in carrying a Bill of their own; but he had informed them that there was no necessity for proceeding in the matter this Session. He had reason, he might add, to believe that the directors had acted entirely in good faith, and that there were arguments to be adduced in support of the view which they took on the subject, although he himself was of opinion that they were wrong. The right hon. Gentleman concluded by moving the discharge of the Order.

Motion made, and Question, "That the Order for going into Committee on the said Bill be discharged:"—(Mr. Chancellor of the Exchequer):—put, and agreed to.

Bill withdrawn.