§ NOTE 6.—The columns headed "Business out of the United Kingdom," in the case of companies having their head office in the United Kingdom, apply only to business secured through agencies out of the United Kingdom.
§ Mr. HAY moved, in Note 6, to leave out the word "agencies," and to insert instead thereof the words "branch offices."
§ I move this Amendment at the request of various assurance offices. It is most inconvenient and unnecessary that these returns should be made in respect of business secured through agencies, and it would meet with all the requirements of the law if they were made in respect of business secured through branch offices out of the United Kingdom.
301§ Mr. CHURCHILLIt is very difficult on a moment's notice to say what will be the effect of this Amendment, but I will consider it before the Report stage.
§ Mr. MUNRO FERGUSONWe think the word "agencies" rather too wide.
§ Sir T. P. WHITTAKERThe object is to ascertain what business is done out of the United Kingdom, and whether it is done through agencies or branches, the return ought not to be limited in any way.
§ Mr. HAYThere is no intention in moving this Amendment to do anything which would in any way disguise the amount of business done abroad.
§ Amendment, by leave, withdrawn.
§ Mr. STUART-WORTLEY moved, after the word "Kingdom" ["through agencies out of the United Kingdom"], to insert the words, "in countries where the company is required to make a special deposit of funds for the security of policy holders in those countries."
§ The object of the Amendment is to limit the requirements, in this particular Note to those cases where business is secured abroad in countries which require a special deposit, and I think that is the only rational or scientific classification. There are many companies which have a small amount of business secured through agencies abroad where it would hardly repay the trouble of making a return, and that is why I move this Amendment.
§ Mr. CHURCHILLThe object of providing for a revenue account of the business within and out of the United Kingdom is to obtain statistical information which I think can be given with very little trouble by the companies, and which will be of considerable value. The Amendment would entirely destroy the1 value of this provision. I know the point the right hon. Gentleman has in view, but I really do not think the Amendment would conduce to the smooth working of the Bill.
§ Question, "That those words be there inserted," put, and negatived.
§ First Schedule agreed to.
§ Second Schedule agreed to.