§ After counsel had been heard against the bill,
§ Lord Bexleysaid, he rose to move the second reading of the bill, notwithstanding the arguments of the learned counsel. The object of the bill was, to relieve the country from a monopoly established upwards of a hundred years ago. The capital which then was thought sufficient to carry on the Maritime Insurance of the country was not now sufficient. If the premiums now paid were as low as competition could make them, the companies complaining would not be injured by the measure; if they were not, the competition of other companies would reduce them. There was at present a practice, whether legal: or not he would not say, of parties mutually insuring their vessels; and it was a fact that such parties paid a much less sum than the amount of the premium at Lloyd's.
§ The bill was read a second time.