HL Deb 27 May 1856 vol 142 cc672-3

Order of the Day for the Second Reading read.

LORD STANLEY OF ALDERLEY moved that this Bill, the object of which, he observed, was to render liable to duty all property in this country insured abroad, be now read a Second Time.

THE EARL OF MALMESBURY

said, he thought we had abandoned protection four years ago, but here was a Bill which was the very incarnation of protection. No proposition had ever issued from the Opposition side of the House more imbued with protection than this was. But, putting that aside, he asked how the Bill was to be practically carried out. He did not see how it was possible to prevent evasion of its provisions.

LORD MONTEAGLE

was surprised to hear this measure decided as one of protection. In one sense, no doubt it was a Bill for protection, but it was the protection of Her Majesty's revenue from smuggling. It was no interference with the freedom of trade, nor was it to protect particular interests, but the revenue of the State.

THE EARL OF DONOUGHMORE

said, the object of the Bill was to prevent French capitalists from coming over to insure property in this country. They desired to employ their capital in this way, and here it was proposed to enact a measure of protection against them. It did not appear to him to signify whether corn or money was the article affected. In either case it was a measure of protection.

LORD STANLEY OF ALDERLEY

thought there would be some force in the objection taken if French capital were now subjected to the same conditions imposed on English capital; but the fact was it paid no duty in the case of insurances in this country, while English capital paid a duty of 3s. per cent. The proposition now made was the same as that of imposing a duty on French corn brought to this country if it was converted into English malt.

THE EARL OF MALMESBURY

said, they had been told that nothing was to be protected, that no speculation whatever was to be interfered with, as it would be contrary to the principle of free trade. The true way of settling this question would be to take the duty off insurances in this country.

Motion agreed to; Bill read 2 accordingly and committed to a Committee of the whole House.