The Sun.
London, England, 1870-02-23 00:00:00

IMPERIAL PAR AIE NT. `FIRE AND MIRACI

HOUSE OF COMMONS-THIS EVENING.

The Speaker took the chair at quarter past twelve
PRIVATE BUSINESS.

The following bills were read a second time :
Bristol and North Somerset Railway, Great Eastern
Railway (General Powers), Great Eastern Railway
(Metropolitan Railway), Leeds Strcet Tramways, Liver-
pool Street Tramways, Manchester Street Tramways,
Midland Railway (Additional Powers), North Stafford-
shire Railway, Preston, Longton, and Southp3rt Railway,

and Shetteld Corporation Gas Bill.,
BENEFICES BILL.
Mr. CROSS brought in his bill to render void the next

presentation to benefices, which was read a first time.

LIFE ASSURANCE BILL.
Mr. CAVE rose to move the second reading of this bill,

and in doing so said in order that his observations might
not appear invidious, he should avoid the mention of names
and offices until his statements were questioned, when he
should be prepared to substantiate. He might further say

that he was totally unconnected with any life assurance
office, and until very lately he had not paid much atten-

tion to the matter. The proposition for the governance
of life assurance offices had led to many suggestions, some

persons being of opinion that model tables should be issued by
Government ; but he- thought it was best that this matter
should be left to conpution, as it was in America, where

life rates were charged for, for those who were professed
homeopathists, for those according to the age of their pro-
genitors, and on various other principles ; but in this country
the people seemed to be self-selective and the best lives
were as a rule always endeavoured to be selected. It

might be interesting to the House to know that the most
long-lived people were peers, clergy, and the members

the Society of Friends.

(Laughter.)

The

business of life assurance was comparatively

'ree from risk, and it was a remarkable fact

that exception notably had never ruined any office. The
Indian mutiny was about the most fatal for life
assurance, but yet that unfortunate calamity did not
cause the failure of any office, although it pressed most
severely on some. The hon. member then proceeded to
detail the number of offices which had been founded during
the last fifty years, the number wound up, the number
transferred, from which it appeared that seven companies
had been transferred four times, some three times, and
eighty he could name that had been transferred once.
Some offices had absorbed not less than thirty-five
offices, and the Albert, of which they had heard so much,
had taken over no less than twenty-four. The mode in
which railway companies had been formed had been most
objectionable. Canvassers and agents had received ex-
horbitant sums for business done, and they had built the
tower higher and higher every year, only to heighten the
calamity of its fall. Such questionable transactions had
been brought to light that the celebrated Anglo-Bengalee,
whichhadbeendrawn by one of our greatest writers, had not
been .saltogether a fiction. That the most careful super-
vision was required in these offices was apparent
when he stated that the contracts of the
offices in existence in this country amounted to no less than
£400,000,000. The provisions of the bill had received the
approbation of the highest authorities in America, and he
hoped it would receive the sanction of the House. The
right hon. gentleman then proceeded to state the provi-
sions of the bill, which were as follow :—Every company
established after the passing of the Act must, before
receiving a certific'ate of registration, deposit £20,060
with the Accountant-General in Chancery, to be invested
by him for the benefit of the company, but to be
returned as soon as the life assurance fund accu-
mulated out of the premiums shall amount to £40,000.
Should any other business be" transacted in addition to
that of life assurance, the life assurance fund was to be
kept separate, and was not to be liable for the other cor.-
tracts of the company, but should be absolutely the
security of the life policy-holders. Every company -a as
to prepare, at the expiration of each financial year, state-
ments of its incomes and expenditure, with balance-sheet
in certain prescribed forms; and, further, once in five
years, an actuarial investigation was to be made into its
condition, and within six months thereafter, a
statement of its life and annuity business, made
up as at the date of the investigation was to be issued.
Copies of these statements to be deposited at the Board
of Trade, and to be delivered on application to every
shareholder. No amalgamation of companies to take
place until a statement of the nature of the arrangement.
and of all the material facts, with copies of the actuarial
reports, had been forwarded to each policy-holder, nor
until the written consent of one-half of the policy-holders
had been obtained : and in cases where the requisite con-
sent had not been obtained, but where the dissents amounted
to leas than a tenth of the total sum assured, the directors
must apply to the Court to sanction the arrangement.
When an amalgamation took place, the combined company
must, within ten days, deposit with the Board of Trade
full statements of the assets and liabilities transferred,
with particulars as to the nature and terms of the transfer,
and a declaration by the chairman of each company that
every payment made to any person on account of the
amalgamation was fully set forth, • and that no other
payments, either in money or other property, have
been made, or were to be made, with the knowledge of
any parties to the transfer. Every company which made
default was liable to a penalty of fifty pounds per day,
and if the default continued for three months after notice
had been given by the Board of Trade, the court might
order the company to be wound up. The court might also
order a company to be wound up on the application of one
or more policy or shareholders, on its being proved that
the company was insolvent, and in determining this point
the contingent or prospective liability under policies and
annuity or other contracts, was to be taken into account;
but the Court was not to give a hearing to the petition
until security for costs had been given, and until a prime/
facie case had been established to the satisfaction of the
judge. In the case of a proprietary company having an
uncalled capital equal, with !the invested assets, to the
estimated liabilities, the Court might suspend further pro-
ceedings to enable the capital to be called up. Where a
company had been proved to be insolvent, the :,Court
might reduce the amounts of the contracts in place of
making a winding-up order. The passing of the
bill, he could not but believe, would bring about a feeling
of security which did not generally exist at the present
moment, and to a great extent prevent those directors
and promoters of bubble companies who sometimes sat in
high places from further enjoying the hard earnings and
thrifty savings of those whose efforts to provide for the
future ought to receive the strongest protection
it was in the power of Parliament to give. He concluded
by formally moving the second reading of the bill.
(LEFT SITTING.)

The rumours about the 1`,1:-,..--tiaunt Divorce case
directly contradict ozie another. The ono story is that the
tksi.sa if, to be settled off-hand—how we ars not informed ;
ate other tale is Sir Charles Mordaunt is determined to
"fight the battle to the bitter end"—he will get a divorce

from his wife if he can; and, if the Law Courts refuse him
his petition, he will present a private bill to Parliament
dissolving the marriage. The cause will be resumed this

morning.

The Liverpool Mercury says that a tradesman
named Nelson, carrying on business in that town, seeking
to push his business by sensational means, has nearly pro-
duced a sensation of another sort. Attracted by the pro-
mise that articles worth at least 3d. should be supplied for
a penny, an immense crowd collected in the neighbour-
hood of the shop on Monday night, and in the crush seve-
ral children were seriously injured. It it expected that one
will not recover.

lOUS ESCAPE.-(TEAS DAY.)

This morning, about one o'clock, a fire of a
destructive character, and which was well nigh
attended with a lamentable loss of life, happened
in the private house of Mr. J. S. Stneeton, No. '2,
Manton-street, Poplar. The discovery was made
by a Felice-constable of the K division. A red
glare of light in the first floor convinced him that
the building was on fire ; be therefore sprang his
rattle and knocked violently at the street door,
knowing that the residents were in bed asleep at the
time. Whilst thus engaged a great sheet of
flame burst through the windows, and it was
manifest to all outside that the fire was travelling
with great speed up the staircase, and had actually
reached the doors of the second floor. The
inmate s, as they attempted to descend by
the stairs, were driven back by the heated
smoke and flames. Finding that all egress was cut
off in the regular way, the endangered persons
managed to get to the back windows, and they were
all happily recovered, but not until they were
greatly exhausted by the heated smoke. With as
little delay as possible numerous engines of the Me-
tropolitan Brigade and the London Salvage Corps
attended, and, as usual in this district, the main of
the East London Company yielded plenty of water.
the fire was ex!inguished, but not until the upper
portion of the premises and contents were destroyed,
and the ground floor damaged by water and smoke.
The origin of the misfortune is unknown. The
sufferer was fortunately insured in the Royal Ex-
change Fire Office.

THE UNIT' ERSI7 Y BOAT RACE.

CAMBRIDGE, Tuesday.

We are glad to be able to report that to-day
Goldie has taken his natural place as stroke, acd
Ridley has been transferred to No. 2, Spencer going
to six. Morrison coached, and the boat went very
much better. This morning Mr. Morrison had out
two pairs of the crew. A nother severe fost has set
in, and it is not at all improbable that practice may
again be suspended.

OXFORD, Tuesday Evening.

The president this afternoon took his crew, the
composition of which remains the same as given for
several days past, over the long course from Oxford
to Abingdon, Lasker occupying the coxswain's seat
and coaching therefrom. The men were not fatigued
by the long journey, but, as is the practice, re-
turned home from Abingdon by rail. They will in
about a week commence strict training, when we
shall more particularly note their doings. The
Torpid Eights are now in full practice for the annual
races, which commence on Thursd.ty, March 10, and
will be continued on the folio ming Friday, Satur-
day, Monday, Tuesday, and Wednesday.