The Sun.
London, England, 1870-02-24 00:00:00

a:so that printed copies ci deeds ol settlement shot= LAI

Mr. T. CAVE considered .the bill in more points than
one. For instance, it did not contain a clause providing
for a compulsory surrender value of the policy. More
than that, he would make it a uniform surrender
value. Such a clause would be very acceptable
to insurers, who after paying so many years
found themselves in a position of poverty and
no longer able to continue the payments. No divi-
dends should be legally declared—that was, if declared at
all, it should be at the risk of the directors—until, the sur-
render value of the policies was invested in proper securi-
ties. The bill provided that the assets and liabilities of
companies should be valued, but it made no provision as to
the rate. The tables of mortality also, in his opinion,
were defective, there being an immense difference
between what were known as the Carlisle tables and other
tables. Provision was further made for the investment of
money on personal security. He was sure the framer of
the bill had not his experience, otherwise such framer
would never have made any such proposition. The
bill, too, was deficient as to auditing. There
was not a public company in London, ia
his belief, properly audited, The till contained
a system" of audit that had utterly broken down. He
suggested to the House whether they might not go too far
in discouraging amalgamation, notwithstanding the disas-
ters that had attended a company with which his name
had lately been couplet He would make it compul gory
on the directors to send to the shareholders a printed
balance sheet. He did dot think a company could ever go
on again when once it had become insolvent.
for every company must depend for success on new busi-
ness, and how was it likely to expect new business in the
case of bankrupt estate ? (Hear, hear.)
Mr. M`LAREN approved of the bill, and was sure that
its principle and leading provisions would be acceptable to
Scotland. The bill, in his opinion, afforded securities to
the public for ascertaining whether really any particular
office was or was not in a sound and substantial
condition. He disapproved of the proposal that the power
of audit should rest with the Board of Trade. (Hear,
hear.) It would throw upon the Government a duty which
ought to be done by the people. The public, he consi-
dered, were deeply indebted to the right hon. gentleman
for introducing the bill, and he expressed the desire that
the right hon. gentleman would be slow to adopt the sug-
gestions that had been offered him, as therebyundoubtedly
he would weaken its power and influence for good.
Mr. ANDERSON thought there ought to be a public
actuary, who should give a certificate that the actuarial
basis of an insurance company or friendly society was not
unsound.

Mr. LOWE, while according to the right non.
gentleman who had brought forward the bill every credit
for so doing, and while recognising the service which the
right hon. gentleman had rendered to the House,criticised
its several provisions to shew that it failed to provide a
remedy for the mischiefs with which, in legislating upon
such a subject, the House had to deal. The business of
insurance companies was different to that of all other
organisations. While with all other organisations profit
followed outlay, or was looked for after outlay,
in the case of insurance companies profit came
first and outlay afterwards. The beginning was
all smooth and satisfactory. Not so, in many cases—, the
end. Year by year payments were received in respect of
remote and contingent- liabilities, reckless things were
done, the money was squandered, and when the time
came, the means for fulfilling contracts were not forth-
coming. Another thought with reference to the present
mode of conducting insurance business was that
the whole power to fulfil obligations depended
upon investments. (Hear, hear.) As to which,
he did not see how any salutary check could be
applied. Then, another thing was that insurance com-
panies were got up by puffing, touting, and bribing—(hear,
hear, and laughter)—and there was such an amount of it
as occurred in the case of no other kind of business. The
man who advised his friend to invest in such and such
an office was probably the man who at the time
was receiving a large pecuniary consideration from the
office for bringing business to it. All these were defects,
he conceived in the present system, but not one of them
would be removed or mitigated by the bill in question. In
America the system of Government supervision had the
effect of giving implicit public confidence, but still no man
could tell whether the result would justify that confidence.
Government interference, in such matters, was
calculated to produce an overweening confidence
in the efficiency of any system resting thereon. While,
however, ignoring the benefits, such as they were, arising
from the American system, the right hon. gentleman who
had introduced the bill was not prepared with a system
that should confer similar advantages at the same time.
He (the Chancellor of the Exchequer) did not think it was
the function of Government to interfere. If they did, it
was possible policy-holders would go to sleep through
a false confidence in their security. Amongst other things
which he thought ought to be done with the view of pro-
ducing a healthier state of things than now existed, was
the compulsory publication of the accounts in the London
Gazette or some other paper. That would have a much
better effect than depositing the accounts with the Board
of Trade, to be seen there by anyone who took an interest
in the matter. While objecting to Government inter-
ference, he was anxious something should be done by
which a moderately-educated person could satisfy himself
that he was insuring his life in a way that would make it
perfectly certain that his friends would not be robbed of
their expectations on his death. (Hear. hear.) He knew
no position more painful than a man on his death
bed being in a state of uncertainty as to
whether there was a provision for those to
be left behind. Therefore, it had appeared to
him worthy of consideration, whether it was
not the duty of the Government to come forward and
offer to the public insurance on terms sufficiently high to
prevent the notion of their entering into unfair
and unreasonable competiton with private companies, that
absolute security, which they, and they alone, were in a,
position to afford. (Hear, hear.) If on consideration that
proposition was thought capable of conferring a public,
benefit, he should be happy on the part of the Govern-'
ment to take measures for its adoption. (Cheers.)
After a few remarks from Mr. KINNAIRD and:
Mr. DODSON, the latter of whom thought the bill!
before the House, totally unaffected by the suggestion 9f
the right hon. gentleman the Chancellor of the Exchequer)
The second reading was carried.

ATTORNEYS' AND SOLICITORS' FEES. •
Mr. RATHBONE moved the second reading of 4181
Attorneys' and Solicitors' Remuneration Bill, which he'
said was designed to do away with the fleecing system:
under the present law, and to pay a man according to the,
quality of his work.
Mr. HENLEY said he did not wish to give any opinion.
on the general principle of the bill, but he thought the'
19th section was rather one-sided ; he thought there ought,
to be some limit to the length of documents, and he did
not see why a certain class of gentlemen shouldbe allowed,
to spin out long statements to such a length that nobody',
could understand them.—(laughter.)—and then to be geld
for their skill and labour as well.
Mr. HURST, Mr. HORSMAN, and Mr. LOCKE:
made a few observations on the bill, the latter gentleman'
stating that by the 4th clause the solicitors who made at
bargain, would, under this billAet more than would.bel
allowed ,by the taxing master. That "would require the
attention of the hon. 'gentleman who had charge of
bill.

Mr. G. B. GREGORY said the object of the clause WAs.
to enablo solicitors to act as trustees and executors ; but'
it appeared that it was so framed' as to lay it oped to,
certain objections. There were, hoWeier, restrictions con-
tained in it which, he thought, were.sufficient, but ifin
committee that was thought not to
.be th 4 case, there'
would be no objection to introduce amendments to 'obviate'
the objection.
Mr. RUSSELL GURNEY said he had no idea, froni
reading the 4th Clause that the object was that which had
just been stated, namely, to enable solicitori to act a*
.tI[3IOCC?S, unu tnereiore rtwouic, in his opinion, be required
to have the enactment more clearly sot out.
The bill was then read a second time, and ordered to be
committed on Monday.
EDUCATION OF THE BLIND.

Mr. WHEELHOUSE obtained leave to introduce a
bill to provide for the elementary education of blind and
deaf and dumb children, and for the governmental 'inspec-
tion of schools.

TRINITY COLLEGE, DUBLIN.
On the motion of Colonel FRENCH, a copy of the
memorial from the Provost and Fellows of Trinity Col-
lege, Dublin, lately laid before the Prime Minister was
ordered.