Star.
London, England, 1828-03-26 00:00:00

INSURANCE DUTIES.

Mr. Alderman THOMPSON rose, to present a Pe-
tit on from several of the Fire insurance Companies,
praying that a reduction may be made in the Duty
payable upon Insurances. The Honourable Member
made a statement of the revenue derived from the
duty, to show that it had not increased in proportion
to the increase of property. From the amount of in-
su: ances effected, it appeared that only trae‘fourth or one-
third of the property of the country liable to be de-
stroyed by. fire was insured. It was therefore fair to pi ,
sume that a reduction of one-half of the duty would
induce persons to insure to a greater extent, and
the revenue would cons qu:ntly suffer little or nothing
from the change. It was no less necessar y that the
ittenti in of the Government should be given to the
subject of Marine Insurances. The consequences of the
high rate of insurance occasioned by the duties, had
been the establishment of Insurance Companies over
Europe and in America, which must take away the
insurance transactions from this county. Upon an in-
surance of 251. the duty was IW. 10s. so That if parties
wanted to insure upon bullion, which was the chief ar-
ticle of commerce between this city and Calais, the
insurance could be effected in Calais for 2 51. whilst here
it would cost 371. 10s. We were in the same situation
with regard to Holland and America, where° her Coin.
patties were establi lied, and it w• old be impossible to
compete with tl'em under the present high duty. If that
wete a true maxim which said, that whenever a tax was
c .tried so high as to injure the consumption of an ar.icle,
or the revenue derived from it, it one.ht to be in part or
in a hole repealed, then this was a ease in which it ..ught
to be applied, a d he hoped that hi, Right Hon Friend,
the Chancellor of the Exchequer, would give the subject
his most serious consider. tion.

Mr. C. SMITH supported the Petition.

The CHANCELLOR of the EXCHEQUER said
he agreed with his Hon. Friend as to the importance
which brlonged to this suhject, and could assure him
and the House that he had already tak. n the prelimirar y
steps for bringing the quettiiin under the consideration
of the Government, v:ith a view to ascertain whether
any reduction could be made in the insurance duty,
without material irjury to the Revenue—(Hear, hear I;
I Nothing could he more painful to the person holding,
the situation he had the honour to fill, than, when Gen•
tlemen made applications of this nature for the redoc•
tion of a particular tax, to be obliged to refuse. But
it was a most important part of hi duty to discourage,
rather than to encourage, any proposals which might
go to endanger the produce of imirortant source, of
revenue. It must be borne in mind that this duty pro
duced upwards of a Million of revenue, an J that if that
source were cut off, or injured, it would be difficult to
supply the deficiency. The Right Hon. Gentleman then
observed upon the calculations of the Hon. Alderman,
and contended that the duty on the Fire Insurances had
shown a regular it crease, if the comparison were carried,
over a fair period of time, and all the circumstances of
the war fairly taken into consideration. In the Marine
Insurances he admitted there wai aot the same regular
improvement ; but r co: such a difference is to warrant the
supposition that the rate of duty prevented par ties from
insuring. He had no doubt of the facts that insurances
might be effected at a cheaper rate in other countries ;
but Le thought that the character of our merchants, and
the superior facilities of recovering which our laws al.
forded, would ensure such a general preference for this
country as would leave little to be feared from com-
petition. He would, however, repeat. that it was his
intention to have a full examination into the subject,
and he assured his Honourable Friend that his sugges•
citrus should be attended to—(Hear).

Mr. WARBURTON maintained that the inere tie of
duty paid on fire insurances bore no proportion to the in-
crease of property in ti e country. He thought this was
an example of the impolicy of keeping up high duties.
Mr. SYKES expressed his hope that the attention of
Ore Government to the subject would be followed at
least by some alteration respecting marine insurances.
. Mr. BARING held this tax to be hibhly impolitic,
as a che. k upon the exertions of the most industrious
portions of the community. He thotight tie principal
question for the Right Hon. the Chancellor of the Ex-
chequer to consider was, whether some redaction of the
duty would not benefit the situation of the insured will-
out much injury to the revenue? The effect of keeping
up the high duties upon marine insurances must be to
cause the establishment of English Companies at Os-
tend, or some place 'icon the opposite coast; and when
once the business had gone to them, it would be ex-
tremely difficult to get it back. He thought it advisable
that the experiment of reduction should be tried.
The Petition was then ordered to be printed.
A Message from the Lords announced that their Lordships had
agreed to the Pensions Duties /3ill, and various Private Bills.
Mr. D. HARVEY presented a Petition from Colchester, pray-
ing the repealof the Tcst and Corporation Acts.— Laid on the table.
Mr. D. HARVEY moved for returns respecting informations
and convictions under she Excise Laws, and of the sums of money
levied as fines and penalties, with an account of their application.
The CHANCELLOR of the EXCHEQUER presented the
Estimates of the Civil cor.tingetscies —Ordered to be printed.