sufficient inducement to merchants in Ame- 1 an increase of 100,0001., showing that rica to effect insurances at home instead of 60,000,0001. or 70,000,0001. of additional ordering them to be made in England. The property must have been insured at the offiwriter added, that two thirds of the ship- ces during that period. Although he agreed ments now making for the United States that the increase of capital had been great were insured there. The hon. alderman within the time mentioned, the increase of also stated, that a house in London, which insurances to which he had alluded was

a formerly effected insurances in London for great also. With respect to marine ina mercantile establishment in Amsterdam surances, he believed they had in some to the extent of 6,0001. per annum, now degree decreased; in the comparison bedid no business of the kind for it, all the tween the years 1826 and 1814; but if his insurances being effected in Holland. The hon. friend took the average of the last six merchants in London were thus deprived years, with those of the preceding six, and of a considerable branch of business, and then referred further back, pursuing the government of a large amount of revenue. same relative scale of average, he would He hoped he had stated enough to induce find that the declension had not occurred the Chancellor of the Exchequer to turn in the degree he had supposed. It was his serious attention to the subject. quite evident that in a time of peace this

Mr. Alderman C. Smith supported the business could not be carried to the same prayer of the petition, and expressed his extent as during a war. Now, in the last hope that ministers would find themselves year, insurances had been effected upon warranted in reducing the duty.

92,000,0001. of property; in 1812, the The Chancellor of the Exchequer said, last year of the war, insurances had been that as the hon. alderman had confined only effected upon 93,000,0001. ; thus himself to requesting the full consideration showing only a difference of one million of the subject, he had no hesitation in in the amount covered during these reassuring him, not only that he would do lative periods. He was here speaking of so, but that he had already taken measures the London business; for they had no other to ascertain the facts of the case as far as returns before them. He would turn his regarded marine insurances,' in order to best attention to the subject, to see if any decide whether the duty could be reduced new arrangement could be made for the without injury to the revenue. The income satisfaction of the parties; but when his derived from the duty on insurances ex- hon. friend said that British insurances ceeded a million, and it would be the would be transferred abroad, if the duty height of imprudence to give the House or were not lowered, he seemed to forget the individuals an expectation that it would superior security which was assigned to be possible to make any arrangement | the character of the British merchant, and which might put in hazard that amount of the greater facility for the recovery of these revenue. As to fire assurances, when the losses in the tribunals of this country. hon, member stated, that the amount of He believed that, in many instances, induty at present was such as to impede the surances had been effected abroad, but insurance of property, the data before the not to the extent which had been supHouse did not warrant such a position. posed. The amount of duty on fire assurances had Mr. Warburton remarked

upon been regularly progressive; and whatever want of the relative proportion of property the check might have been on the ordinary insured, to the general increase of proprinciples governing financialarrangements, perty. Before the year 1814, the insurit had not been sufficient to put a stop to ance duty amounted to 514,0001.; and in the increase. In one year it was 600,0001.; 1824 it was 631,0001. [The Chancellor in the next, 613,0001. ; in the next, of the Exchequer here said, that it had 620,0001. ; in the next, 627,0001. ; in the afterwards increased to 727,0001.] He next, 659,0001. ; in the next, 692,0001. ; called upon the right hon. gentleman to and in the last instance, 727,0001. ;-with- bear in mind, that houses were the prinout a single intermission of progress, or cipal property insured, and it was obvious any thing like a decrease. He must deny that, when the rate became so high, the that the amount had not considerably owners of them preferred incurring their increased with the extension of property ; own risk, and they therefore generally for instance, in three years after the 3s. omitted the rebuilding clause in their duty had been imposed, there had been leases ; by which they put into their

the

pockets, as landlords, three times the 1774, houses and lands of British subjects amount of their risk. That was the main were liable to be seized and sold for the reason why the amount of the fair in- payment of debts, as well in the hands of surances had diminished. With reference the owner in his life-time, as of his executo the impolicy of these high duties, be tor or administrator after his decease. The rather thought that while the insurance letters patent or charter of justice, of 1774, offices were proceeding in this way, they recognized this to be the law; for after were also engaged in a sort of juggle with giving to the Supreme Court the power to the government, to introduce compulsory try and determine actions and suits of a clauses in the bill for marking policies. personal nature, and “ all rights, titles, With respect to the foreign insurance claims and demands, of, in, and to, any companies, they were of the highest cha- houses, lands, or other things, real or perracter.

sonal,” within the provinces of Bengal, Mr. Sykes called the attention of the Bahar, and Orissa, against his majesty's government to the marine insurances, from subjects, and against the executors and their manifest operation upon the shipping administrators of such his subjects, it auinterest, which was already so seriously, thorizes the same court to give judgment and he feared dangerously, restricted. in such actions, and thereupon to award

Mr. Baring said, he could not agree and issue writs of execution, commanding with the chancellor of the Exchequer in the sheriff to seize, and deliver possession the propriety of this tax, which he had of houses, lands, and other things recoalways looked upon as a grievance. It vered by such judgment; or to levy any was a tax upon the prudence and provi- sums of money recovered bysuch judgment, dence of persons in trade, and as objec-by seizing and selling so much of the tionable an impost as could well have houses, lands, debts, or other effects, of the been introduced. He believed that the party against whom such writs shall have amount of the rate imposed diminished been awarded, as shall be sufficient to sathe desire to insure. He, for instance, tisfy such judgment. The petition stated would never himself insure his own pro- that it was the meaning and intention of perty on any large scale, because the price this provision in the letters-patent, to place to be paid greatly exceeded the ratio of houses and lands on the same footing the risk. He wished to suggest to the with personality as to liability for debts, chancellor of the Exchequer the risk he either in the life-time or after the death of ran of having this business transferred to the debtor, and that such had always been Ostend, or some of the opposite ports, considered to be the law, and never had where, through British capital and agents, been doubted until lately, when in a case it might be done so as materially to affect decided in the Supreme Court, sir Charles the revenue here.

Grey, the chief justice, had declared it to Ordered to lie on the table.

be his opinion, that such estates being of

inheritance, which he thought British subREAL PROPERTY IN India.] Mr. jects might hold in Calcutta, were no Fergusson rose to present a petition of assets in the hands of an executor or adwhich he had given notice, from the British, ministrator for the payment of debts; and native, and other inhabitants of Calcutta, that, if liable for the debts of the deceased respecting the law of Real Property within at all

, they were liable in the hands of the that settlement, and particularly respecting heir, who was the person to be sued, and the liability of such property in the hands not the executor or administrator. The of executors and administrators to the pay- other two judges, however, sir Anthony ment of the debts of the deceased. This Buller and sir John Franks, were of opipetition, which was signed, he believed, by nion that such estates were liable to the almost every person of respectability and payment of such debts, and were assets opulence in Calcutta, complained of the for that purpose in the hands of the exeimperfect and unsettled state of the law in cutor or administrator, who might lawfully that particular, arising chiefly from some sell and convey the same.-The judgment late decisions of the Supreme Court, affect of the court was given in favour of such ing property to the amount of many mil- power, but the petition stated, that such lions sterling.–The petition stated, that was the alarm created by the effect of the previously to the granting by his majesty opinion given by the chief justice, joined to of the charter of the Supreme Court, in a decision which had subsequently taken

a

place respecting a claim of dower, that the the dominions of the Crown passed by the sale of houses and lands by executors and assignment and became liable to the payadministrators had been wholly suspended, ment of the bankrupt's debts discharged and that all titles to houses and lands from all claim of dower. There was which had ever been conveyed by an exe- another judgment of the Supreme Court cutor or administrator were rendered liable mentioned in the petition, which was the to objections and doubts. He (Mr. Fer- unanimous judgment of the three judges, gusson) could well conceive this, for he but in which the point was decided for the had no hesitation in saying that if the law first time, that an alien could not take was, as laid down by the chief justice, of lands by descent in Calcutta. From the whose talents and learning he could not protection afforded by the British governspeak otherwise than with respect, it would ment to persons residing within its tergo to shake almost every title in Calcutta. ritories it was certain the subjects of foreign In the course of a long practice, in which states had been induced to resort to and numerous tales had come under his (Mr. settle in Calcutta, and had purchased lands Fergusson's) consideration, he scarcely re- and houses which had descended to their membered one in which some link in the heirs, as the petition stated, without let or chain of title did not consist of a convey. | hindrance. In the two first charters, which ance from an executor or administrator. were granted in the reigns of George 1st He (Mr. Fergusson) could safely say, that and 2nd it was recited, that the “ United during a practice of seventeen years, he Company had, by strict and equal distrihad never heard either at the bar or from bution of justice, very much encouraged the bench, a doubt thrown upon the law, not only his Majesty's subjects, but likethat an executor or administrator had a wise the subjects of other countries, and power to sell an estate in lands or houses, the natives of the adjacent countries, to whether of inheritance or not, for the pay resort to and settle in Calcutta.” This ment of the debts generally of the deceased, was a point of great importance, and and that such estate was assets in his which involved questions of general consihands for that purpose. The case of dower deration; and he (Mr. Fergusson) was referred to in that petition, was one in sensible that if any thing was to be done which the chief justice and sir John to alter or affect the law on this subject, it Franks, the only two judges who then must be under an express sanction of the constituted the court, concurred in hold- Crown. There was one remaining point ing, that the lands of a British subject in noticed in this petition, which was also of Calcutta could not be sold, either in his great interest, he meant the want of a life-time or after his death, for the pay- proper law respecting insolvent debtors, ment of his debts, unless subject to the whereby many persons were imprisoned for right of dower. This was, certainly, the a great length of years in the gaol of Calfirst decision that had been given in the cutta, although they had no means of disSupreme Court in favour of dower, as a charging their debts, and had delivered up claim preferable to debts; and the peti- all they possessed. He (Mr. F.) undertioners contended that by the law and stood that a bill for the purpose of remepractice which had at all times obtained, dying this evil was now in preparation, lands bad been seized, and sold by the under the sanction of the Court of Direcsheriff under writ of fieri facias, as well tors and the Board of Control. This subin the lifetime of the owner as (after his ject he did not therefore mean to include death) in the hands of his executors or in the bill, which it was his intention, after administrators for the payment of debts, presenting this petition, to move the House and that no reservation had ever been for leave to bring in. He thought he had made or claimed to be made on account said enough to satisfy the House that the of dower.Whatever might be the law on law, and the very important subject to this point, it would seem that, for the which he had called their attention, ought future at least, it would be most desirable not to be suffered to remain in its present that in a commercial community like Cal- unsettled and imperfect state; he did not, cutta, the transfer of landed property, par- therefore, anticipate any objection to the ticularly for the payment of debts, should motion of which he had given notice for be entirely freed from this charge, and the that evening. In the mean time he would rather as by the bankrupt law, the real content himself with moving for leave to estate of a bankrupt situate in any part of 'bring up the petition.

Mr. Hume expressed his satisfaction at clared, that he never recollected any man seeing the subject taken up by the learned who had attended with more assiduity, he gentleman, and proceeded to comment might even say affection, to the concerns upon the want of attention towards the of the people of India, than the late right affairs of India in general. They had a hon. president. After observing that Board of Control; but he was at a loss to there had always been an understanding discover in what respect that Board de- that the law of India was such as the hon. voted their attention to India. The mem- gentleman stated it to be, although it was bers of it were often turned out in the not supported by the strict form of excourse of a year, not because they were pression in the charter, the hon. gentleunfit for the office, but because they be- mån expressed a hope that the member longed to one or other political party for Aberdeen would bring his charge His majesty's government, in looking back against the Board of Control before the for a series of years, should take shame to House in the form of a motion. Nothing themselves for the manner in which they could give him more pleasure than to had conducted the government of India, meet the charge. and for the way in which that Board of Mr. Wynn said, that, during the time he Control, which presided over å hundred had been connected with the Board of million of men, had been constituted and Control, he had commissioned a chief jusmaintained. He condemned the restrictice who was sent out from this country to tions which existed upon the commerce collect information respecting the proand intercourse between this country and priety of introducing the Insolvent Debtors' our Indian possessions. Those posses- laws there. That learned judge, however, sions were full of wealth, and abounded fell a victim to disease in about six months in large tracts of rich and unoccupied after his arrival in India, and consequently land. Why not remove these absurd re- the desired information was not collected. strictions, encourage emigration thither, Great difference of opinion existed on the and, instead of sending English capital to subject in India. If it could be done, he the various countries of South America, was ofopinion that it would be better effected allow it to be employed freely and advan- by some species of regulations respecting tageously in India?' He trusted that the debtors there, than by any legislative learned gentleman would go on with the enactment here. The draught of a bill subject which he had taken up. He might upon the subject had arrived in this counlook for the support of that House, and try a few days previous to his leaving office, of public opinion out of doors.

and he recommended to the noble lord, Mr. Fergusson said, that so far as he now at the head of the Board of Control, had communicated with the Board of Con- to have the matter laid before the law trol, he had found on the part of its mem- officers of the Crown. Perhaps it might bers, and particularly on the part of the be supposed that he (Mr. Wynn) would right hon. gentleman (Mr. Wynn), its late be most competent to introduce the subpresident, the greatest facility and atten-ject to the consideration of the House ; tion afforded to him. Indeed, theright and if that were the case, he should be hon. gentleman had upon all occasions very happy to do so. exhibited the most sincere intentions and The petition was ordered to lie on the assiduous zeal for the promotion of the in- table; and Mr. Fergusson obtained leave terests of India.

to bring in a bill “to explain and amend Mr. Trant agreed with the hon. mem- the Law respecting Real Property belong. ber in the propriety of the measure he ing to British Subjects and others within wished to introduce. In his opinion the jurisdiction of His Majesty's Courts in there ought to be a discussion every India, and the liability of such property as year in the affairs of India, similar to that assets (in the hands of Executors and Ad. introduced by the late lord Melville when ministrators) to the payment of the debts he brought forward his yearly Budget. of deceased persons.' Such discussions tended greatly to enlighten public opinion upon the subject of LIFE ANNUITIES Reptal Bill.] On India.

the order of the day for the third reading Mr. T. P. Courtenay defended the of this bill, Board of Control from the reflections of Lord Althorpe wished to offer a very the hon. member (for Aberdeen), and de- few words upon this bill, because he

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thought that, in the discussion which had friend must have misunderstood Mr. Fintaken place last night, Mr. Finlayson had layson ; for Mr. Finlayson had taken into been rather hardly dealt with. All the state-calculation the whole of the interest on ment about the country losing 100,0001. the accumulations of stock, which had a-week was a great exaggeration of Mr. taken place during the last two years, and Finlayson's reckoning; and he therefore he found that a sum equal to 10,5791. wished to explain the principle upon which three and a half per cents was the amount Mr. Finlayson's calculation had proceeded. of the diminution of the debt beyond that Mr. Finlayson, on looking to the annuities which this operation would effect. which were outstanding on the 5th Jan., Mr. Hudson Gurney said, it was quite 1827, and the 5th of Jan., 1828, con- apparent, from the statement of the noble ceived, upon a comparison of the two pe- lord, that Mr. Finlayson, like all other riods, that the public would lose about calculators, assumed something which ex95,0001. per annum, which sum would be perience taught us never happened, and equivalent to a loss of about 8,0001. per which, in the end, invariably proved, that month. Now, the mode in which this gen- all their calculations were not worth a tleman arrived at his deductions was this :- straw; and the greatest of all their asHe assumed the amount of the existing an-sumptions had perpetually been, that by nuities, and calculated that the whole amount tricks with figures, they could reduce a of them would not be extinguished until debt which had gone on constantly inabout sixty years from the present time; that creasing, and which, it was idle to hope, is, that the last or longest life would, in all would ever be redeemed. probability, subsist for sixty years to come. Mr. Herries said, that no person could His calculation, therefore, respected the purchase an annuity who was under thirtyfinal result of this financial operation at five years of age. It had been insinuated, the end of such period of sixty years. He that he had attacked the professional assumed the average duration of each life character of Mr. Finlayson; but be had to be so many years, and the interest of done no such thing. On the contrary, money at four and a half per cent. Work- he had borne his humble testimony to ing his calculation upon these data, from the merits of Mr. Finlayson. There the 5th of January, Mr. Finlayson assumed was one important point connected with that at the end of sixty years there would this subject, which was worthy the attenbe redeemed 32,000,0001. less of the tion of the House. He alluded to the national debt, through the operation of fact, that a very material and gratifying this measure for granting life annuities, change had taken place in this country, than would have been redeemed if all the with respect to the average duration of stock which had been given for effecting human life. The tables published by this measure had been accumulating order of the House exhibited this in a during the whole of the same period under remarkable degree. These tables proved the working of the Sinking-fund. Upon a the extraordinary fact, that, in the course similar calculation, as to the 5th of April, of the last forty years, such a change had he reckoned that in sixty years from that taken place in the condition of the people, day the public would be still the worse by that the decrease of mortality in Great 95,0001.; that is to say, that there would Britain was from one in forty to one in be 95,0001, less redeemed of annuities; fifty-six. This was one of the strongest that an aggregate sum of 32,000,0001. proofs that could be adduced to show the plus this 95,0001. would be redeemed less improvement in the state of the country. at the close of that period, than would No proposition to which statesmen or have been redeemed by the Sinking-fund. philosophers could have recourse could With regard to another point which sup- more decidedly manifest progressive implied a sort of test of the degree of accuracy provement than an increase of the popuwith which this calculation had been lation, and a decrease of human mortality. made; namely, what had been the result He thought it right to bring this under of the first year in which these life an- the consideration of the House, because nuities had been granted, an hon. friend it was connected intimately with the formof his had charged Mr. Finlayson, last ation of tables to which allusion had been night, with having omitted to give credit made. The increased longevity of the for the interest on the accumulation of the people, so far as these annuities went, stock. Now, in this respect, his hon, I might in some degree interfere with the VOL. XVIII

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