The proceedings in the Ho...
Thp proceedings in the House of Commons last night, with respect to Incorporated Companies of Assurance or Insurance, though but short, are very interesting, and we will add, must prove highly satisfactory to the public. These companies being incorporated, may sue or besued through their treasurer: but in case of a verdict obtained, or of claims existing against them, what or whose property is to be answerable for the demand ? The reply now is..- the property of alithe individuals composing the Company, whose names are to be enrolled at the Stamp-office, and upon any one of whom the plaintiff may fasten for satisr fying his demands, in case he think the subscribed funds of the Company insufficient. Mr. HusaIssoN promises that to bill for a new Insurance Company shall pass the House without a clause to that e&ect: and the individuals com- posing the nation have certainly a right to expect the pro- tection here promised from their Government. Nothing can be so unjust as for a few persons abound- ing in wealth, to offer a portion of their excezs for the for- mation of a company, to play With that cxcess-to lend the importance of their whole name and credit to the society, and then, shoald the funds of the incorporated body prove insufficient to answer all demands, to retire into the secu- rity of their unhazarded fortune, and -leave the bait to be devoured by the poor deceived fish. M-r. EIUSrISSON'S proposed clause will prevent this mischief. It will proba- bly diminish the number of the incipient insurance com- panies, but it will increase the security and respeetability of those which shall be established.