Marine Insurance.
TO THE EDITOR OF THE TlMES. Sir,-Mr. Fowell Buxton has given notice of his intention to move, in the House of Commons, on Monday next, for a Committee on the act of the 6tlh of Geo. I., granting char- ters to the Royal Exchange and Londlon Assurance Compa. nies for insuring ships and merchandise at sea. As one side of the argument on this question, allow me to annex an extract from a report made at a general meeting of- the subscribers to Llo d's, wvho are, of course, deeply interested in the result, on the I4th of June, 1810, relative to the then intentled Mtarine Insurance Company:- " A bill was next brought into Parliament by the promoters of the new 31larine Insurance Company, and it appeared, on a perusal of it, that they had abandoned the idea of obtaining a clharter, or any act of incorporation; the bill merely having tbr its object a repeal of so much of the act of 6 Geo. r. c. 18, as gives the exclusive pri- vilege to the Royal Exchange and Lon Ion Assurance Companies of insuring in partnership, and of lending money on bottomry. " On the first view of this bill, it may possibly occur to many underwriters, tlhat there was no very great objection to it, as being calculated merely to open the insurance business to all upon equal terms: but upon due consideration of the measure, and the conse- (luences to which it would naturallv lead, your Committee were una- nimously of opinion that it would be attended with much greater evils to this houoe, anti to the commercial world at large, than the establishmenit of any single new chaitered company. The effect of taking off the legal restraint imposed by the act, would instantlv be, that every Fire-office in London and Westminster would be con- vertd into a Dfarine Insurance Company; that many other compa- nies would also be established in Londlon, and aU the out-poets in Great Britain would likewise have their Alarine Insurance Com- panies. ; It was, therefore, the decided opinion of your Committee, from every thing wbich had come urider their consideration since thev were appointed, that any alteration in the law, which in its effect might permit insurmnce companies to be formed at pleasure, undAer the denomination of joint-stock companies, would not only militate against the interests ot the private underwriters, and be highly in- jurious to the merchants, btut be prodtctive also of great public miechief, by ening a field for tiumerous schemes and speculations, particularly laculated to tempt ard delude the public from the chances that are necessarily attendant upon every species Or insur- ance business" t A SUBSCRIBER TO LLOYD'S. MIARINE INSURANCE.