HOUSE OF REPRESENTATIVES.

Otago Witness, Issue 919, 10 July 1869, Page 17

HOUSE OF REPRESENTATIVES.

(Hansard, June 7th.)

RESTRICTION ON MARINE REASSURANCE REMOVAL BILL. .

Mr Richmond moved the second reading of this Bill. ; He said that the Bill was very short indeed ; it< contained only one provision, and that was a provision for removing an obsolete restriction on shipping business. Ha had already stated to the House what the objeot of the Bill was. In an old Imperial Aot there was a prohibition against jraarine reassurance. By " reassurance," was meant the assurance of the s»me goods by several persons under several policies. But the same ivot, he fousd, provided another security against gambling in policies,— to prevent whioh gambling was, no doubt, the objeot of the prohibition which it was now proposed to remove. That other provision limited .the amount that could be recovered under any number of policies to the total interest of the party recovering. The inconvenience of the prohibition against reassurance must be very ob. vious— at least it would be so if the prohibition were acted upon in this colony ; but the praotice here and at home, he believed, was very common. Certainly the practice obtained with respect to fire insurances, of insuring the same property in different offices, ; and he presumed that the practice obtained ■with reßpect to marine insurances also. By the short Bill now before the House, it was proposed to bring the law into conformity with what was really the practice. The Bill was read a second time, and ordered to be committed on Tuesday. REGISTRATION OF LEASES OV STOCK BILL.