The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

ttStott-tttttta. Emmott: , (ttfd in churtsre rendered the retiring di. union immediutely eligible hr re election; " "a the result wee shut your site! your ior u " long turn, in some computes. the some db. m region were elected. The r1TI bill only ti: pre" idol for the possibility c the Board [0- pc ' log out in deischmsnis - three years. Bat that he did not object .1 to so much us the rendering in the retiring directors eligible st one: for re ps oteatbut. The directors get fall control over us the sil'dre d the ccmpsuy so long us they so wl any consideruhie extent enjoy the ottnf1deetoo th of the shsreholders. And hence, should I {also s!cp be rusde by the dimtttorr--sttd he should they fool is their interestto cover " n tin-vii lceses occurred tor which they were 'lf birmsbie, end they ieit it to be their interest . to conceal those losses, or not mute them g sufficiently clesr-ii they desired to do this, 1, lt was in that: - to present their - 1 holders with stutesneute if the oompsuy'e 'd strain which were not "oumte-and in this WW- "my to your, the losses Stl ba and y sud ruinously inure - . rhmhcldere being in very muny instuucss Bl too oonfidUtt end csreiees in their Invest. P merits. The infusion of new blood two the , directory yestly would do much to counter- M act this evil tendency. m quite agreed with size View that " wee ot the highest import- t' once that n considersble number of the dl r (MT-r3 should be men touvcrssnt with me C all}; sot the czmpuuy. Theroiore he did t t ml: for unyihing so sweeping " that u thor t mighty new bond ot directors should be my ad annually. All he desired wee thut him-o could be u rcnsonuhle infusion oi new i hated. II: msde these observsticne in no , spirit rd hutllity to the bill, but he did not I want to let It puss without comment in that 1 direction, us it wee the fir" hill of uny con; l equation in the wsy of stool: compsnies coming before them, except the Erie & Ni. l sgsrs Builwsy Bill Hie opinion wee that I there should be - ssiesusrd thrown 1 around such institutions us that now before l the House. m could conceive oi nothing I more disustrcus or more likely to ehsks pub- lic catsfidmitttt in home g,"atfr, then uny weskness or failure in one It their Insursuoe i Compuniu. _ . " mi In ms v r a wi (- 23159:,11'393'1'3. rm U'llrg, st',,','.,,',',',,, it u': not fully. In the present messure it wee prop-med that fire out of the Mteem directors mould retire ouch your, end on their retire. merit it might not be possible to get their p'sces filled by fleet others duly quell- Heal. Still, he would hove no objection to algzring t?) clsu:e. and making is so that the retirirg directors should not be eligible h: immedluto election. Mr. BLAKE ssid that he silo desired to make another suggestion, not in hostility to the present Bill The propcesl wee, that us 2003 as the '300,000 stock '3' Iubwribed, and 830,000 paid up, the compeny email! commence operstions. m did not ol iect to their commencing on these terms; we did he intend to nuggest soy proposul that the compsuy should be bound to cell in all the bslsuoe of its nusuhscribed stock within my perticolur time; but he ventured so suggest thet the security ot the policy- holder! out u very moderate one. They had m cash security ot $30,000; unpsid stock, 23230 000; sud st the commencement oi the ." en , " oonntlone this might hesstisisc- tcry enough" But it seemed to him not un- ressonshle seq til. that this compuuy, in l-mo sun-(lulu. m. Ihonld Md. that mo remainder of its nuthorissd cspitul ot $500 000 should be subscribed. and 10 per cent. paid within two yours. A simllsr pro- vision wee mode remotiog beaks. In the pastas csse, obviously, the mttteorip'ion and ye;- mont of 10 per cent. additional cspitsi would be consider-shin udditionei security. Is, would give $50,000 in ossh, suds lsrge capisl stools to draw on -vahtable, oi course, only in cute of the solvency ot the stockholders. He thought the present courier would be improved, end they would estulziish I a sounder principle of legielutiou in this pvtieatar, It his honouruhls friend huving chsrge of she meseure would suggest s time within which the Company would be bound to call up the capitul. My. LYON ssid he bad no objections to this situation. Hon. J. S. MCDONALD, on cisuse 8, also ieehrt to this corpcrutiou being uilowed to 1"i1tt,ht r31 Chute and Borges. It the stone their - Lotti" st u use. would was Tttft [titil, tttt,iNftlftlft _tiutlqxt i: _ , T I mortgage elm 't2NrgWl22tgt " nil tinsel- no thought they ought to be shut out from ends u clues of investments. The bout of tavaataumtr---Domtfes. usurp-in wnlcn they come musty reullse, wss open to them, or Nunicipslity Stroke. Mr. BLAKE would go with the Athtr., nNrrr'eaerai " fer us to ssy that " wee " nirsblc to prevent the directors becomio speculators in reel estste. Such us they mi should be he use sud occupution ' and sny no: so required, they should be compelled to, resell in u limited period, ssy seven yours. 0n. general principles he yes prepsred not to