Mr. HEYD.

This money is absolutely under the control of the Receiver General and not under that of any insurance company, and it never can be.

Mr. HEYD.

This clause has reference to the question of license. Before an insurance company can do business, it must deposit with the government $50,000. That is the first thing. Then it must keep up its reserves. There is $152,000 in the hands of the government for the benefit of these policy-holders. The alternatives which the policy-holders may select are as follows :

Those who accept proposition one, receive so much paid up insurance.

Those who accept proposition two, receive a certain reduction in the rate of premium.

Those who refuse either and do not ask for either of these two propositions at the end of four months will get a policy paid up for the amount of their interest in this $152,000.

The money having been divided among the policy-holders in that way is in the hands of the government and becomes a reserve that must be maintained and kept there for the benefit of these policy-holders, and I assume that when a man dies his share of that reserve is paid to his heirs. In that way only can this money be got from the government. I have endeavoured to explain this thing and we have on the floor of the House to-day the representative of the Insurance Department. His opinion is official, and I may say that I got iyy information from Mr. Fitzgerald who sqid that he has the money and will not give up a cent.

Mr. HEYD.

If the amendment is carried providing for a thing that is already provided for in the Bill it will have the effect of killing the Bill.

Mr. HEYD.

Yes. it will. It will have to be referred Back to the Senate in order that the Senate may concur in our amendment and before Saturday nigbt or Monday night there will be no opportunity of discussing the matter further and the Bill will be defeated. That is why we do not want the amendment. I have my information from Mr. Fitzgerald, and if you are not satisfied with what I am telling you, I cannot 2~6i

help it, but his assurance to me is that he will not give up this money.

Mr. HEYD.

The first I heard of this Bill was that it was introduced by Senator Kerr. At whose instance it was introduced, I do not know. All I am interested in is the question whether it is going to be a benefit to the Canadian policy-holders or not.