of the Constitution Act, already quoted. Since insurance 

 is a subject which, as we have seen, is specifically brought 

 under the power (but not exclusive power) of the Federal 

 Parliament, the operations of insurance companies formed 

 within the limits of the Commonwealth, although not 

 created by the Commonwealth, may be the subject of both 

 Federal and State legislation. As regards (ire and marine 

 insurance also (and probably the kimbvii business of bank- 

 ing) the position under the Commonwealth and the State 

 laws is an identical one. Be it remembered also that the 

 companies in doing business are selling insurance policies, 

 "which are not commodities to be shipped or for wan led 

 from one State to another and then put up for sale. They 

 are like other personal contracts ; they are local transac- 

 tions and governed by local law." 1 In a paper read by me 

 nearly four years ago, on 27th August, 1906, 2 I expressed 

 an opinion which I may perhaps he pardoned for repeating 

 now : — "Any State Government may continue to make 

 internal laws not only regulating insurance companies but 

 imposing taxation within the borders of the State, and so 

 long as such State laws, however embarrassing to the offices, 

 can be read as ancillary or complementary to, the concur- 

 rent Commonwealth law, it will be necessary for the offices 

 to submit to both laws, notwithstanding that the internal 

 laws of one State may be quite in opposition to the laws of 

 another State in the same matter. The only way of secu- 

 ring uniformity may be for the Commonwealth Parliament 

 to pass that which for a considerable time past it has 

 been its expressed intention to enact— a strictly Federal 

 measure regulating the business of insurance, and thus (for 

 the time being at all events) to give the desired initial 

 uniformity to legislation, subject however, to express 



