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a system of Life assu., estab. upon a safe and equitable basis, and embraces the lowest rates of prem. consistent with stability; and a liberal system of loan upon personal security, or otherwise, to parties assu. in this office." "The lives of persons subject to gout, rupture, asthma, and to such diseases as do not essentially tend to shorten life, may likewise be assured in this office upon payment of a prem. commensurate with the increased risk." Endowments to widows and children were granted; and credit for a portion of the prem. on ordin. ins. allowed. The Co. was founded by Mr. Edward Baylis, who remained its act. and man. down to 1846. In 1849 the Co. was re-organized, and indeed re-regis. [ANCHOR ASSU. Co.]

ANCILLARY.-That which depends on, or is subordinate to, some other decision. ANDERSON, ADAM.-For 40 years connected with the South Sea House, pub. in 1762, An Historical and Chronological Deduction of the Origin of Commerce from the Earliest Accounts to the Present Time; containing a history of the great commercial interests of the British Empire, etc., 2 vols. fol. In 1789 the 2nd ed. was pub.; in 1801 the 3rd ed. 4 vols. 4to. A justly celebrated and valuable work, embodying the result of 40 years' labour, replete with useful information; so much of which as bears upon ins., int., usury. etc., will be noticed in these pages.

ANDERSON, E. G. LAUGHTON, Sec. of Lond. Guar, and Accident since its formation in 1869, he being one of the founders. He commenced his ins. training in the Western L. 1851. In 1858 he entered the Albert, and managed its re-insurances department for some years. He has contributed to the lit. of ins. in the form of articles and letters. ANDERSON, J. J. P., Sec. of Scottish Widows Fund, which position he has occupied since 1860. ANDERSON, ROBERT, Barrister-at-Law, and Sec. of Essex and Suffolk Equitable Fire since

1868. He was called to the Bar in 1851, and in 1856 became superintendent of the F. department of the Yorkshire, where he gained an experience eminently fitting him for the guardianship of the successful office of which he is now the principal officer. ANDERTON, JAMES, was for many years agent in Lond. of the West of England. He was also one of the founders of the Law Life, although he never held any official position in connexion with it. Mr. Joshua W. Butterworth, the well-known law bookseller, in Fleet Street, is our authority on this subject. In a letter to the City Press under date 6th Feb., 1868, speaking of Mr. Anderton having been mainly instrumental in founding the now flourishing Law Institution, he says: “Mr. Anderton was destined speedily again to render his professional brethren indebted to him by projecting for their special service a life assu. so., the first that had been originated with particular reference to the legal profession. The result was the estab. of the Law Life," etc. Mr. Anderton died in Jan., 1868, at the age of 85.

ANDREW, WILLIAM, solicitor, Lincoln, was founder of the Lincolnshire F. Office, in 1851; and in 1854 of the Midland Ins. Co., which took over the bus. of the first-named co. and extended it to Life and other branches. He was the secretary of these Cos. from their formation down to 1862.

of the Co.

ANDREWS, WILLIAM, resident superintendent of Palladium at the time of the foundation ANEURISM; disease of the arteries (Class LOCAL; Order, diseases of organs of circulation). The deaths from this cause in England show a rather rapid increase. In ten consecutive years they were as follows: 1858, 350; 1859, 371; 1860, 368; 1861, 387; 1862, 373; 1863, 418; 1864, 479; 1865, 499; 1866, 450; 1867, 503; showing a variation from 18 per million of the population living in 1858 to 21 in 1863, and 24 in 1867. Over a period of fifteen years ending 1864 the deaths averaged 18 per million.

The deaths in 1867 were males, 378; females, 125. The deaths were mostly in the middle and advanced ages of life.

ANGARIA.-Impressing of ships.-Blount.

ANGINA PECTORIS; breast-pang: sudden and acute pain in the chest, referred to the sternum (breast-bone), accompanied by intense anxiety and fear of death. (Class LOCAL; Order, diseases of organs of circulation.) The deaths from this cause in England are considerable. In 1866 they were 246: males 161, females 85; in 1867, 262: males 166, females 96. The ages at death in 1867 were: males, under 20, 6; between 20 and 45, 22; between 45 and 75, 128; between 75 and 95, 12; females, under 20, nil; between 20 and 45, 14; between 45 and 75, 61; between 75 and 95, 21.

ANGLIAN LIFE AND GUARANTEE Co. was projected by a Brighton gentleman in 1854, but made no progress.

ANGLICUS SUDOR.-The English sweating-fever, or the ephemera maligna of Burserius, described by Dr. Caius as "a contagious pestilential fever of one day." It made its first appearance in London in 1480 or 1483.-See PLAGUE. ANGLO-AUSTRALIAN AND GOLD-DIGGERS MUTUAL LIFE ASSU. Co.-Projected in 1852, for Life, Loan, and Guar. bus. ; but it did not get beyond prov. regis. under that title. We believe it broke out in the following year under the title of Anglo-Australian and Universal, etc., which see. ANGLO-AUSTRALIAN AND UNIVERSAL FAMILY LIFE INS. Co., founded in 1853 (under 7 & 8 Vict., c. 110), with an authorized cap of £150,000, in 15,000 shares of £10. This

scheme abounded in "new features," most of which we shall briefly notice. The Co. was estab. "for granting infantile, adult, and matrimonial assu., annu., endow., loans, and guar.; and for the purchase of rev. property; with special application to infants, emigrants, and gold-miners." "75 p.c. and eventually 100 p.c. of the entire profits divided on a new and most equitable principle among the members." "No commissions paid to agents or others." Then the following:

The design in the estab. of this Co. is to supply an extensive vacancy in the application and practice of L. Assu. by the intro. of new and highly important features of great practical utility. The operations of the Co. will embrace every improvement calculated to be permanently beneficial to its members. Its constitution will protect the policy-holders from every species of liability and loss which attach more or less to sos. whose only legal security rests in the ann. prem. fund,-and while the members have the security and profitable use of an ample capital fund, they will possess a mutual interest in the prosperity and government of the Co., being entitled to, etc. (profits as before stated).

The leading objects of the Co. were comprised under 5 principal departments, viz., I. INFANT INS. 2. GENERAL INS. 3. EMIGRATION INS. 4. AUSTRALIAN INS. GOLD-MINING ASSU.

5.

Infant Ins.-The subject of Infant Assu. is highly interesting and important, and calculated to prove far more beneficial to society than even adult assu.-the great utility of which is now generally recognized. The only cause perhaps which has hitherto operated to retard its adoption is the fear that it would encourage infanticide. But the principle of Infant Assu. as adopted by this Co. is calculated to check any tendency to this crime, and at the same time to afford the fullest advantage that can possibly be derived from early assu. Great pecuniary profit often arises to policy-holders during life on adult assu.; how much greater then must the profit be upon the pol. of those who were ins. in infancy, from the increasing accumulations of money at compound int.!! What a valuable boon therefore would parents confer upon their children by ins. their lives while they are young. An orig. set of prem. tables for the several forms of Infant Assu. has been calculated expressly for this Co.; assu. and annu. are granted on infant lives from the age of 3 months to 14 years, and embrace the following benefits: the prem. for which can be paid in one sum, or by ann., half-yearly, or quarterly payments. Prems. not forfeited through inability to continue them.

We shall give a résumé of the various schemes of infant ins. contained in this prosp., many of which were orig. and ingenious, under CHILDREN, INS. OF. Under department No. 2, pol. were granted on male and female lives from 15 to 75. The only special features under this head were the following:

Legacy Bonds, from £5 to £5000, by which relatives or friends can give possession of a legacy in their lifetime at a great saving, and avoid the legacy duty. Thus, a gentleman between 30 and 40 desirous of leaving his niece £1000 at his death, would save £500 to the estate, and the legacy duty, by obtaining a legacy bond of this Co.

Policies of Exchange, from £5 to £5000, which can change hands by endorsement, like a bill of exchange; are totally free from the payment of prems. or the performance of conditions on the part of the assu., are made payable to the holder seven days after satisfactory proof of death.

Guarantee Policies, for sums payable in cases of defalcation and breach of monetary trust, with L. assu. Widows, Orphans, and Survivorship Annuities, for permanent incomes after the death of specified persons, as husbands, fathers, masters, friends, etc.

The next department, Emigration Ins., we shall speak of under that head. The 4th department, Life Assu. in Australia, was spoken of as follows:

The great and increasing success which has so long attended the operations of Life Assu. in England, and the happy effects which have resulted therefrom, prove that its introduction was a great blessing, and warrant the expectation that in Australia also the estab, of a well-constituted assu co., conducted on principles of liberality, and possessing every facility for promoting the extension and beneficial application of the science to the peculiar features of Australian life, will be as much appreciated and produce results equally as salutary as in this country.

The practical development of the principle of Guarantee Assu. for honesty has afforded us ample and satisfactory evidence of its utility, both in a social and commercial aspect. And this fact furnishes a strong argument for its extension to Australia, where the Co. will transact every variety of Life Assu., Annu., and Guar, which characterize its operations in England, both as to infants and adults.

The 5th department, Life Assu, at the Gold Regions, was thus set forth :

This department will be conducted on a system of convenience to the assured, and safety to the Co., and will comprise-I. The assu. of capital sums from £5 to £3000, payable at death. II. The assu. of capital sums from £5 to £3000, payable at a specified age, or at death, if it occur before reaching the given age. III. The assu. of life incomes from £5 to £500 per annum, to commence at any given age. IV. The granting Annu. Assu. for £5 and up to £500 p.a. for life, after attaining a specified age, together with the sum of £5 and upwards to 1000, payable at death, whenever it may occur.

The man. director and act. of the Co. was Mr. Tobiah Pepper; the sec., Mr. John Newton.

In 1855 it took over the bus. of the Accumulative Life; and out of that amalg. arose the famous case of King v. Accumulative, of which we have given an abstract under AMALG. In 1858 its entire bus. was trans. to British Provident, and out of this trans. arose the case of Anglo-Australian v. Brit. Provident, heard before Lord Chancellor Westbury, in 1862, wherein the question as to what indemnity should be given to a co. which sells its bus. was decided. [AMALGAMATION.] See also Dict. of Decisions in Ins. Cases.

66

ANGLO-FRENCH MARINE INS. Co.-This Co. was projected in 1859 by Mr. John J. Peddell, solicitor, 82, Cheapside, and Mr. Alex. Gunn, newspaper proprietor and projector of ins. cos.' It came to nothing.

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ANGLO-INDIAN. —An Englishman domiciled in the Indian territory of the Crown. [INDIA, INS. IN.]

ANGLO-SAXON HOME AND COLONIAL LIFE ASSU. Co. was projected in London, in

1852, by Rev. J. W. Worthington, Doctor of Divinity, and Thomas Price. The cap. was to be £50,000, in shares of £10. The Co. did not go forward.

ANGLO-SAXON LIFE AND GUARANTEE. This Co. was projected in 1853, but does not appear to have gone far beyond regis. of title.

ANGYLDE.-The rate formerly fixed by law, at which certain injuries to person or property were to be paid for. In injuries to the person it seems to be equivalent to the 'wer,' i.e. the price at which every man was valued.-See GILDS.

ANNESLEY, ALEXANDER, of the Inner Temple, Solicitor, pub. in 1808: A Compendium of the Law of Marine Ins., Bottomry, Ins. on Lives, and of Ins. against Fire; in which the mode of calculating averages is defined and illustrated by examples. The author says: In the arrangement of the Compendium, the very judicious plan of Mr. Park has been followed, beginning with the Pol. the foundation on which the entire superstructure is raised, descending to a more particular view of the subject, and entering into the minutiae of the system of British Maritine Law with all possible brevity, without losing sight of that degree of accuracy and perspicuity which can alone constitute the merit of a work of this nature.

This is a very useful book; and we shall quote from it occasionally in these pages. ANNIHILATOR FIRE.-An instrument in which a large quantity of non-combustible gas, chiefly carbonic acid, can be quickly generated. Directed on burning matters, this gas stops combustion by excluding air.-Brande. We shall give an account of numerous contrivances of this sort under FIRE ANNIHILATORS.

ANNUAL ACCOUNTS.-See ACCOUNTS.

ANNUAL BONUS LIFE (AND FIRE) ASSU. So., projected in 1852, but apparently never completely regis. The prosp. stated that the Co. was to be founded on the principles of the Art Union of Lond. The plan was certainly a novel one. The payment of 10s. 6d. p.a., which applied to persons between the ages of 10 and 20 years, was to secure a certain sum at death, varying with the age, thus at 10, £80 11s. Id.; at 15, £58 3s. 6d.; at 20, 51 35. 11d. The guinea scale extended to persons from 20 to 70 years of age: LI IS. p.a. secured, age 21, 100; 25, £90 os. 2d.; 30, £79 4s. 6d. ; 35, £69 13s. 10d.; 40, £61 10s. Id.; 45, £54 35. 4d. ; 50, £47 15s. 3d.; 55, £38 10s. Id.; 60, £25 16s. 3d.; 65, £17 12s. 9d; 70, £12 25. 3d.

The prems. were said to be calculated on the basis of the ENGLISH LIFE TABLE, and certified by the Actuary to the Commissioners for the Reduction of the National Debt! Unless persons insured for at least two half-guinea chances, they were excluded from the enjoyment of a bonus.

The "annual bonuses" were to be paid to the insured, "not in equal fractional amounts, but in accumulated sums, as bounties for the encouragement and promotion of life ins. in general, and varying in amount from £10 to £1000." The first distribution was to be made 1st July, 1853, and continued every succeeding year, in the manner of the Art Union: "When every member of the So. who has subscribed one guinea before 1st June, will have an opportunity of balloting for a large share of the annual profits of the So." Two hundred and fifty bonuses were to be balloted for, of the aggregate value of £5000 ! The editor of the Post Mag. designated it a lottery in disguise.

There was to be no medical examination, except in case of a diseased life; a declaration of health being sufficient. All that had to be done was to call upon the agent, pay the half-guinea, or guinea, and take the receipt. It is believed that 2000 or 3000 of of these so-called insurances were issued. The prosp. said:

The great success which has crowned the operations of sos. based on the principle of granting prize rewards, induces the confident belief that were a prospect of more immediate gain offered to the public than is at present offered by the mode of paying bonuses, the practice of Life Ins. would be very greatly extended; but, unlike a lottery, which, as a question of morals, it in no respect resembles, the good contemplated will be accomplished without inflicting pecuniary injury upon any one.

No directors' names were pub. ; the only name on the prosp. being that of George Baynham, "registrar and clerk to the So." But it transpired afterwards that Mr. Henry Owen was actuary.

In Oct.

An awkward circumstance occurred very early in the history of the enterprise. 1862, the actuary of the Co. (also sec. of the Counties Union) was charged at the Mansion House, before the Lord Mayor, with having unlawfully conspired with divers other persons to cheat and defraud Dr. John Hall Davis; and that in pursuance of the said conspiracy he and they, under false pretences, had obtained from Dr. Davis the sum of £100. He (the actuary) was committed, and afterwards tried at the Old Bailey, and acquittedbut the project did not survive the blow.

ANNUAL LIST of Members.-Every co. regis. under the Cos. Act, 1862, and having a cap. divided into shares, shall (sec. 26) make once at least in every year, a list of all persons who, on the 14th day succeeding the day of the first ordinary general meeting in each year, were members of the co. ; and such list shall state the names, addresses and occupations of all the members therein mentioned, and the number of shares held by each of them; and also the following particulars:

1. The amount of the capital of the co. and the number of shares into which it is divided.

2. The number of shares taken from commencement of co. to date of summary.

3. The amount of calls made on each share.

4. The total amount of calls received.

5. The total amount of calls unpaid.

6. The total amount of shares forfeited.

7. The names, addresses, and occupations of the persons who have ceased to be members since the last list was made, and the number of shares held by each of them.

The above list and summary shall be contained in a separate part of the register, and shall be completed within seven days after the 14th day, and a copy forwarded to the Registrar of Joint-Stock Cos. Penalty £5 per day to co., manager, and directors.

The 30 & 31 Vict., c. 131 (1867), provides (sec. 32) that, after the issue by the Co. of a share-warrant, the above ann. summary shall contain the following add. particulars: The total amount of shares or stock for which share-warrants are outstanding at the date of the summary, and the total amount of share-warrants which have been issued and surrendered respectively since the last summary was made, and the number of shares or amount of stock comprised in each

warrant.

ANNUAL MORTALITY.-The ordinary average ann. mort. of a European pop. may properly be estimated at one death to every forty living. This proportion is subject to little variation on account of any common increase or decrease of pop.-Edmonds.

Modern mort. tables are arranged in such a manner as to show the ann. mort. p. c. for each age of life. This is a very great advantage in many respects. Among other uses it furnishes a means of testing the effect of SELECTION, etc. This constitutes an important feature of the ENGLISH Life Table, and the EXPERIENCE Table No. 2.

The subject will be fully discussed under LAW of Mort.

ANNUAL PENSION.-A yearly profit or rent.-Scotch Law. ANNUAL PREMIUMS -All ins. prems. (except on voyage pol. in Marine and Mariners' Life ins.) are calculated to be payable annually in advance. Where the payments are made half-yearly, quarterly, monthly or otherwise, an add. is made for loss of int. arising from the non-use of the money, and a small charge should also be made for add, trouble involved in preparing receipts, collecting, and passing through the books. In F. Ins., Accident, Cattle, Fidelity, Glass, Hail, etc., Ins. the prems. are receivable annually only. In several Life offices the yearly prems. are made to run from certain fixed days, as in the National Provident. In Life Ins. the ann. prems. are "equalized," or they would fluctuate with each year of life. See LIFE INS. PREMS.

ANNUAL SUMMARY.-See ACCOUNTS Of Life OfficES; and ANN. List of Members. ANNUITANTS.—Out of the recent winding-up of the Albert the law regarding the position of annuitants in ins. asso. whose bus. have been trans. may be considered as settled. An annuitant who has not by express written assent-by some instrument of equal force with the orig. grant-released the asso. orig. granting the annuity, from payment thereof, will be able to fall back upon its shareholders and property for payment. The intermediate asso. paying the annu. will be regarded only as the agent of the orig. co. ; hence the question of NOVATION will not arise. This indeed was held in the case of the English and Irish Church Ins. Asso. ; but it may now be regarded as settled in Pott's caseDict. of Decisions in Ins. Cases.

ANNUITANTS, LONGEVITY OF.-The longevity of annuitants has become proverbial. But as proverbs are not always to be relied on in business matters, we propose to record a few facts of such a character as not to admit of dispute. These are drawn from the records of tontines and government annuity schemes, and in every case there has been judicial proof of age. In the English tontine of 1693, out of 1002 persons enrolled, 12 reached 90 and upwards, and one, a lady at Wimbledon, reached 100. In the Irish tontine of 1773, 5, 7, there were enrolled 1415 males and 1969 females, most of them at very young ages. Previous to August 1856 there had died at age 90 and upwards, males 18, the oldest being 95; females 29, the oldest being 98. There were then living aged 75 and upwards, 60 males and 120 females.

In the English Tontine of 1789 there were enrolled 4177 males and 3974 females, most of them also at very young ages. Previous to August 1856 there had died at age 90 and upwards, males 18, the two oldest being 95, females 23, the oldest being 99. There were then living aged 64 and upwards, males 755, of whom one was 93, and another 94 ; females 1084, of whom the oldest was 92.

Among the life annuitants of the Sinking Fund commencing 1808, there had been enrolled by the 31st Dec. 1850, males 6217; females 10,595. Of these the majority were admitted at advanced ages. There had died previous to 8th May, 1854, at age 90 and upwards, males 125, the oldest being 98; females 174, the oldest of whom was 99. There were still living at 90 and over, males 25, females 26.

But among the annuitants of the Sinking Fund was another class, selected by individual speculators, and by ins. offices, and not included in the preceding figures. They were males, and the result of the speculation is given under another head. [GOVERNMENT ANNUITANTS TABLE OF MORTALITY.]

Mr. A. G. Finlaison in his report of 1860 has given us materials to test the actual result. The number of the lives enrolled was 675, at ages ranging from 59 to 92, but very few beyond 81. Up to the 8th May, 1854, there had died at ages 90 and upwards 61, the oldest being 98. There were still living 369, of whom 8 were 90 and upwards.

But another and yet more important observation was made up to 10th June, 1856, confined to the 322 males who were entered at age 73 and upwards. Of these 321 had died,

68 aged 90 and upwards, and the remaining I was living aged 101. This was David Rennie, who was baptized 28th Feb. 1755, and died 2nd March, 1857, in his 103rd year. Some add. facts will be given under head of TONTINES. ANNUITIES.-An annuity has, in the strict technical acceptation of the word, been defined by Lord Coke to be " a yearly payment of a certain sum of money granted to another in fee, for life or years, charging the person of the grantor only." If the annuity be secured solely out of the rent of land, it is called a Rent-charge. [RENT-CHARGE.] An annuity may be receivable during a definite number of years, in which it is termed an annuity certain. The value of annuities of this kind depends only on the rate of int. for money, and the number of years during which the annuity is payable. If the annuity be payable for ever, it is called a perpetual annuity or a perpetuity. If for a limited number of years, a term annuity. If not till after a certain date, it is called a deferred annuity. If its payment be dependent on the happening or non-happening of some particular event, it is called a contingent annuity. If the commencement or the continuance of the annuity is any way dependent upon the duration of any life or lives, it is called a LIFE ANNUITY. It is with these we have especially to deal in these pages.

A Life annuity may partake of some of the incidents of an annuity certain. If the annuity be for the whole period of any particular life, it is called a whole-term annuity. If it be on a given life for a certain number of years, it is called a term annuity; for a few years only a short-term life annuity. If the annuity be payable on any one life, provided another be then living, or providing some event happen or do not happen, it is a contingent life annuity. If it is not to be entered upon till after the death of some person or persons previously living, it is called a reversionary annuity. When it is continued only for a term of years, provided an individual or individuals then living shall survive that term, it is called a temporary life annuity. When it is payable during the lives of several persons living at the same time, it is called a joint-life annuity. When to the survivor of several lives, then a survivorship annuity. There are also increasing and decreasing annu. These may depend upon life or otherwise.

There is yet another definition. An annuity is curtate when it ceases with the last payment prior to the death of any specified life: complete when the payment is to be continued up to the day of the annuitant's death. See ANNUITY APPORTIONMENT ACT. The values of a life annuity must necessarily vary with the contingencies upon which it is dependent. There are actuarial rules for dealing with all the cases named. Two or more of the preceding contingencies may be combined; but however complex, they fall within the grasp of the experienced actuary.

ANNUITIES ON LIVES, HIST. OF.-The hist. of life annu. has remained to be written. We propose here to supply a considerable contribution towards the materials required for the purpose. By way of explaining the plan of the present chap.—which must of necessity be one of the most extended in this work—we may at once say that our treatment of life annu. will be historical, and not scientific. It would indeed be a matter of much interest to the actuary that the progressive formulæ evolved in the scientific treatment of the doctrine of life annu. should be recorded. We leave that task for other hands: we have ample work before us. It seems important further to remark, that while, at the present period, life annu. transactions are so far secondary and subordinate to life ins. as not prob. to bear the proportion of one-tenth-taking the cap. sunk in the purchase of life annu. as against the cap. to be realized by the payment of claims under life pol.-yet the facts were formerly very much the other way. For several centuries before the present life annu. constituted a recognized mode of investment-life ins. was regarded as a speculation. This will to a considerable extent account for the fact, presently to be noted, that all the earlier writers upon life contingencies directed their attention to annu. ; and life ins. was an afterthought. Or in the apt dictum of Mr. E. J. Farren : "As life assu. formule were eventually derived from annu. calculations, so it was not until an after-period that life assu. attracted notice as a distinct subject."

It is impossible to fix at what period of the world's history annuities on lives were first brought into practice. It is only required for our present purpose to know when they first became subjected to any measure of value. Most of the best-informed writers agree that the first judicial occasion for valuing annu. on lives arose in consequence of the Falcidian Law (Lex Falcidia de Legatio), which in B.C. 40 was adopted in the Roman empire; and which declared that a testator should not give more than three-fourths of his property in legacies, and thus one-fourth was required to be secured to his legal heirs. It became necessary, in the execution of this law, to value all such legacies as were charged upon the succession for limited terms, or as annuities for life. It is possible that several means of accomplishing this were attempted. We learn from Æmilius Macer (A.D. 230), that the method which had been in common use at that period was as follows: From the earliest age until 30, to compute 30 years; from age 30, so many years are computed as are wanting until 60: therefore never more than 30 years are computed.

It was no doubt the employment of this defective method which caused the great jurist, the Prætorian Præfect Ulpianus, to give his attention to the subject. It is impossible to ascertain what materials he called to his aid in preparing his estimate, nor is it our present purpose to do so. All that can be learned on that subject we shall present to

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