« AnteriorContinuar »
to total loss or to other incidents in such a degree that, in consequence of injuries, hypothecations, or other liabilities thereby occasioned, nothing has been left to cover such money.
139. In case of partial loss on B. and on average-money the damage consists of the deficiency resulting from the fact that the object bottomried, or upon which average-money has been advanced or expended, may from subsequent accidents have become insufficient to cover the B. or the average-money. We regard these general conditions as of the highest practical value.
When a master or owner of a ship takes up money on B., and buys in lading, but endeavours to defraud the Prince or State of their customs, or puts such goods on board as incur the forfeiture of the ship, in such case the borrower alone runs the hazard—not the lender. And where bonds or bills of B. are sealed, and the money is paid, if the ship receives injury by storm, fire, enemy, or any other accident, before the commencement of the voyage, then the person borrowing shall alone run the hazard, unless it be otherwise provided by the special wording of the contract, to the effect that it was to begin from the date of sealing. But if the conditions be that the ship shall sail from Lond. to a port abroad, and shall not arrive there, etc., then, etc., the contingency begins not until the departure.
The contract both as to Bottomry and Respondentia loans must always be in writing. The deed, or instrument, is sometimes made in the form of a deed-poll, called a Bill of Bottomry; sometimes in the form of a bond or obligation, with a penalty, called a Bottomry Bond. It seems to us that inasmuch as the ship alone is liable under the loan of Bottomry, properly so called, a bond should never be required or given. In a loan on Respondentia the case is different, for the advance being upon the goods and merchandize, it may well be required of the captain that if he dispose of or reduce these from any cause, he shall either replace them, or be answerable for the consequences. It is quite certain that any personal undertaking to repay the advance would have brought the transaction within the Usury Laws while they were in force. And in some parts of the world, including the U.S., they still remain in force.
Whatever the form of the instrument of security given, it must contain the names of the lender and the borrower; those of the ship, and the master; the sum lent, and the stipulated int.; the voyage proposed, with the time of commencement, and the duration of the risk which the lender is to run. It must show whether the money be lent upon the ship or among the goods on board, or on both. Indeed, all the stipulations of the contract must be distinctly and clearly shown. The form varies slightly with local circumstances and customs. Those already given in this art. show sufficiently, in the light of the above requirements, the nature of the document.
The law-books abound with cases arising under contracts of B. and R.; and additional points from time to time yet arise. The cases we have quoted are intended to give the reader a comprehensive grasp of the subject; but it must be remembered that this is not a work on practical law, brought down to the latest date. [FENUS NAUTICUM.] [PECUNIA TRAJECTITIA.] [RESPONDENTIA.] [USURA MARITIMA.] BOTTOMRY, BILL OF, is a contract between two persons, the one borrowing and the other lending a sum of money, by which the borrower, setting forth his intention to make a voyage in a certain ship therein named, acknowledges the receipt of a certain sum of money from the lender on this condition: that if the ship does happily perform her voyage without any disaster by enemies or otherwise, then he is to restore that sum to the lender, with an add. sum therein expressed for the int. within a certain time after his return; but that if the ship be lost, or taken by enemies or pirates, then the person of the borrower to be for ever discharged, and the lender to bear the loss. See obs. on the form of contract in the preceding art., and also the forms of B. Bills there given. BOTTOMRY BOND [short B. B.].-The legal instrument usually designated a Bottomry Bond hardly warrants that designation, for reasons stated at the close of our art on BOTTOMRY. A BOTTOMRY BILL appears the more correct designation. [RESPONDENTIA.] BOTTOMRY PREMIUM —A high rate of int. charged on the safety of a ship, the lender losing his whole money if she be lost.-Smyth. We have discussed the incidents of this prem. in the preceding art. on BOTTOMRY.
BOUCHER, GEORGE, head of Country Department in Atlas, in which Co. he has held various positions of trust and responsibility for more than half a century-having entered the office in 1820. He is a type of the old school of officials, whose like we shall never see again.
BOUCHER, MONS. P. B., pub. in Paris in 1808, Consulat de la Mer, ou Pandectes du Droit Commercial et Maritime, a work bearing upon marine ins. This work, which never enjoyed any reputation, has been entirely set aside by that of Pardessus.-McCulloch. BOUGHT AND SOLD NOTES.-The practice of licensed brokers is to keep books wherein they enter the terms of any contract they effect, and the names of the parties. In cases of loss by fire these books become important mediums of evidence. BOULAY-PATY, MONS. P. S., pub. at Rennes, 1821-23, Cours de droit Commercial Maritime d'après les principles et suivant l'ordre du Code de Commerce; or the Law of the Commercial Marine. A work of very considerable merit and learning, and which we have had occasion to quote in these pages. Another ed. was pub. in Paris in 1834; he also edited an ed. of Emerigon, which was pub. at Rennes in 1827.
BOULT, SWINTON, Man.-Director of Liverpool, Lond., and Globe, which we believe may
be correctly designated the largest F. Ins. Co. in the world. We have, after some years of obs., come to regard Mr. Boult as the very Napoleon of F. Ins. He commenced ins. bus. in 1831, being then associated with Mr. Geo. Booth in agencies in Liverpool for the Albion L. and Protector F. offices. In 1834 the last-named Co. closed most of its Liverpool agencies, and soon afterwards disappeared from the scene. Mr. Boult then became agent to the Lond. Assu. Corp.; but in 1836 occurred the event which has shaped his subsequent course of life: he founded the Liverpool F. and L. Ins. Co. This Co., in 1848, assumed its better known name of the Liverpool and Lond. ; and finally, in 1864, became the world-wide Liverpool, London, and Globe.
Mr. Boult became the Sec. of his new Co. The only feature of his early management which it seems necessary to note, is that it was entirely free from all push and dash. He has been often heard to say that up to 1844 the Co. did not possess 20 working agents. We think we can fathom his policy in this. Liverpool had not, at that date, been a successful field for F. ins. enterprise. The experience of Lond. as well as provincial offices had been alike disastrous. So well was this fact known, that when he founded his Co. the press assailed him for inviting subs. to an enterprise which could but fail; as indeed two previous Liverpool offices had failed. Mr. Boult determined to feel his way quietly he was nursing a young giant; and he knew it.
The years 1842-3 are celebrated in the annals of Liverpool for the number and destructiveness of their fires. The shareholders in the infant Co. were threatened with ruin. Friends urged them to sell out. Rival offices, or their agents, with a natural instinct, fanned the flame of discontent. But these latter were inconsistent: for they continued to seek new bus. for their branches and agencies-thus endeavouring to extend their hold upon this same Liverpool bus. which they, in the hope of exterminating a rival, so loudly decried. There can be no doubt that the fate of the Co. hung upon the balance.
It was at this juncture that the character of the man at the helm became manifest. It has never been determined, even by our most able historians, whether great men cause great events, or great events produce great men. We are disposed to think the events, and the men, act and re-act upon each other. The result in this particular instance was that the young Sec. determined for himself a course of action. He resolved to apply himself (1) To ascertain the causes of the fires in Liverpool; (2) To secure their diminution. It was this inquiry which enabled him to embody in a report the germs of those provisions, which were afterwards embodied in the Liverpool Fire Prevention Act—and which Act has proved of much advantage to the town, and the entire commercial community.
It must not be supposed that these measures were perfected without a struggle with those competitors who now discerned the supremacy which the successful solution of some of the difficulties here involved would afford to the now rising Co. Yet were not these measures for the common good? The North British Co. threw in the weight of its influence with the local Co. The other offices, in the end, followed. The victory on his own ground gave Mr. Boult an influence which he has never ceased to exercise for the common good. Let us try and recount a few instances, viz. The introduction of a tariff, based upon the principle of rating improved risks in the degree of their improvement. The application of a tariff to cotton mills, based upon the principle of the "numbers spun," i.e. the degree of fineness of the threads produced-a principle maintained to the present day. In the preparation of this last tariff we have heard Mr. Boult say that he was materially assisted by his then Manchester agents, Messrs. Ewart and Co. From this period the present tariff system takes its date. [TARIFF.]
Again, Mr. Boult was the originator of the Liverpool Salvage Committee. the first combination of the kind ever introduced, and its success has been most marked in the services it has rendered to the F. ins. cos. [SALVAGE, FIRE.]
The division of the country into districts, and the appointment of a committee of the offices to take charge of the tariffs in each district, originated with Mr. Boult. He was elected Chairman of the Northern Committee, which position we believe he still occupies. It has been more particularly in connexion with these committees that his wonderful practical knowledge of the details of the bus. of F. ins. has made itself most impressively known.
One of his more recent services has been the securing the introduction of a uniform fire pol. for the tariff offices. This was certainly equally required in fire as in marine ins., where it has proved of the very first importance. Such a change takes time to develope into perfect working. We trust Mr. Boult will nurse this project until that state of things has been accomplished.
Having followed Mr. Boult through those labours which have conduced to the common good of all F. offices ins. mercantile risks, we now return to note his operations regarding his own Co. He had made himself master of all the more important details of home F. bus.; but the necessities of Brit. commerce carry Brit. F. offices into risks located in other climes. These wider fields of enterprise came within the grasp of Mr. Boult's ambition. He made the circuit of the globe-we do not mean the Globe he afterwards conquered; he applied his practical experience to the altered circumstances of the varying countries; and there is not at the present moment any one spot on this planet wherein
the interests of commerce have become predominate, in which either his own name, or the name of his Co., and more prob. both, are not known-and respected, or feared, as the case may be.
Mr. Boult at one period became the champion of amalg. in F. ins. offices; and carried out various combinations of this character on a grander scale than any before or since. Some of his compeers voted him a little mad upon this point at the time. We ventured then, as now, to assert that his madness had a method in it. We shall speak more in detail of these combinations in our hist. of the Co. We here deal with the motive power only-the man. It is enough now to add that whereas the first year's income of the Co. did not exceed £10,000, the last year's income  from F. prems. alone was about £1,250,000! And although fully one half of this princely sum was required to meet the loss resulting from one single casualty-the Chicago fire-yet no other loss remained delayed one single hour in consequence. The Co. nobly sustains the shock. Its founder
stands serene at the helm.
Mr. Boult has of late years expressed himself as strongly opposed to the system of re-insurance in F. bus. His argument is that no office should take more on any one risk or combination of risks than it means to retain. Are not others coming round to the same view?
Mr. Boult has pub. various pamp. and papers on subjects connected with joint-stock cos., political economy, currency, and ins. It is only the latter we can here notice. He has also given evidence before various Parl. Committees-notably that of 1867, on Fire Protection, on which occasion many of his statements were so important that we propose to give a brief synopsis of them here; and to recur to more specific points of the evidence under various heads hereafter. The sledge-hammer style of delivery, occasionally toned down by a characteristic sarcasm, cannot be entirely reproduced on paper.
He handed to this Committee certain statistical tables regarding fires in Lond. [LOND., FIRES IN.] The increase of fires returned as suspicious, doubtful, or unaccounted for, was, he said, no less than 14 p. c. between the years 1863 and 1865. Jute fires took place in Lond.; cotton fires in Liverpool. Many of such fires were the result of incendiarism, to conceal theft. In the Liverpool warehouses the carrying of lucifer-matches, or pipes, was strictly forbidden. Two policemen had then recently taken from the men no less than 590 pipes. He did not attach so much importance to the practice of smoking. thought a Fire-Marshal would be the best officer to conduct inquiries regarding the origin of fires. He (the Marshal) should attend all fires personally. Then the following dialogue ensued:
Do you think that ins. cos. are as careful as they ought to be in taking risks? It does not do for a man to sit in judgment upon his neighbours, but we are as careful as we can be.--What commission do the cos. offer to the agents? That is a very difficult question to answer. It varies from something like 7p.c. up to 25 or 30 p.c.-Now do you think when an office allows an agent to get 25 p.c. that they hold out an inducement for him to take any risk that comes in his way? I should say a very strong inducement.-Looking at all these things together, do not the cos. offer a great many temptations to raising fire? I do not hesitate to admit that the cos. have to thank themselves for a great part of the evil they have suffered from of late years.-The cos, are much disinclined to prosecute, are they not? Some are. We feel that we have scarcely a fair chance. There have been more prosecutions within the last 12 or 18 months on the part of the offices than I have known for a long period. Then seeing that the cos. are so careless in taking risks, and that it is the interest of the agent to take anything, what would you recommend us to do with such a class of men? You must leave the cos. to take care of themselves. You have to legislate for the public, and you can do nothing more effective than instituting an inquiry for the purpose of stopping fires. There has been so large an infusion of fires which are not accidental, which are wilful fires beyond all question, that it is impossible for the prems. to meet those cases.-Are you not aware of cases in which goods under the Customs lock and key have been stolen? I am aware of cases where whole cellars have been emptied of goods under the Customs lock and key.
Regarding the difficulties of the offices in getting a proper prem. for mercantile risks, Mr. Boult said, "We have heard something of compound householders lately, and we have compound directors: merchants who are sometimes directors of ins. cos. and dock cos. as well." The point of these answers was well understood by those most interested. In 1870 Mr. Boult pub. Obs. on a Bill to Amend the Law relating to Life Assu. Cos. He expressed himself opposed to any new legislation in this direction. He considered that the past legislation was responsible for many of the evils which had occurred—a view concurred in by many.
In 1865, after 30 years of most assiduous service to his Co., Mr. Boult was elected, by the voice of his associates, to the proud position of Man.-Director. We wish him long
life, and health and strength in his labours. Will not the entire ins. community on either side of the Atlantic gladly exclaim, Amen and Amen?
BOURNE, THOMAS, Man. of National Guardian (No. 2) from its commencement in 1865. He was Sec. of New National from 1854 to 1864.
BOWMAN, JOHN, was Sec. Life Association of Scotland, for some years preceding 1850,
when he retired from ins. bus.
BOWRING, SIR JOHN, while Plenipotentiary of Gt. Brit. at Hongkong in 1855, addressed a letter to our Reg.-Gen. on The Pop. of China, containing some facts of great interest, which we shall mention under CHINA, and POPULATION.
BOWS OF A SHIP.-The two sides of the fore extremity of a vessel; as the starboard and larboard bows.
BOWSER, ALFRED T., Sec. of Whittington since 1865, was trained to the bus. in the Atlas, which office he entered in 1834. In 1847 he became Sec. of the Legal and Commercial Fire-we believe the first of the modern offices which took its stand upon the nonTariff plan. In 1854 he became Sec. of Lond. branch of Leeds and Yorkshire, remaining with that Co. up to date of its absorption by Liverpool, London and Globe; and indeed for some months afterwards to wind up its affairs. Mr. Bowser was the author some years since of a little pamp.: Conversations on Life Assu.-one of the earliest efforts to popularize the subject; and some few years since he took part in an instructive correspondence in the Ins. Record on the "average clause.
BOWSER, WILFRED A., son of the preceding, Act. and Sec. of Lond. and County Prov. Inst., of which he was the founder. Was trained to ins. bus. in the Whittington: afterwards for several years in the Queen. In 1867 he became Chief Life Clerk in the English, and remained with that Co. until the trans. of its business in 1870. In 1872 he read a paper before the Inst. of Act.: Obs. on the rate of Mort. in Infancy and Childhood; and the same is printed in the Assu. Mag. [v. 17, p. 267]. The paper brings together a large number of facts of a very interesting character, and is a most creditable production. We expect to have to repeat Mr. Bowser's name in connexion with other subjects. BOX SOCIETIES.-A species of Friendly So., prevailing during the last century, and of the constitution of which (about 1728) some leading points were as follows:-Members met weekly at an appointed place-generally some favourite inn-and were expected to spend 3d. at each meeting and to put 2d. into a box-hence the name. A fine was imposed in case of omission. Those who had contributed to the so. for one complete year were entitled in case of sickness, lameness, or blindness, to receive 7s. per week during six months, and half that amount after, should their illness continue. On the death of a full member, an allowance of 40s. was made out of the box towards his burial; his fellows being expected to attend the funeral, unless they were "hindered by sickness, lameness, blindness, or being in prison,” and were to contribute Is. per head to be handed to his wife or nominee. The ages of admission were from 21 to 41. The regulations of these sos. as to the preservation of decency and good fellowship among the members and the salaries of officers would bear comparison favourably with some of our modern sos.
In 1793 was pub. by Strap Bodkin, staymaker (apparently an assumed name), An Address to the Members of the various Box Clubs and Benefit Societies in Gt. Britain. BOYD, B. AND M., were "Resident Managers" of the North British in Lond. from the estab. of that agency down to 1845.
BOYD, E. L., was Resident Director of the United Kingdom L., from 1846 down to its union with the North British in 1862.
BOYD, GEORGE, JUN., Sec. of Union Marine, Dundee, from 1849 to 1859. BRABROOK, EDWARD W., Barrister-at-Law, Assistant Registrar of Friendly Societies since 1869. Mr. Brabrook was for many years the associate of Mr. Arthur Scratchley in his actuarial and literary labours; and we believe we shall not be doing injustice to either of these gentlemen in stating that many of the notes on legal subjects scattered through the works of the latter were contributed by the former. In 1863 he contributed to the Assu. Mag. a letter On the Assu. of Invalid Lives. In 1868 Mr. Brabrook appeared as one of the promoters of the General Accident and Guar. Co. In 1869 he pub. The Law Relating to Industrial and Provident Societies (including the Winding-up Clauses), with a Practical Intro., Notes, and Model Rules; to which are added the Law of France on the same subject, and remarks on Trade Unions. A very carefully prepared and practical work. BRADBROOKE, R., in 1861 invented a smoke and noxious vapour respirator, by means of which, it was asserted, a person could enter a building, however dense the smoke or vapour might be. It was intended for the use of firemen in the execution of their duties. BRADFORD MUTUAL MARINE INS. Co. (UNLIMITED), founded at Bradford, in Yorkshire, in 1869, with unlimited liability. The object of the asso. was "To insure all goods belonging to members consigned from Hamburg, Kingston-upon-Hull, London, Liverpool, Londonderry, Cork, or any other place on the east coast of Ireland, between Londonderry and Cork to Bradford, or from Bradford to above-mentioned places." We do not know what success it has met with.
BRADFORD AND WEST YORKSHIRE F. AND L. INS. Co.-This Co. was projected in 1845, but appears to have died in the promoters' hands. The proposed cap. was £500,000, in shares of £50.
BRAID, WILLIAM, of Scottish National, constructed some Tables of Single and Annual Prems. for Joint Life Ins. for all ages between 15 and 60, deduced from the Carlisle T. of Mort., int. 3 p.c. These tables will be found in Assu. Mag. [vol. v., p. 363, 1855]. We believe they have never been pub. separately.
He has also constructed a series of tables for determining the values of annuities and assu. on three lives, according to the Carlisle T., and showing the values of the annuities payable during the joint lives, int. 3 p.c. These tables are also given in the Assu. Mag. [vol. vi., pp. 115-120].
BRAIDWOOD FIRE INS. Co.-This project was set on foot in 1861, by Mr. Edward Brooks, Accountant, Gresham House, a very few weeks after the melancholy death of poor Braidwood. It was not carried forward.
BRAIDWOOD, JAMES, late Chief Superintendent of the Lond. Fire Engine Estab., and previously Master of Fire Engines in Edinburgh. In 1831 he pub. in Edin. a work— On the Construction of Fire Engines and Apparatus, the Training of Firemen, and the method of Proceeding in Cases of Fire. We believe that this was the first book which had been written on those subjects; and it was of a highly practical character.
On the 1st Jan. 1833 the late LOND. FIRE ENGINE ESTAB. was inaugurated; and Mr. Braidwood was selected for its chief. How ably he performed his duties until death overtook him in their execution at the great Tooley-street fire, on 22 June, 1861, will be in the remembrance of many of our readers. He held the position for 28 years, and most of the arrangements for promoting the efficiency of the service during that period were due to his knowledge and foresight. We shall have occasion to refer to these matters more in detail when we give the hist. of that estab. ; and also under FIRE PROTECTION. In 1850 Mr. Samuel Brown contributed to the Assu. Mag. [vol. i., p. 31] a paper on Fires in Lond., and therein he speaks of the fire brigade, "whose extraordinary efficiency under the training and superintendence of Mr. Braidwood, have frequently saved from loss an enormous amount of property, which seemed destined to be the inevitable prey of the flames." He continues :
The skill and intrepidity of the chief, and the exertions of the men, have preserved this great city from calamities which in such a mass of buildings, occupied by many hazardous trades, in some cases full of combustible materials, and in some parts of the city exposed from age and nature of construction to the most fearful conflagration, if a fire once begins, it is most surprising that we should so long continue to escape.
Sitting, as the present writer did, for several years on the Committee of the L. F. E. Estab., he knows what great anxiety was often expressed by the Superintendent as to the consequences to the ins. offices-who then alone supported that Estab.-in the event of any fire once extending beyond the control of the staff and appliances at his command. It was mainly in consequence of these fears, and his perception of the serious character of the Tooley-street conflagration, that he fell a victim to his noble zeal and devotion on that occasion. It was this conviction which induced the managers of nearly all the Lond. F. Ins. offices to attend his funeral at Abney Park Cemetery.
Mr. Braidwood was calm, yet quick; able, yet unpretending; practical, yet unassuming. He was a hero in his walk in life, and was so regarded by his staff. He was 62 years of age at his death.
BRAIN DISEASE (Class LOCAL; Order, Disease of Nervous System).—The deaths returned in England under the general head of brain disease, etc., should, if registration could be made perfect, be placed under one of the scientific heads embraced under the order of disease of nervous system. Those so omitted to be classed vary but very little year by year. In ten consecutive years they were as follows:-1858, 4454; 1859, 4586; 1860, 4865; 1861, 5105; 1862, 4927; 1863, 4876; 1864, 5159; 1865, 5321; 1866, 5605; 1867, 5671. The average over a period of fifteen years ending 1864 was 217 to each million of the pop. living.
The deaths in 1867 were:-Males, 3255; females, 2416. Of the males 435 died under 5; 114 between 5 and 10; 86 between 10 and 15; 99 between 15 and 20; 82 between 20 and 25; 203 between 25 and 35; 325 between 35 and 45; 438 between 45 and 55; 568 between 55 and 65; 612 between 65 and 75; 260 between 75 and 85; 33 between 85 and 95; and I over 95. Of the females, 374 died under 5; 96 between 5 and 10; 78 between 10 and 15; 81 between 15 and 20; 70 between 20 and 25; 185 between 25 and 35; 239 between 35 and 45; 321 between 45 and 55; 389 between 55 and 65; 351 between 65 and 75; 205 between 75 and 85; and 25 between 85 and 95.
Glancing at the mort. by all diseases of the brain and nervous system, including cephalitis, apoplexy, paralysis, insanity, chorea, epilepsy, convulsions, and other brain diseases not distinguished, it appears that the mort. in E. and W. to 1,000,000 of pop. has increased from 2705 in 1857, to 2912 in 1866. It is remarkable that the mort. from apoplexy and paralysis respectively has from the first been very nearly in equal proportions to 1,000,000 persons living, the proportion from apoplexy being 439 in 1857 and 490 in 1866, that from paralysis being 457 in 1857 and 500 in 1866. These two diseases are incidental to old people. The number of deaths from cephalitis (inflammation of the brain) p. 1,000,000 persons living had increased from 178 in 1857 to 197 in 1866. The deaths from insanity-21 per 1,000,000 of pop. in 1857, and 31 in 1866-do not indicate the number of deaths of persons in a state of insanity; large numbers of maniacs die of consumption and other diseases, and consequently appear under other heads. The increase in the mort. from convulsions in the ten years is considerable, the proportional number of deaths to 1,000,000 living being 1286 in 1857 and 1306 in 1866. convulsive form of disease affects infancy and youth. Of the rare and remarkable disease, chorea (dancing mania), the proportional number of deaths to 1,000,000 of pop. was only 2 in 1857, and 3 in 1866. From epilepsy, to 1,000,000 living there were 115 deaths in 1857, and 118 in 1866; and from other brain diseases undistinguished, 207 in 1857, and 267 in 1866. The actual numbers of deaths regis. in E. and W. from diseases of the brain and nervous system in the years 1857 and 1866 respectively were 51,619 and 61, 164 -viz., cephalitis, 3392 and 4146; apoplexy, 8378 and 10,297; paralysis, 8714 and 10,504; insanity, 403 and 650; chorea, 44 and 63; epilepsy, 2193 and 2468; convulsions,