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happens, the pol. is at end unless assigned to the purchaser with assent of co. ; but if he retains a partial interest in the property, the pol. will protect such interest, nothing therein being contrary to a change of interest or title.

In the case of Trumbull v. Portage County Mut. Ins. Co., tried before the Ohio Courts in 1843, it was held that an agreement by the insured to convey the prems. ins. at a future day on payment of the purchase-money, is not such an alienation as to defeat a pol. where a loss occurs after the agreement and before the conveyance, and insured remains in possession of the property.

ALIENEE.-One to whom a trans. of property is made.
ALIENOR.-One who trans. property.

ALIENS. Speaking generally, aliens are persons born in a foreign country out of the allegiance of the king. Aliens and foreigners generally were banished England in 1155, being thought too numerous. In 1483 they were restrained from exercising any trade or handicraft by retail. It was only as recently as 1844 that they were, by authority of 7 & 8 Vict. c. 66, authorized to hold personal property. Hence they were not in a position of security in taking out pols. of ins. before that date. The 10 & 11 Vict. c. 83, relates to aliens in the British colonies.

At the period when this country was at war with some of the leading powers of Europe, questions regarding the right of aliens very frequently arose, especially in connexion with Marine Ins. Some of the principles then settled may be briefly noted.

During war with the native country of an alien, his right to enforce a contract entered into previous to the commencement of the war is suspended until the restoration of peace; and a contract entered into during war is absolutely void. It may be doubted, says Mr. Bunyon, whether if a policy of ins. were valid at its inception, but after the declaration of war the assured died in battle, contending against the forces of this country, his representatives could, even after peace was restored, recover upon it.

Out of these and similar questions the earlier writers upon jurisprudence set up the distinction between alien friends and alien enemies. An alien, not being an alien enemy, has been able at all times to effect an ins. upon his life and enforce the contract by an appropriate proceeding in any court of law or equity in this country; and that although resident abroad at the time. But the life of an alien enemy cannot be insured even for the benefit of a British subject.

An alien resident in this country by permission of the Government will not be considered an alien enemy, and the Queen in her proclamation usually qualifies the declaration of war by permitting the subjects of the enemy resident here to continue so long as they peaceably demean themselves, and without doubt such persons are to be deemed as alien friends.

All these points have been more or less modified by the Act of 1844. Mr. Bunyon treats the subject very learnedly.

ALISON, DAVID, was sec. of Indisputable from its estab, down to its trans. to Eagle in 1857. ALKALI WORKS.-By the 26 & 27 Vict. c. 124, the Alkali Act, 1863, "An Act for the more effectual condensation of muriatic acid gas in alkali works," certain special rules are laid down, inspectors are appointed, and penalties imposed. This Act was made perpetual by 26 & 27 Vict. c. 124. The health of large masses of the pop. depends upon the proper

carrying out of these provisions.

ALLARDICE, GEORGE, was in 1844 sec. of Scottish Marine.

ALLEN, FREDERICK, was for some years representative of the National Provident in Bath and Bristol. He had previously been in the Temperance Provident. In 1862 he became manager of Lond. branch of the Queen. He afterwards retired from the ins. world. ALLEN, J. ADAMS, M.D., LL.D., pub. in N.Y., several years since, Medical Examinations for Life Ins. It has now reached the 6th ed. Mr. Barnes says he has perused the book with "profit and pleasure.'

ALLEN, JOSEPH, assistant sec. of Gresham since 1866. He entered the office in 1853, as a junior, and has worked through all the departments. Those who know Mr. Allen know how well suited he is for the arduous duties of his present position.

ALLEN, LEWIS, was for some years connected with the National Provident, and opened up some of its most important provincial branches. He died about 1857.

ALLEVIATOR FIRE AND LIFE.-A co. under this title was projected in 1852, but did not proceed. It afterwards took the name of Adamant, which see.

ALLIANCE BRIT. AND FOREIGN FIRE AND LIFE INS. Co., founded in 1824, with an authorized cap. of £5,000,000, in 50,000 shares of £100. The orig. prosp. says:

The object of this inst. is to combine the highest public utility with the greatest individual benefit to the proprietors. It is confidently expected that this will be attained in a greater degree than has ever yet been realized, owing to the extensive connexions, both foreign and domestic, of the parties with whom the Co. originates, and the large capital to be invested therein; by means of which the Co. will be able to avail itself of every opportunity beneficial to its interests, and to defray its expenses with the least possible diminution of profits.

Certainly no ins. asso. ever was founded under more powerful auspices. Its presidents were John Irving, M.P., then one of the most important merchants in Lond., Francis Baring (Baring Brothers), Samuel Gurney (Overend, Gurney & Co.), N. M. Rothschild, and Moses Montefiore, Esquires. The shares of the Co. were in great demand, and rapidly rose to a considerable prem.

Every shareholder, as a condition of holding his shares, was required to insure a sum equal to the amount of his subscription in the Fire, or £1000 in the Life, department of the Co., int. to be paid to the proprietors of not less than 3 or more than 5 p.c. annually; and 5 p.c. of the profits annually to be applied in the purchase of shares, provided they could be purchased or redeemed at a prem. below £90 p. share, "thus benefiting the proprietary without diminishing the security of the public;" and a further sum equal to 15 p.c. of the profits to be employed in paying up the remaining 90 p.c. on the shares, until the whole cap. of £5,000,000 should be realized.

The remaining 80 p.c. of the annual profits to be invested by the trustees, and once in every 5 years to be divided between the proprietors and policy-holders in such proportion as the board of direction shall deem proper. No proprietor holding less than ten shares to attend annual meetings. All unemployed cap. beyond £20,000 to be from time to time invested in public securities. The prosp. also contained this clause:

The following is an outline of the plan upon which the inst. is intended to be conducted, which plan will be further matured by the Presidents and Directors under the ablest legal and professional advice, and will be completed in such a way as counsel may recommend, and the shares are tendered to the parties who have offered to subs. for them upon this express condition that all further details shall remain with the Presidents and Directors, and that the shareholders shall execute such deed or deeds as may be deemed requisite.

The condition implied in the above stipulation was introduced advisedly. The agreement between the orig. promoters had been "to form an assu. co. for the several purposes at that time allowable by law to assu. cos., and for such further purposes as by any alteration of the laws then in force should be allowable to assu. cos. In that same year

(1824) an Act was passed—5 Geo. IV. c. 114-"to repeal so much of an Act of the 6 Geo. I. as restrains any other corps. than those in the Act named, and any sos. or partnerships from effecting Marine Ins. and lending money on bottomry." Hence the monopoly on Marine Ins. was removed, and it was open for any co. to enter upon that branch of bus. We need not be much surprised then to find the following recital in the preamble to the Deed of Sett. :

And whereas the board of direction of the said Co., by reason of the premises, have resolved to extend the object and bus. of the said Co. to assu. upon ships and goods and merchandises at sea, and to lending money upon bottomry; and have further resolved that such assu. shall be taken and the pols. thereof subs. by three or more directors, etc.

This proposed extension of the objects of the Co., although it was very clearly in the minds of the promoters when the first prosp. was issued-and which was indeed intended to be provided for by means of the clause we have already quoted-led to some serious litigation. A Mr. Natusch, we believe an underwriter at Lloyd's, objected to this extension of the bus. What followed we will take from the reported case on the subject-Natusch v. Irving. (See Lindley on Partnership.)

The plaintiff, Natusch, was one of the orig. subs. and held 15 shares, in respect of which he had paid the required deposit, but he had not executed the Deed of Sett. In conformity with the rules of the Co., he had effected a policy with it for £1500 on his life. Shortly after the repeal of 6 Geo. I., an adv. appeared in the newspapers stating that the Co. would commence the bus. of Marine Ins. The plaintiff, in answer to an inquiry whether this announcement was authorized by the Directors, was informed that it was; and that if he objected to the course about to be pursued, he might receive back his deposit and int. and have his policy cancelled and the prem. returned. In reply to this the plaintiff stated that he was ready to execute any deed which was in conformity with the prospectus; that he conceived it competent for him to insist that the bus. in which he was a partner should be carried on according to the agreement which united the partners together; that he could not think his doing so would entitle the manager of that partnership to pay him out his cap. and deprive him of a share in a concern of which he had the highest opinion; that he therefore required the Directors to abstain from any contracts or engagements relating to Marine Ins, as not being contemplated by himself, and those who joined the Co. upon the terms of the prosp.; and that he required an undivided attention on the part of the Directors to the objects defined therein. The plaintiff afterwards attended at the office of the Co. to execute its D. of Sett., but finding that it contained provisions enabling the Co. to carry on the bus. of Marine Ins. he refused to execute it as not being conformable to the terms on which the Co. was formed. In pursuance of the adv., the Co. had commenced and it was carrying on the bus. of Marine Ins.; but there was no evidence to show acquiescence on the part of the plaintiff, and there was evidence to show continued opposition by him to the carrying on of such bus. The plaintiff applied for an injunction to restrain the Directors from effecting Marine Ins., and an injunction was granted. Lord Eldon made (inter alia) the following remarks on the occasion :

If six persons joined in a partnership of L. assu., it seems clear that neither the majority nor any select part of them, nor five out of the six, could engage that partnership in Marine Ins., unless the contract of partnership expressly or impliedly gave that power: because if this was otherwise, an individual or individuals, by engaging in one specified concern, might be implicated in any other concern whatever, however different in its nature, against his consent. . . . Courts must struggle to prevent particular members of those bodies from engaging other members in projects in which they have not consented to be engaged, or the engaging in which they have not encouraged, assented to, or empowered or acquiesced in, expressly or tacitly, so as to make it not equitable that they should seek to restrain them. The principles which a Court would act upon in the case of a partnership of six must, as far as the nature of things will admit, be applied to a partnership of 600.


The estab. of the ALLIANCE MARINE was the immediate and very just consequence of this opposition.

The Co. in 1824 obtained a special Act of Parl., 5 Geo. IV. c. cxxxvii., "An Act for enabling the Alliance Brit. and Foreign L. and F. Assu. Co. to sue and be sued in the name of the chairman for the time being, or of any other member of the Co.," and by that

act-which contained no provisions as to Marine Ins.—the several persons who had taken and accepted shares were formed into a Co.

The Deed of Sett. contained this clause-prob. taken from the deed of the Equitable: 80.-That whenever a sudden increase of deaths shall happen in consequence of the plague or any contagious or epidemic disorder, or of famine, invasion, or civil war, it shall be lawful for the board of direction, with the approbation of an Extraordinary General Court to be called by them for that purpose, to defer the payment of the whole or any part of the sum to be claimed under each policy issued by the Co. for assu. any life which shall expire during the prevalence of such plague, contagious, or epidemic disorder, famine, invasion, or civil war, until such time as an adequate supply for the payment thereof can be obtained out of the funds of the Co.

Separate accounts were to be kept of the various branches of the Co.'s bus., and the deed contains very full provisions as to the disposal of the profits of each department. Some variations have been subsequently made, generally in favour of policy-holders. A later prosp. stated


The profits of the Fire department appropriated to the ins. will be distributed at the close of each successive period of five years, in the form of a per-centage on the prems, which have been paid. Parties who obtain the settlement of losses from fire are not thereby deprived of their right to participate in the profits of the Co.

This is in conformity with clause 111 of deed.

There is a tradition concerning the circumstances which led to the formation of this Mr. Benjamin Gompertz, office too characteristic of one of its founders to be passed over. at that time a well-known mathematician, although he afterwards became more famous, had been a candidate for the actuaryship of the Guardian Ins. Co., founded a year or two previously. He had not been successful, it was rumoured (probably quite erroneously) from the fact of his being a Jew. He sought out on 'Change his brother-in-law, the famous Nathan Meyer Rothschild, told him of his non-success, and of the probable cause. The reply was, "Not select you because of your religion-mine got! den I vil make a bigger office for you den any of dem." Mr. Gompertz was appointed actuary of the Co. under its D. of Sett. In a very interesting memoir of that gentleman, from the pen of Mr. Marcus N. Adler, there occurs the following passage relating to his appointment and its duties:

Having had only one month allowed him to prepare all the rates and regulations of the Co., he without hesitation adopted the Carlisle Table of Mort., which he found satisfactorily to agree with the Equitable experience. The office under his guidance made most satisfactory progress. One measure the directors of his co. were most anxious to promote at the time-viz., to compete with Government as to the grant of annuities. This he opposed strenuously. The terms on which the Gov. were granting these annuities were based on the Northampton Table, which, though safe enough for assu., could not but entail ruinous consequences with regard to annu. Eventually he even convinced the able Government actuary, Mr. John Finlaison, of the heavy loss that was caused by using these Tables; and in the year 1829 those rates were superseded by the higher ones based on the mort. experienced by Govern

ment annuitants.

So, again, it was the intention of the directors to grant endowments for children on the commencement of the business of the office; but on the advice of their actuary, Mr. Gompertz-advice given because he considered the recorded experience regarding all the earlier ages of life very defective-they refrained, and have never issued them.

The Edinburgh Review of March, 1827, speaking of the fact that but one life ins. so. then existed in Germany, expressed a belief that the practice of life ins. would rapidly extend if a so. were formed on such a scale as to attract notice, adds:

In the absence of such an inst., recourse is had in many places to the Alliance Ass. Co., which has estab. agencies in many of the principal cities, and in which confidence is reposed; partly, it may be, on account of the large capital invested in the undertaking, but chiefly from the names of some of its principal supporters being universally known in the mercantile world.

In 1841 the Co. found itself to be defendant in an action upon a Life pol. for £1,500 effected on the life of one Howes. The case stands in the law books as Palmer and Fish (executors) v. Chairman of Alliance Co. The direction of the Judge to the Jury, after hearing the plaintiff's case, will sufficiently indicate the points upon which the Co. resisted payment.

-Gentlemen, you will find a verdict on the seventh issue, and you will be discharged from finding any verdict upon the other issues, that is to say, you will find-That the policy was effected by the fraud, covin, and misrepresentation of the party Howes.

This was the first time the Co. had resisted payment of a policy.

In 1848 the Co. took over the Fire bus. of the Ins. Co. of Scotland, which it has since carried on as a branch; but according to Scotch law, that Co. having been chartered, the orig. name is retained.

We may state here, that while the Co. has taken over the bus. of several other Fire offices, it has never taken the bus. of any Life office.

In 1850 the Co. entered into an arrangement with the Suffolk and General County Amicable Ins. Co. for a transfer of the bus. of that Co. to a new Co., to be called the Suffolk Alliance Fire and Life Assu. Co., in consideration of which the Alliance F. and L. was to pay the sum of £65,000 in money, and 3421 shares in its capital stock; and then carry on the newly-created Co. for its own benefit. The arrangement was confirmed by authority of a special Act, 13 & 14 Vict. c. i. The bus. now carried on at Ipswich and at Bury St. Edmunds are simply branches of the Alliance Fire and Life.

About 1852 some proceedings were taken against the Co. by a Mr. Van Sandau, a policy-holder, with a view to compel the Directors to distribute amongst the parti. policyholders a larger proportion of the profits of the Co. than they (the Directors) had thought it expedient to do. The proceedings (known as Van Sandau v. Gurney) never came to any issue; but the Directors appear to have taken the subject into consideration, with a view to some modification of the provisions of the deed.

By special resolution of a General Court, held 7th May, 1856, an alteration was made in the method of distributing the profits of the Life branch. Four-fifths were appropriated to parti. policies. The remaining fifth to the shareholders.

In 1865 the Co. took over the Fire businesses of the following offices:-1. District Fire (Birmingham); 2. Hants. Sussex and Dorset (Gosport); 3. Sheffield Fire. These were simple trans.; the Alliance having purchased the goodwill in each case.

At the close of 1868 the Co. had Life ins. contracts in force amounting to £3,173,983 ; and its Life reserved fund was £943,000-exclusive of paid-up cap. of £550,000. The Fire fund stood at about £200,000, making total funds £1,600,000 invested, and yielding int. at an average rate exceeding 4 p.c. The general features of the Co. are liberal. Its management sound and economic. Expenses of management less than 8 p.c. on Life income, and only I p.c. of Life reserve fund.

A remarkable circumstance occurred several years since in this Co. A German nobleman, who had been ins. in the office for a considerable sum, but for a few years only, died, and by his will directed his executors to give a discharge to the Co. on receiving a return of the prems. he had paid and 3 p.c. int. added. The Directors of the Co. were naturally surprised, but complied with the directions of the will; indeed, they could hardly have obtained a proper discharge for any larger sum. The motives for such a unique determination afford play for the imagination. The same life was ins. in the London Life and Metropolitan, the policies were of longer date, but the same directions applied also to them. From every point of view the Alliance F. and L. must be considered one of the most solid ins. inst. we have in this country.

ALLIANCE FIRE AND LIFE AND MARINE INs. Co. (IRELAND).-This Co. was founded in Dublin in 1825, and carried on bus. until it had lost all its cap. and about £20,000 in add., when it closed its doors, about the year 1836. It paid for Marine policy stamps in the year just named £364 4s. 3d, which was small. The amount of its Fire duty we cannot ascertain, as at the period the duties of the Irish F. offices were all lumped in one sum. Its policies are said to have been trans. to North of Ireland, but we do not find a Co. bearing such a title.

ALLIANCE MARINE ASSU. Co., founded in Lond. in 1825, with an authorized cap. of £5,000,000, in 50,000 shares of £100. The directors were to be at liberty to lay out any portion of the profits in purchasing shares of the Co. for the benefit of the shareholders, or in augmenting the deposited cap. of the Co. until the whole £5,000,000 be paid up (cap. since reduced, 1849).

The existence of this Co. is due to circumstances which we have already explained under hist. of Alliance, etc., F. and L.; and the original prosp. of this Co. contained the following:

Pursuant to an original understanding and arrangement, the board of direction will have full power to adopt the Marine bus. heretofore transacted by the Alliance, etc., Life and Fire Assu. Co.; and also that transacted by Mr. N. M. Rothschild for the account and on the responsibility of the Co. The bus. of the Co. will consist in the assu. of British and foreign property against all usual Marine risks, and in lending money upon bottomry and respondentia.

The D. of Sett. of the Co., after giving power to the Board to grant ins., etc., on such terms and regulations as the Board should think fit, imposed this limitation (clause 51):

Save that no assu. of ships, or goods and merchandises at sea shall at any time hereafter be effected by any country or foreign agent of the Co., or by any committee or board estab. abroad or in any provincial city or town in Gt. Brit. or Ireland, nor in any other place nor in any other manner than at the head office of the Co.

This clause was modified in 1850, and the Directors were allowed agencies "under such limitations and restrictions as they might think necessary."

Clause 70 provided that portions of the profits should from time to time be applied to paying up the uncalled cap. of the Co. until the whole £5,000,000 of cap. became paid up. Clause 71 gave the directors power to buy up the shares of the Co.

A special Act of Parl. was obtained in 1825, 6 Geo. IV. c. ccii., "An Act for enabling the Alliance Marine Assu. Co. to sue and be sued in the name of the Chairman for the time being, or of any other member of the Co." The act obtained the Royal Assent the 6th July, 1825. The D. of Sett. of the Co. was set forth in extenso in a schedule to the Act, and was declared by sec. 4 of the Act to be irrevocable. Any member might sue the Chairman for money due from Co., and the Chairman might sue other members for their proportions. The Co. was not to be incorp. by the Act.

In 1834 the Co. obtained another special Act, 4 & 5 Wm. IV. c. xxxiv., "An Act to repeal an Act passed in the 6th year of the reign of his late Majesty King Geo. IV., intituled, etc., and for granting certain powers to the said Co. instead thereof." This Act recited : And whereas certain of the enactments and provisions of the said recital act have been found

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defective and inconvenient, and it is expedient the said recital act should be repealed, and more effectual powers and provisions granted and enacted for the regulation of the said Co. instead thereof.

The D. of Sett. was not this time made any part of the Act, and it could therefore be altered from time to time as might seem expedient without reference to Parl. There was nothing other than the ordinary clauses in this new Act.

In 1840 the cap. of the Co. was reduced to £1,000,000, in 10,000 shares of £100; £25 per share being paid up. That is, each proprietor had I new share for each 5 former shares. This was a very prudent step. The new shares were for a time called "Consolidated shares."

ALLIN, GEORGE.-Manager of London and Westminster Plate-Glass; was formerly district man, for Brit. Empire Mut. at St. Alban's, for which Co. he transacted a considerable bus. retired in 1867, and for a short period represented the Gresham as agency superintendent. ALLISION, the running of one vessel against another.

ALLOCATION OF PROFITS.-The distributing rateably, and placing to the credit of the various policy-holders of the parti. class the proportion of profits to which they are severally entitled. In law the word has several significations.

ALLOPATHY.-A term recently invented to describe the ordinary system of medical practice in opposition to Homœopathy.

ALL OTHER PERILS, LOSSES, AND MISFORTUNES.-The policy of Marine Ins. generally in use in Gt. Brit., after enumerating the particular risk insured against, contains these words, "and of all other perils, losses, and misfortunes that have or shall come to the hurt, detriment, or damage of the said goods and merchandises, and ship, etc., or any part thereof."

The terms of this clause are so comprehensive that they might be supposed to embrace every species of mishap not already particularized to which property at sea can be subjected. This, however, is not the case. The foundation of marine ins., as already stated, must be accident; and the "perils, losses, and misfortunes," above referred to, only include such as arise from similar causes, and are of like kind with those previously mentioned. It has been held that this general indemnification includes the risk of loss by land-carriage, when specified in the policy; damage to a ship heeled over by the wind in a graving dock; loss of dollars jettisoned from a vessel in imminent danger of capture, to prevent their falling into the hands of the adversary; loss by one British ship firing upon and sinking another on the supposition that she was an enemy's vessel, etc. But while the clause is efficacious to cover these and parallel instances of loss, it will not extend to the admission of casualties, which are excluded from the contract by the memorandum at the foot of the pol., only the general limitations of the underwriter's liability prescribed by law and custom.-Hopkins; Arnould; McArthur. ALL-WORLD POLICIES.-See WHOLE-WORLD POLICIES.

ALLOTMENT INS.-A new species of ins. arose out of the mania for allotments in various enterprises during the South Sea period in 1720, which, for the want of any better title, we designate Allotment Ins. Its application may be seen from the following advertisement in Daily Courant, 6th June, 1720:

Whereas a subs. has been privately taken on a roll of parchment by gentlemen concerned in the cotton manufacture of Lancashire for £2,000,000 for the making of English callicoes. This is to give notice, that printed sealed tickets of assurance of subscription will be delivered to the gentlemen subs. this day at io a.m., at the Ship Tavern, behind the Royal Exchange in Threadneedle St.-N.B. No tickets will be delivered to any but the subs. in person.

The subs. being so assured would become a property capable of being dealt with. This seems to have been the idea.


ALLOTTEE, a person to whom land under an Inclosure Act, or shares in a public undertaking, are allotted.

ALLOWANCE, a deduction, an average payment, a portion. In commerce this word bears several technical meanings, a knowledge of which may be very essential in the adjustment of losses under Marine ins. policies.

ALLY. A power in alliance with us.

ALMA LIFE INS. Co.-A scheme projected in 1854 very soon after the famous battle of the Alma. The battle was a fact, and a brilliant one. The Co. was but a name. Its connexions merged into the Clarence.

ALPHABET LETTERS.-A scheme of ins. under the title of " Alphabet Letters" was instituted in Lond. in 1711, with a view to evade the Gambling Act of the preceding year. We shall give some account of these schemes under head of GAMBLING INS. ALPHA REVERSIONARY INVESTMENT So, Lim. projected in 1871, with an authorized cap. of £100,000, in 10,000 shares of £10. The objects of the asso. are the purchasing of reversions, life ins. policies, and for granting loans thereon. Mr. Wm. Young, M.A., is the promoter of the Co. The scheme has some good features. ALPHA UNITED LIFE INVESTMENT Co. -This Co. was projected in 1845, but it never got beyond the stage of prov. regis.

ALTERATION IN ARTICLES OF ASSOCIATION.-Every co. regis. under the Cos. Act, 1862,

may by "special resolution" of a general meeting alter its regulations as contained in its

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