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This principle was settled in the case of Haughton v. Empire Marine, in the Exchequer Chamber, on appeal, February, 1866.
ATHENÆUM FIRE INS. Co., founded in 1852, with an authorized cap. of £100,000, in 1000 shares of £100, of which £25,000 was stated to be subscribed. At a later period the cap. appears to have been increased to £500,000, in 100,000 shares of £5. 55. paid. The subs. cap. in 1855 was returned as £272, 110.
Although the Co. commenced bus. on the 1st January, 1853, no balance-sheet was presented to the shareholders until May, 1855; the first general meeting of the Co. being held on the 12th May in that year. The directors' report congratulated the shareholders on "an amount of progressive success rarely, if ever, equalled at the first meeting of a body of shareholders. "The standard of the Athenæum has been raised in Germany, in the U.S. of America, in the Brit. Colonies, in Portugal, and in France, while at the same time our neighbouring isles have not been allowed to remain fallow. In Jersey, for instance, an effective agency has been estab. In the City of Dublin a branch office has been estab. In Lancashire, in the Staffordshire Potteries, in Nottingham, and in the Eastern Counties, a considerable number of the so.'s shares have been distributed amongst the class of persons most likely to be serviceable in introducing bus. Local boards have been formed in various places. A number of gentlemen of high commercial position in the U.S. have formed themselves into boards of reference. In Canada also the greatest success has attended the so. The value of the so.'s shares as an investment has been recognized abroad as well as at home, etc., etc.
The accounts accompanying the report presented some remarkable features. The first item of expenditure was "for law charges, including preparation and regis. of D. of sett., £3133 16s. 6d. ;" another item was "directors' fees, salaries of staff at chief offices and branches, English and Foreign, £3807 13s. 11d." The total of the preliminary expenses was £5716 16s. 5d., and of the working expenses £6815 8s. 5d.—together £12,532 45. 10d. The prems. received during the same period amounted to £8849 8s. 7d., and the amount credited on cap. account was £19,567 10s. At the meeting at which the report and accounts were passed there were 13 shareholders present, of whom 12 were stated to be either directors, agents, or servants of this or its sister office. [ATHENÆUM LIFE.]
The report was speedily followed by a call upon the shareholders, in order to provide the sum of £20,000, with the view of extending the bus. on the other side of the Atlantic. The Co. appears to have been intended to be worked in connexion with the Athenæum Life founded in the preceding year. The Rev. J. Bartlett, M. A., was the adv. chairman of both Cos. Mr. Henry Sutton, the manager of the Life Co., was a director of the Fire Co., and some of the directors were the same. Mr. Henry Salter was the manager of the F. Co., and was at one period sec. of L. Co. The offices of the Cos. were at the same address in Sackville-st. In 1854, however, the Security Life was founded by Mr. Salter, and most of the directors of the Athenæum F. became directors of that Co., even Mr. Sutton's name being for a short time included. [SECURITY LIFE.]
The first payment of F. duty made by the Co. was for the quarter ending 29th September, 1852, £27 25. 2d. paid "on account"; for the next quarter, £17 16s. 9d. For 1853 the entire duty paid was £342 6s. 7d. For 1854 it reached £813 5s. For 1855, £909 Is. 9d.; and for three quarters of 1856, £629 25. The Co. was generally in arrear in the payment of the duty, and so forfeited the poundage which otherwise would have been receivable for collection.
In July, 1855, the shareholders in the Manchester district convened a meeting, "Information of an extraordinary character having come to our knowledge regarding the present position of the Athenæum F." The meeting was held at Haslingden:
Mr. Dugdale stated to the meeting the circumstances that had induced himself and Messrs. Knowles and Cronkshaw to call the present meeting. Mr. Hayes, of Manchester, at the request of the shareholders present, attended and made a statement of certain information which had reached him respecting the condition of the so.; and Mr. Pulsford, late sec. of the Security L. office, who had been sent for from Lond. by the conveners of this meeting, gave a brief sketch of the hist. of the Security, and the proceedings of its Directors, the same gentlemen being directors of the Athenæum F.-Post-Mag., 4th August, 1855.
Mr. J. J. Reed, the Solicitor of the Co., and one of its directors, "attended from Lond. to watch the proceedings." It was unanimously resolved: "That in the opinion of this meeting, a thorough and impartial investigation of the affairs of the Athenæum F. Ins. So. ought immediately to take place." And to this end a requisition was then and there signed. The directors refused to call a meeting. The requisitionists therefore called it themselves. The meeting took place at Radley's Hotel, Lond., 15th August, 1855. The directors at the last moment adopted the meeting; and the Post-Mag. reporter was
A Committee of Investigation was appointed. Its report was presented in September. "All the books were readily produced.' The Committee made out a fresh cash account, and found the totals to agree. Of the item named for law charges, etc., they found it included a 66 payment of £3000 in shares to the promoter." The committee were satisfied "that a very valuable bus. has been created for the so. by the exertions of its agents at home and abroad." It was clear the committee had been carefully "nursed" by the Board.
In October a further meeting of shareholders in the Manchester district was held at Accrington. There was a good deal of “plain speaking." It was stated that the £3000 was applied to the payment of 10s. p. share on 6000 shares. A Mr. Helm is reported to have said, "If Mr. Sutton has thought proper to make a present of those shares to qualify some part of the directors, we have nothing to do with that." In the end the following resolutions were passed:
That the Lancashire shareholders form themselves into a committee with a view to adopt such measures as will release them from further responsibility; and further, that as the directors declare that they have such a valuable bus., and in order to test their sincerity, they, the said directors be requested to purchase their shares, and thus release them from further liability.
That the following gentlemen constitute the above-named committee, viz., Messrs. Thomas Knowles, G. Lund, and W. Wylde, with power to call in and employ such legal and other assistance as they may deem necessary.
That in the event of the Directors of the Athenæum F. commencing legal proceedings against any of the shareholders in the Lancashire district, to enforce any calls beyond the deposit of 55. p. share already made, such action be defended at the joint expense of the shareholders in the said district.
The next thing we hear of the Co. is that a new board of directors has been appointed. The new board investigated the dealings of the old board, and found there had been fictitious borrowings and lendings between this Co. and the Athenæum L. ; also with the Security Mut.-which it turned out had been promoted by the manager of this Co.—and also with the directors. Next, Mr. Salter, the manager, was dismissed. He brought an action for wrongful dismissal—and lost it. His salary was £500, to increase £100 p.a. until it reached 1000. In add. he was to have a commission of 2 p. c. upon the prems. he obtained-in respect of which he said there was due to him at the time of his dismissal £598 125. 10d. The question of this commission formed the subject of another action. The Judge ordered the matter to be referred. The award was in favour of Salter for £573 10.-the question of salary reserved.
The next and final act—the bus. of the Co. was trans. to the Times F. about September, 1856. ATHENAEUM LIFE ASSU. So.-This Co. was first prov. regis. in 1849 by Mr. Henry Sutton. It did not, however, assume any practical shape until 1851, when it appeared completely regis., with an authorized cap. of £10,000, afterwards increased to £100,000, in shares of 1, "to be paid up in full," with power to increase to £1,000,000. The prosp. said the So. was "estab. for the assu. of the lives of authors, painters, sculptors, musicians, persons connected with every art and science, and the public generally.' The dramatic element was not overlooked, for among the directors were John B. Buckstone and Benjamin Webster. The "cast" was very good. The promoter became the manager, Mr. Henry Salter was Sec., and Mr. F. G. P. Neison the Actuary. From the prosp. we take the following passages:
The projectors of this So., however, from experience and correct calculations, having discovered new principles and features in L. assu. so peculiarly adapted to the feelings, views, and wants of literary men, artists, musicians, and all persons connected with every branch of art and science, are convinced, when such advantages become known and appreciated, the Athenæum must take the lead amongst those sos, which are ever on the watch to achieve new and beneficial results, from all who have confidence in their exertions.
Men of letters and the liberal arts are too generally regarded with censure rather than commiseration, on account of the unfortunate circumstances so often attending their worldly affairs, and which have unjustly given them a character for improvidence; yet few persons in the active pursuit of bus. can form a proper notion of the many causes which prevent the student, the scholar, and the secluded artist, from being so fortunate as themselves; nor is it here considered fit to analyze such causes, or set right such notiors. The object of this So., therefore, is to allow the man of letters and the artist to indulge in that dreamy existence so peculiarly his nature, and so essential to the development of his talent; and give protection and provision where so much required. For while this urged improvidence is admitted to be no consequence of selfishness,-it being well known that in no other class is disinterested nobleness of spirit so often and unequivocally exhibited,-yet no means have hitherto been devised to arrest this censured quality. This So. therefore wishes to open an independent course for the consideration of men of letters, art, and science, especially as it is brought before them with associations of their own, and in no way assuming the offensive and humiliating position of charity. Many a great work has been left unfinished, many a teeming brain has given way, before those powerful foes to genius, anxiety and fear of the future! How often has the man of talent paused and trembled, while he has contemplated the destitution of his family, and of all that is dear to him, if overtaken by death in the midst of his project; and while L. assu. is suggested to obviate such afflicting thoughts, then the apprehension that should adverse circumstances prevent punctuality in his annu. payments, the sacrifice already incurred will have been in vain. The So. cheerfully and with confidence points to the provision it has made for snch cases: help will be given, and every encouragement afforded to sustain the claims upon it unforfeited and uninjured.
It is therefore hoped, by the estab. of this So., to remove from men of letters and artists the reproach that in so many instances has attended them; to enforce a more ennobling appreciation of their worth, to prevent their becoming objects of charity, which humiliates as much as it relieves; and that in the midst of their triumphs, and while in the possession of health, there shall not be seen in the dim perspective the almshouse or the prison.
Under the head of "new features of this office, to which attention is particularly requested," we reach the kernel of the nut-but it is enveloped in a haze of "wordiness," from which it is almost impossible to escape by any means of condensation :
This office will introduce a system for obviating an acknowledged difficulty in the way of propagating the advantages of L. assu. In fact, the principal objection to adopt its blessings, even by many who thoroughly appreciate its value, is the possibility of forfeiting their pol. by being unable to meet the payments when they become due; and on the part of the offices it has been an unwise, not to say an unjust, proceeding to compel a strict observance of this provision. It has been unwise, for the
reason, that by carrying out this measure to the letter, such enormous profits have arisen from it, as to become unwieldy and useless: since the management of them engrosses such attention and trouble as to make the office careless of extending its bus.! [The italics and the note of exclamation in this case are ours.] It has also been unjust; for instead of rewarding prudence and self-sacrifice, by assisting even for a while such strenuous exertion for the accomplishment of a noble object, or by bestowing some equivalent for past privation, it passes by such virtue unrecognized and unrewarded, and thus perverts the very principle from which life assu. emanated. To remedy as far as possible this defect, there will be a fund instituted by the Athenæum, called The Provident Fund, to be raised by the mutual contributions of the members themselves, on the following orig. and beneficial plan.
The first 500 persons who desire to participate in this benefit will leave a tenth portion of their pol. for the purposes of this fund, which will be thus applied: 1. To the keeping up of the pol. of such members who shall previously have paid 5 ann. prems. The aid afforded by this fund for that purpose will not be continued for a longer period than 5 consecutive years, and to be returned to the So. at the convenience of the assu., with int. at the rate of 5 p.c. p.a.; or the sum advanced may be deducted with such int. from the pol. when it shall become a claim. 2. To grant small loans on the deposit of the pol. to those members who may require temporary assistance. 3. To such qualified members, who really need it, the directors will have the discretionary power of granting such an amount as will purchase in the So, an annu. not exceeding 100 during the lives of themselves and widows. And 4. To divide among the surviving members at the end of 20 years from the date of the list being closed, the whole of the remaining and unapplied portion of the fund.
It is also determined to provide as far as practicable a similar fund for such of the orig. shareholders as may become distressed, by applying a portion of the entire profits of the So. for such a purpose. Then we are told, "The rates of prem. to secure these important advantages are lower than those in many first-class offices where no such privileges exist." "Another important feature in connexion with this So. is that of granting pol. payable during the lifetime of the assured, in cases where long sickness or accident may prevent parties from following their avocations." [SICKNESS INS.] Then there was a scheme for granting pol. payable to holders. [BEARER POL.]
The pol. were "absolutely indisputable." Claims "paid immediately on satisfactory proof of death, and the exhibition of such documents as are required by law." 70 p.c. of profits to parti. pol. Diseased lives assu. on equitable terms. "Members of consumptive families assu. at equitable rates." The extra prems. for residence in foreign climates "are lower than in other offices, and are founded on data." To conclude, "The directors wish it emphatically to be understood that there are no privileges or advantages in this inst. in which the public do not equally participate, as the appeal is to them; and no benefit can accrue to any class, however worthy or respected, without the co operation and support of all."
This is rather a long programme: we must now proceed to ascertain what came of it all. The first ann. meeting was held in August, 1852-322 pol. had been issued, yielding in prems. £4419 5s. 2d. The expenses were 6422 15s. 2d. ; but this included £2585 16s. 7d. as preliminary. In May, 1854, we find the co. figuring in the Cheltenham County Court under circumstances which did not indicate any economy of management. At the close of 1855 there are some signs of impecuniosity. Early in 1856 we hear of a committee "being engaged in the investigation of its affairs with a view to put an end to its misfortunes." At that time it was involved by means of re-insurance in the ins. frauds of Wm. Palmer, of Rugeley; and in the same way had an interest in the "Jodderell policies." Then comes a "call" upon the shareholders. Next it turned out that £10,000, part of the "assets" of the Co., consisted of Westminster Improvement Bonds, which had been purchased for £4500 cash, 7 debentures of £500 each, and 2000 shares in the Co., making up a nominal total of £10,000. In July an application was made to the Court of Chancery, at the instance of the directors, to wind up the Co.-the liabilities being then £28,000-assets, £10,000; query the above Bonds? Mr. Selwyn, then one of the leaders of the Chancery bar, said on behalf of some of the shareholders, "though he looked with the greatest suspicion upon any proposition coming from the directors, admitted that there was no prob. of the Co. being carried on with advantage." Order made. The then existing pol. of the the Co. were trans. to the People's Provident, and so ultimately found their way to the European (No. 2). Mr. R. P. Harding wound up the Co. under the directions of the Court. Out of the proceedings of this Co. several important law cases arose, of which we propose here to give a brief outline.
În Agar v. Athenæum the facts were as follows: The directors had power to borrow, but only with the consent of an extraordinary general meeting of shareholders. They did borrow by issuing debentures sealed with the seal of the Co. and signed by two of themselves; and it was held that these debentures were binding on the Co., although no such authority to borrow had been conferred by a general meeting, as was contemplated by the Co.'s D. of sett.
In the case of Prince of Wales Assu. So. v. Athenæum So. the Court of Queen's Bench held that a pol. of ins. issued under the seal of an ins. so., and signed by three of the directors, was binding upon the so., although the issue of the pol. had not been authorized by a previous resolution of directors as required by the Co.'s deed.
In the case Ex parte the Eagle Co. the same principle was approved and acted upon in Chancery. In this case a claim was made against the Athenæum So. in respect, not of a pol. under its seal, but of an agreement to grant such a pol., entered into on behalf of the So. by its directors. The Court allowed the claim. ATHENIANS.-The city of Athens was founded B.C. 1234. The Athenians became great in Gov.; great in commerce; great in war. We find but faint traces of their maritime
practice as bearing upon ins. See AVERAGE (MARITIME); BOTTOMRY; and MAKINE INS., HIST OF.
ATKINS, JOHN, was Resident Sec. in Lond. of Liverpool and Lond., from 1860 down to his death in 1869.
ATKINS, RICHARD, sen., became Surveyor of the Sun F. in 1800, and continued in that position down to 1844.
ATKINS, RICHARD, jun., succeeded his father as Surveyor to the Sun F.. from which position he retired in 1868. Mr. Atkins entered the office as a junior in 1812, so that he has had more than half a century's experience of the bus. He is still living.
In 1854 he prepared for the Assu. Mag. a paper: The Stamp Duties on Contracts of Assu. (Assu. Mag. iv. p. 22).
In 1866 he pub. The Average Clause: Hints on the Settlement of Claims for Losses by Fire under mercantile policies. The papers forming the basis of this vol. had been read before the Inst. of Act. during the years 1853-8. [AVERAGE POL]
ATKINSON, GEORGE, pub. in 1854, The Shipping Laws of the Brit. Empire; consisting of Park on Marine Ins., and Abbott on Shipping. The author in his preface says:
Many years ago I resolved that I would, if spared, attempt to restore "Park on Marine Ins.," and "Abbott on Shipping," to their orig, simplicity and design.. To effect this I chose an early ed. of each work; which, as you know, were small 8vos., sold at a few shillings, and so simple that he who ran could read them. I have religiously kept them as they orig. were, works on general principles. I have omitted no Act of Parl., nor any reported case that I know of. I have done this-where either one or the other interfered with the orig. text, there I have introduced itnot in extenso (a system no less derogatory to learning than injurious to the utility of a book), but analyzed, abridged, and incorp. with the text..... I have drawn largely upon the learning and industry found in the reports in the Admiralty Courts and in the Privy Council.
It is a very practical book.
ATLAS ASSURANCE Co., founded in 1808, F. and L.-At a meeting of gentlemen held at Will's Coffee-House, Cornhill, on the 19th Dec., 1807, a subs. was opened for forming a new proprietary Assu. Co. for F., L., and Annu. ; and some of the subs. then present presented the prosp. of a plan for the estab. of the Co. The cap. proposed was £2,000,000, in 40,000 shares of £50. It was afterwards (27th April, 1808) resolved that the cap. should only be one million; but it was finally determined that it should be £1,200,000, in 24,000 shares of £50, of which £5 per share was to be paid up, viz. : IOS. at time of subs., 1 on signing deed, 30s. two months after, and £2 four months after. "The rest of the cap. to be called for only under actual necessity." The cap. might be increased by authority of a general meeting. It never has been increased.
The affairs of the Co. were to be managed by a president and 18 directors, holding 60 shares each. In 1812 the number of directors was reduced to 12. The office of president was retained until 1837. No subs. was to hold more than 60 shares. In 1820 the number was increased to 100, "and new proprietors are not to be entitled to receive a dividend if holding less than 10 shares." In no event was any shareholder to be accountable for any loss sustained by the Co. or its concerns beyond the amount of his share or shares, and his interest in the cap. stock. Each subs. or subsequent holder of any share "should insure with the said Co. to the amount of such share or shares, within 6 months after his admission, or pay ann. thereto so much money as the clear profit of such ins. would amount to." Any person might trans. his shares, but before the transferee could be admitted a member he must execute a proper instrument, "declaring his submission to the regulations of the inst." No charge for trans. except Gov. stamps. The constitution of the Co. was only to be altered by two-thirds of the subs. at a general meeting convened for that purpose. The only clause in the prosp. declaratory of the bus. regulations of the Co. was the following:
That whenever the Co. should restore or rebuild any premises damaged by fire, and the insurer should have been deprived of rent, or have been compelled to pay rent, the same should be paid by the Co. until the premises were so restored or rebuilt, not exceeding 6 months; but if the Co. should elect to pay the amount of the damages sustained, they should allow rent for such reasonable time as that the said premises might be restored or rebuilt by the insurer, not exceeding 6 months.
This regulation continued in force until 31st January, 1860. Loss by lightning was a risk undertaken by the Co.
At this same meeting (19th December, 1807) some of the subs. were nominated a committee for effectuating the estab. of the Co. Mr. John Chalk was appointed Sec. pro tem. The committee determined that the subs. list should be closed 3rd May, 1808. The whole of the cap. was subs.
The subscribers met from time to time to determine upon the constitution of the Co. It was determined that the name should be "The Atlas Assu. Co." It was resolved there should be a Chairman and Deputy-Chairman of the Board, and these offices were filled. Sir Christopher Baynes, Bart., was appointed Chairman. Directors were appointed; among them many persons of distinction. One of these, Mr. James Deacon Hume, was afterwards Deputy-Chairman of the Co., and became Sec. of Board of Trade. served his country ably and well, as may be seen by an interesting life of him, by Charles Badham, M.A., pub. 1859. A Sec. was appointed, Mr. Henry Desborough, who held that office for 50 years-retiring in 1858. At a meeting, 15th May, it was resolved that "no salary ought to be taken by the Directors or Auditors of the said Co. until after a
div. should have been made to the proprietors." At a meeting, 7th June, it was resolved that the prosp. already recited should be given to the solicitor of the inst. for the purpose of preparing draft deed. The solicitor selected a then rising man at the bar to settle" the deed, Mr. Sugden-now Lord St. Leonards-the only man connected in any way with the founding of the Co. still surviving. Mr. Ansell, whose name has been identified with the office for a very long period, only entered it at the close of 1808 as a junior.
One of the first steps the directors took was to look for a situation for a permanent office. The present site was obtained; and while the office was building, temporary offices were obtained in Bush-lane, and afterwards in Coleman-st. Bus. was commenced at No. 2, Bush-lane.
We propose to run rapidly through the deed, which bears date 1st Sept., 1808, and records of itself as follows:
And whereas this present D. of Sett. hath been framed according to the said prosp., with such alterations and add. regulations as the said directors of the said Co. have thought it expedient to make and insert in the same; and the same as it now stands hath been approved by a general meeting of proprietors of the said inst. held on the 3rd August now last past.
Clause 33 defines the objects and bus. of the So.
To make or effect assu. against loss or damage by fire on houses and other property; and also to make or effect assu. on the life or lives of any person or persons whomsoever, and on survivorships; and to make or effect all such other assu. (whether connected with F., L., or Survivorship, or not) as may be effected according to law; and also to grant, purchase, and sell annu. either for life or otherwise, and on survivorships.
A "General Court," consisting of not less than 30 members, to be held every year. An extraordinary General Court may be called on requisition by 24 members holding not less than 10 shares each, and who shall have held the same for at least twelve months preceding. Such extraordinary Court, consisting of not less than 50 members, may remove director or auditor (auditor not to hold less than 10 shares); increase cap. ; amend existing regulations or make new ones (c. 48). Board meetings to be styled "Court of Directors," not less than 3 directors being present. Court to take security of Sec., agents, clerks, etc. Also to determine rates for bus. undertaken. Then the following: 67. That the Court of Directors shall cause all the pol. and annu. deeds that may be granted by the Co. to refer to the printed proposals, and shall cause a copy of the printed proposals, so far as the same shall relate thereto, to accompany each pol, and annu, deed; and shall cause the clause hereinafter contained against the individual responsibility of any member beyond his or her share in the cap. of the Co., or the effect thereof, to be inserted in the said pol. and annu. deeds.
Then there are specific powers to purchase annu., accept surrender of, or revive pol.; and then the following provision in case of plague, famine, etc.—a clause of a similar character being inserted in the deeds of most ins. asso. founded at that period :
71. 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 Court of directors to defer the payment of the whole or any part of the sum to be claimed under each and every pol. of assu. upon any life or lives or survivorship 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 said Co.
Then there are specific powers for increase or decrease of cap. Then powers for appointing separate classes of trustees for separate funds-as Assurance Fund; Cap. Stock, etc., Ten p.c. of the Cap. Stock (the proportion paid up) to be separately invested, "and the accumulations thereof, and the stocks and securities in and upon which the said sum and its accumulations shall for the time being be laid out and invested, and the int., div., and ann. produce thereof respectively" (c. 88). Shareholders neglecting to pay up any instalments of cap. at any time required, and to keep up ins. as required, to be subject to expulsion and forfeiture of shares. Members may find substitutes as to ins.— such substitutes to ins. for twice amount of shares; or may pay 6d. p. share p.a. by way of fine. If any member hold at any time more than 100 shares in the Co., otherwise than by marriage, "the surplus shares" shall be subject to the power of the Court of Directors herein before given to compel sale thereof" (c. 157). No L. ins. to be effected by the Co. for any sum exceeding £5000; or any annu. for more than an equivalent to that sum (c. 181).
The first div. was to be declared at General Court in 1811; and thereafter ann. extraordinary Court of Directors (not less than 7) may declare a div. Two extraordinary Courts may declare bonus, "out of the Assu. Fund for the time being of the Co., of such amount as to them shall seem just and expedient." Then the following:
204. That at the first Court of Directors after a bonus shall have been declared, the bonus so declared shall be divided into three equal parts. 205. That at the same Court of Directors one of the said three equal parts shall be added to and consolidated with the subs. cap. stock, and from part thereof. 206. That at the same Court of Directors the remaining two equal third parts of such bonus shall be distributed amongst the members of the said Co.
The F. duty collected by the Co. in 1811 was £9312 17s. 4d., being greater than that of some of the offices nearly a century its senior.
The Co. from the beginning was conducted on sound bus. principles; and an opportunity soon arose for the directors to show that they would not allow it to be imposed upon with