CHURCH LIFE Assu. So.-A co. under this title was prov. regis. on 16th Feb., 1855. It does not appear to have got beyond that stage.

CHURCH LIVINGS, VALUE OF.-See ADVOWSONS; also NEXT PRESENTATIONS. CHURCHES [Parish and District].-The repair of Churches, exclusive of the chancel, falls upon the parishioners; and such repairs include replacement after damage or destruction by fire, whether the fire were accidental or otherwise. [ECCLESIASTICAL BENEFICES.] In Lond. there is a general custom for the parishioners to repair the chancel as well as the body of the church. Upon the churchwardens falls the responsibility of protecting churches by fire ins. We do not know how many churches there are in Gt. Brit., but prob. 20,000. There was and prob. still is a widespread impression that churches are very good risks from an ins. point of view. They have been accounted first-class risks even by the F. offices, and therefore ins. at 1s. 6d. p.c. Of late years they have become a very bad risk. Mr. Hartung, the Fire Superintendent of the Imperial, wrote to the Times under date 28th June, 1872, as follows:

I have ascertained that the average experience of all Fire offices in the ins. of churches shows a loss of at least 200 p.c. on the prems. received at Is. 6d. p.c. Had the co. I represent declined all proposals on churches, it would have saved many thousands of pounds. In my opinion, as an underwriter, there is no risk more underrated than that of churches.

This is terse and to the point. One of the principal causes of the increased risk is the now general plan of heating churches, which is very frequently accomplished in a clumsy manner, viz. by brick pipe, or even iron flues carried close to the woodwork.

We have not the materials for compiling a list of churches burned-say since the Great Fire of Lond.-when 100 were destroyed, including St. Paul's Cathedral. The following is only a small contribution, mostly recent :

1795-St. Paul's, Covent Garden.

1803-Great Tower over Choir at West

minster Abbey.

1841-Camberwell Church.

1852 (?)-Doncaster Parish Church. 1860-Kilburn Church, Maida Hill.

1862-Austin Friars Ancient Church.

1864-Royal Savoy Chapel, Strand.
1867-Croydon Parish Church.

1867-St. Paul's, Clifton.

? -Spitalfields.

[damaged.

1872-Roof of Canterbury Cathedral CHURCHWARDENS.-It was a usual condition in early F. ins. pol. that the insured, in the event of a loss, should supply a certificate, signed by the minister, churchwardens, etc., of the parish in which the property was situate, that they believed the loss to be bonâ fide. We have already quoted such a condition in extenso under CERTIFICATE OF Loss.

It has been held in several cases that where it is a condition of the pol. that the churchwardens shall certify as to the cause of the loss, this must be strictly complied with. The following is a brief outline of the more prominent of these.

In Oldman v. Bewicke (Man. of Sun F. office), before the Court of Common Bench on Appeal, in 1786, all the Judges pronounced the production to be a condition precedent. In the case of Routledge v. Burrell (Man. of Sun F. office), before the Courts in 1789, the condition was upheld; although here it was endeavoured to be evaded by a side wind, viz. that the stipulations did not form part of the policy. [CONDITIONS OF INS.] In the case of Wood v. Worsley [officer of Phanix Fire], before the Courts in 1795, the same question was raised as in Routledge v. Burrell, and much in the same form; but the point was put to the jury in the following form:

Whether the production of a certificate so signed be a condition precedent to a recovery against the insurers on the policy? Or whether it be not sufficient to show that a certificate was produced, and signed by many reputable householders of the parish, and that the minister and churchwardens being applied to, without any reasonable or prob. cause, wrong fully and unjustly refused to sign it.

It was held by the jury that the minister and churchwardens did so wrongfully refuse; and a verdict was found for the plaintiff. But on Appeal in Error to the K. B., this judgment was reversed; that Court holding the production of the certificate to be a condition precedent, and that it was immaterial that the minister and churchwardens wrongfully refused to sign the certificate. The document must be forthcoming, or the evidence in support of the claim was incomplete.

The condition is not now generally inserted in F. pol.

CICERO. For supposed reference to Marine Ins. by, see MARINE INS., HIST. Of. CINQUE PORTS.-The five ports of Hastings, Romney, Hythe, Dover, and Sandwich. They had orig. various privileges granted to them, as a particular jurisdiction; for instance, their warden had the authority of an admiral amongst them, and sent out writs in his own name. He was supreme admiral within his own jurisdiction, without appeal, as from other Admiralty Courts [see 5 Elizabeth c. 5, 1562]. The jurisdiction of the Cinque Ports was not to be affected by the 12 Anne, stat. 2, concerning Wreck and Salvage [see 4 Geo. I. c. 12 (1717), and 26 Geo. II. c. 19 (1753)]. Winchelsea and Rye were afterwards added, and made (regardless of the original signification of the name) Cinque Ports. By the 18 & 19 Vict. c. 48 (1855)-amended by 20 & 21 Vict. c. 1 (1857)—all jurisdiction and authority of the Lord Warden of the Cinque Ports and Constable of Dover Castle, in or in relation to the administration of justice, in actions, suits, or other proceedings in Law or in Equity, are abolished.

CIRCULATION (from circulus, a circle).-The flow of blood through the heart, the arteries, and the veins.

CIRCULATION, DEATHS FROM Diseases of the Organs of.—These rank as Order 2, of the Class of LOCAL DISEASES, and embrace Pericarditis, Aneurism, Heart-disease, etc., in all three enumerated forms, each of which is spoken of under its proper head. The deaths from this Order in England present very little variation, allowing for increase of pop. In 1858 they were 16,426; in 1862, 18,709; in 1867, 22,784. Over a period of fifteen years ending 1864 they averaged 824 to each million of the pop. living.

The deaths of 1867 were thus divided:-males, 11,210; females, 11,574. Of the males 50 died under 1 year, and 129 under 5; 176 between 5 and 10; 266 between 20 and 25; 1793 between 45 and 55; 2540 between 65 and 75; 1130 between 75 and 85; 115 between 85 and 95; and 2 over 95. Of the females 55 died under 1 year, and 132 under 5; 166 between 5 and 10; 328 between 20 and 25; 1735 between 45 and 55; 2738 between 65 and 75; 1199 between 75 and 85; 101 between 85 and 95; and I over 95. CITE. To refer to or quote an authority. It is generally used in a legal sense. In pro

ceedings in the Ecclesiastical Courts, to "Cite" is to summon to appear. CITIZEN ASSU. CORP., LIM.-This is the new name of the Planet L., founded 1866. The change of name was resolved upon at the ann. general meeting of the Co. held 15th Aug. 1872. We shall give our hist. of the Co. under its orig. name. It had been proposed to call the Co. the Defence Assu. Corp., but the above name was preferred. CITIZEN LIFE.-This Co. was projected in 1854, but is not heard of afterwards. CITY. A town corporate is called a City when made the seat of a bishop, and having a cathedral church.-Camden. Cities were first incorporated A.D. 1079. The word has been only used in England since the Conquest, when London was called Londonburgh.— Vincent. In the U.S. very small places are called cities-apparently in view of their prob. future importance. A great deal has been said and written on the subject of the increased mort. arising from city life as contrasted with country or rural life. We shall deal with the whole question under Towns. [LONDON.]

CITY ACCIDENT INS. CO., LIMITED, founded in 1870, with an authorized cap. of £50,000, in shares of 1. This Co. was founded for the purpose of uniting the business of the Accident Co. (No. 1), with that of the General Accident and Guarantee Co.; and having successfully accomplished this, it, with the assent of the Board of Trade, changed its name to the ACCIDENT Co. (No 2), where we have already spoken of it. This was the only means which could be devised for overcoming a purely technical difficulty, and the arrangement was carried out with the assent of the Registrar of Joint-Stock Cos. CITY ASSURANCE Co., founded in 1862, with an authorized cap. of £100,000, in 10,000 shares of 10. The prosp. said:

The Co. is based upon the proprietary principle, with a provision in the D. of Sett. that when a given portion of the profits set aside to form a "Redemption Fund" shall equal the paid-up cap., the same shall be paid off with the fund as a bonus, the Co. then to become purely mut.-the entire profits being reserved for the members alone. By this arrangement all the present security of the proprietary cap. is obtained, whilst in the future, when the cap. shall have been returned, it will be afforded to an equal degree by the accumulated prems.

Pending such returns of cap., the profits were to be apportioned as follows:-one-sixth to shareholders; one-sixth to redemption fund; and the remaining two-thirds to the pol.holders. Under "Invalid and Diseased Lives" we have the following:

In cases of invalid and diseased lives, where an extra prem. might reasonably be required, the ordinary rates only are charged; subject to the simple condition, that in the event of a claim occurring prior to the age to which, as a first-class life, the assured might have been expected to attain, such a deduction be made from the sum assured as shall be equal to the extra prem. remitted.

This was in point of fact Black's plan. [DISEASED LIVES, INS. OF.] Half-credit pol. were issued; 40 p.c. surrender value given after payment of 4 ann. prems.; "unconditional assurances granted; "captains and mates of vessels can be ins. upon advantageous term;" "special advantages to the medical profession introducing assurers.' The founder of the Co. was Mr. William Howell Preston; its Sec. Mr. John H. Evens. In the first year of its existence it took over the bus. of Public L. In 1871 the Co. passed into voluntary liq., Mr. Fred. Hamilton being appointed Liquidator. CITY AND COUNTY LIFE AND FIRE INS. CO., founded in 1863, with an authorized cap. £500,000, in 25,000 shares of £20. Mr. Alfred Wm. Ray was the founder of the Co., and became its Man. An early advertisement said:

of

The City and County Assu. Co. has been estab. to meet an increasing public necessity for F. ins. cos. conducted under a less arbitrary system than that adopted by the present old-estab. cos. The directors pledge themselves to a fair and equitable adjustment of risk, without being guided by the arbitrary tariff rates of the old cos. It is intended to estab. offices in most of the large and important districts where influential connexions are formed for the Co. The operations of the Co. will also be extended to L. ins.

Branches with local boards were estab. in Manchester and in Belfast.

The Art. of Asso. (clause 96) provided as follows :-"The sum of £2500, being I p.c. on the first issue of shares, shall be paid to the promoters of the Co. within 7 days from the date of allotment of shares, in consideration of their defraying all expenses whatever up to the time of such allotment, except brokerage on sale of shares. No free shares whatever are to be alloted." Clause 3 provided that "Alfred William Ray, Esq., should be Man. of the Co. at a salary commencing at £600 a year.'

In the year it was founded it took over the bus. of the World, which had been founded in 1858 by Mr. Ray. The City and County, in add. to F. and L., carried on the bus. of accident ins. and of plate-glass ins. In 1864 the accident branch was trans. to the Friend in Need, and the plate-glass branch to the London and General.

In 1866 the remaining portions of the bus. of the Co. were trans. to the Empire; but out of that trans. arose some very important litigation, which we must briefly review.

The art. of asso. of the City and County contained a clause empowering the Directors, with the consent of an extraordinary general meeting, "to trans. and sell the bus. of the Co., or purchase or amalg. with the bus. of any other co. of a like nature." This Co. sold itself to the Empire (by agreement dated Oct. 1866), the business of which was to purchase the bus. of other assu. cos. ; to carry on the bus. of F. and L. assu., and that of a loan co. ; to guarantee fidelity; to advance money on houses, etc., and to purchase land. Afterwards the Empire Co., in which the City and County shareholders had taken shares in exchange for those in their orig. Co., came to be wound up, and some shareholders of the City and County were placed upon the list of contributories of the amalgamated cos. They objected, urging that the sale or amalg. was invalid, being ultra vires, the bus. not being of the like nature, and therefore that they were shareholders in the City and County Co. only, which was still in legal existence. And so the Court held, V. C. Wood remarking that "it was difficult to define exactly the meaning of the term 'amalgamation.' But," he said, "it was not sufficiently potent to compel a shareholder in one co. to enter upon all the liabilities of another co. totally different in its objects. It could not make a man a partner in a concern of the objects of which he was totally ignorant, and which he had never consented to join. If amalgamation was to be considered as meaning the power of transferring the whole bus. of one co. to another-in other words, the annihilation of the lesser co.-in which the shareholders in the one co. were to be compelled to participate in the liabilities of that co., however different their objects, it might be contended that a member of an ins. co. might be compelled, against his will, to become a member of a loan, guarantee, or any other speculative co." An order was made to rectify the regis. of the amalgamated co. by striking out the names of City and County shareholders who had continuously declined to sanction the amalg, or accept the new shares. This is now regarded as a leading case on this particular point. [AMALGAMATION.] Mr. Edwin H. Galsworthy is the Liq. of the City and County.

CITY OF GLASGOW ANNUITY AND ENDOWMENT SO., founded in Glasgow in 1840, for the purpose of granting annuities to widows. The asso. carried on bus. until about 1853 or 1854, when its affairs were wound up, by either trans. the annuities to some other co., or returning to the annuitants a surrender value. Mr. S. Pollock was the Sec. of the So. CITY OF GLASGOW LIFE ASSU. Co.-Founded in Glasgow in 1838, with a cap. of £750,000, in 30,000 shares of £25. Cap. in 1842 limited to £600,000, in 24,000 shares of 25-2 10s. paid The orig. title of the Co. was City of Glasgow L. Assu. and Rev. Co. The "Contract of Copartnery," under which the Co. was first constituted, dated 2nd January, 1839, sets forth as follows:

The persons after named and designated in the testing clause hereof, and hereto subscribing, each for himself or herself, and as taking burden for the person or persons for whom they respectively subs. as mandatories, considering that a L. assu. co. upon a broad and liberal basis, comprising merchants, landowners, agriculturists, capitalists, and others, in different parts of the country, would be highly useful and advantageous, Have resolved, and do now resolve, to unite and associate themselves into a so, or co, for the purposes after mentioned; and in order to secure the proper management and constitution of the affairs thereof, have agreed to adopt the following rules and regulations, as the principles on which the same shall be estab. and carried on. It is therefore conditioned and agreed between the parties as follows:

1. That the Co. hereby formed shall be known by the name and designation of the City of Glasgow L. Assu. and Rev. Co.; and notwithstanding the dates of the several subs. hereto, shall be held as having commenced upon the 23rd day of Oct., 1838, which day is hereby declared to be and to have been the time of the commencement of this copartnery; and the said Co. shall continue and endure until dissolved and put an end to in terms of the provision hereinafter expressed, notwithstanding the death, bankruptcy, or retirement of any of the partners; and during the subsistence of the copartnery the said parties faithfully promise and oblige themselves severally to promote and advance the interests of this Co. to the utmost of their power and ability.

The 2nd clause states the object and bus. of the Co. The 3rd relates to the cap., of which the directors might retain unallotted any number of shares they pleased, afterwards allotting them not below par, and any premium received thereon to be carried to credit of proprietors' account. The 4th clause provided that partners within one year after their admission were to "effect and keep on foot one or more assu. or assurances with the Co., either on his or her own life, or on the life or lives of one or more approved nominee or nominees, to an amount of not less than 10 sterling for every shares of the stock subs. by each when 40 or more shares are held, and to the extent of £100 stg. when the partner holds fewer than 40 shares, or shall procure one or more approved substitutes," who should effect such ins., "or that every orig. and future partner of the Co. shall transact such other bus. with the Co. as shall in the opinion of the ordinary directors produce an equal amount of profit to what would have been derived by the said Co. had an assurance been effected as above specified." In default to pay a penalty of such an amount as should be likely to enforce observance. Partners should have right of profits and be liable for losses in proportion to shares held (c. 8). Partners may sell their shares, after offering them to the Co., directors to have 8 days to accept or decline purchase (c. 9). Partners becoming bankrupt to cease to be partners (c. 11). Assigner and assignee both liable for calls (c. 14). Partners disposing of their shares according to the regulations of the Co. to be relieved of all subsequent obligations (c. 17). Partners holding less than 10 shares to have no vote, then sliding scale-10 shares I vote, 300 shares 10 votes (c. 20).

Directors to have power to appoint a governor, deputy-governor, and extraordinary directors: qualification of ordinary directors 100 shares: annual remuneration of entire board not to exceed £500 (c. 22). Three directors to go out annually (c. 23). Directors to supply interim vacancies (c. 24). Directors to appoint manager and other officers (c. 26). Regarding the sale of shares offered under power already named, when the shares offered are 20 or more in number, notice to be given in the Glasgow newspapers for at least 3 weeks of intended sale. "The directors to fix the time and place, when and where the roup or sale shall be made, to regulate the prices at which the shares shall be set up, and to lower the same if they shall think proper; to adjourn the sale from time to time; to receive and discharge the prices; and to assign and convey the shares to the purchaser," etc. (c. 29). The directors may purchase shares for behoof of Co. (c. 30).

The following funds were to be opened and kept-"The Proprietors' Account," "The Assurance Account," ," "The Annuity Account," "The Endowment Account," "The Reversionary Account," and "The Accumulation Account." The books to be balanced yearly, and a state of the Co.'s affairs and valuation of the shares to be laid before the ann. gen. meeting. The gen. meeting may appoint a private committee to report upon state of affairs (c. 32). During the first year no dividend was to be paid; but the interest and profit, "after defraying the expenses attending the first year, to be retained to answer contingencies." Then:

It is hereby provided and declared, that it shall be in the power of the ordinary directors to make such regulations as they may think fit for the purpose of allowing persons who shall effect pol. to parti. in the profits arising from the class of bus. in which they may be respectively concerned, and that to such extent, and upon such terms and conditions, as the ordinary directors may from time to time think proper for encouraging the bus. of this Co. (sec. 33).

[It had in the first instance been intended that the Co. should be strictly proprietary; but this idea was abandoned.]

All disputes to be settled by arbitration (c. 35). Provisions as to mode in which Co. may be wound up (c. 37, 38). Then a nice little piece of Scotch law, viz.:

39. That the parties hereto, and their heirs and successors, shall be bound and obliged to fulfil, perform, and observe their respective parts of the present contract, and to abide by and implement the other regulations and bye-laws of the Co. in force for the time, in the whole clauses and articles thereof, with good faith, and according to the true intent and meaning of the same, and that under the penalty of £10 sterling for each share holden by them for the time, to be paid by each of the partners failing to the manager for the Co.'s behoof, over and above performance; and each of the parties hereby assigns to the Co. and to the ordinary directors for the time being, his whole shares of the capital stock, and of the profits thereon accruing, in further security of his punctual performance and observance of the premises, and for enabling the ordinary directors, if at any time necessary, under the provisions before written, to sell and dispose thereof, in manner above directed.

Again:

And further in regard that by reason of the length of this deed, and the great number of subscriptions to be adhibited hereto, it is impossible to procure one sheet of paper or vellum large enough to contain the whole of this contract, together with the said subs. hereto, it therefore becomes necessary that various sheets shall be joined together; and in regard it is equally impossible to leave sufficient room for all the parties to subs, the joinings of the said several sheets upon which these presents are engrossed, it is therefore agreed by the whole partners contracting, and hereto subscribing, that two of their number shall be authorized, and they are hereby authorized accordingly, to sign the joinings of said sheets, and of those on which the testing clause and the subs. may yet be written, upon the margin, which it is hereby declared shall be of equal validity and sufficient as if the same had been signed by all and such of the parties hereunto, any law or practice to the contrary notwithstanding (c. 41).

And Lastly--The whole parties subs. consent to the registration hereof, and of the several mandates alluded to in the course hereof, in the Books of Council and Session, or others competent, therein to remain for preservation, and, if necessary, that all execution pass against them and their means and estate, and against the means and estates of the cos. who are parties hereto, and that on a charge of six days in common form; and for that purpose they constitute . . . their procurators. In witness whereof, etc., etc.

It will be seen that some of the preceding provisions are modified by the special Acts about to be noticed.

66

An early prosp. announced a special feature," viz.-"This principle is that if a party has contributed to the profits by payment of a larger prem. than is found eventually to have been required, he shall receive his proper share of the profits thence arising, at the earliest possible period after it has been ascertained that he has made an over-payment." We believe no necessity now exists for such special mode of treatment.

In 1842 the Co. obtained a special Act of Parl.—5 Vict. (session 2) c. lxv.-An Act to enable the City of Glasgow Life Assu. and Rev. Co. to sue and be sued; and for other purposes relating to the said Co. The Act received the Royal Assent 18th June, 1842. It recites the preceding D. of Copartnery, and provides that the Co. may sue and be sued in the name of the Man. In case of any action being brought against any shareholder, notice was also to be given to the Co. (sec. iv). Individual shareholders to be reimbursed by contributions from other shareholders. The property of the Co. was vested in trustees. Cap. restricted to £600,000. The fines on shareholders for not insuring were dispensed with. The three directors going out of office ann. were not to be eligible for re-election for at least one year. The Act was not to have the effect of incorporating Co., nor of exempting it from the provisions of any general Act relating to ins. asso. At this date Mr. W. Dalglish was Man. of the Co.; Mr. Archibald Borthwick, Act.

In 1845 the Co. commenced bus. in Lond. ; in 1847 it took over the bus. of the Mutual Accumulation, which was very small-25 endowments only.

In 1861 the Co. obtained a special Act of Incorp., viz. 24 & 25 Vict. c. cxlv.—An Act to Incorp. the City of Glasgow Assu. Co., and for other Purposes. The Act recites the D. of Copartnery, and the previous Act, which latter it repealed. Sec. 4 declares the Co. and the present and all succeeding shareholders therein :

United and incorp. into one body politic and corporate by the name of the City of Glasgow L. Assu. Co.; and by that name shall have perpetual succession, with a common seal, with power to change or renew the same from time to time; and shall be entitled to purchase, hold, or convey lands, and to carry on their bus. in all its branches, with and under the conditions and provisions and powers and privileges hereinafter specified; and the Co. shall continue so incorp. until dissolved and the affairs thereof wound up, as provided by the contract of copartnery before recited.

But the liability of shareholders was to continue the same as if the Co. was not incorp. (sec. 5); ins. by shareholders dispensed with (sec. 18); ann. gen. meeting to be held last Tuesday in April (sec. 23); shareholders and pol.-holders may sue and be sued (sec. 42); Co. subject to Superior Courts in England and Ireland (sec. 43); a provision in sec. 48 is special and exceptional:

And where any sum of money shall be payable by the Co. under any pol, or obligation, or otherwise, to the heirs, executors, administrators, or assigns of any person deceased, the title of such heirs, executors, or administrators shall be sufficiently estab. by production of any probate of the will of the deceased, or letters of administration of his estate, whether obtained in England, Ireland, in the East Indies, or Her Majesty's Colonies or Dependencies abroad, or by production of any testament testamentary, or testament dative or confirmation ex pede in Scotland, and that, in whatever country such pol. may have been issued, or such sums be paid, or the party so dying may have been domiciled. The Co. is not bound to regard trusts (sec. 49); disputes to be settled by arbitration (sec. 50); contract of copartnery and bye-laws to remain valid (sec. 51); Co. not exempt from prov. of any future Act affecting ins. asso. (sec. 52). In the schedule are a number of forms to be used by the Co.

Mr. Walkinshaw succeeded Mr. Dalglish in the man., and held that position down to 1863. The man. of the Co. is, and always has been, sound and successful. The profits are ascertained and divided every five years. The bonus is allocated upon the sum ins., and all existing bonuses previously declared. An intermediate bonus is declared upon pol. of five years' standing and upwards. Bonus add. on pol. of 20 years' standing may "be applied to make the sum in the pol. payable during the lifetime of the assu., if he attains an age which will be fixed by the amount of rev. benefits surrendered." In the matter of foreign travel and residence, the features are remarkably liberal. [Foreign Travel AND RESIDENCE.] All pol. indisputable after five years' duration, and satisfactory proof of age furnished. Fixed minimum surrender values given after three ann. prems. paid; or "free pol." given for equivalent amount.

The ann. revenue of the Co. is upwards of £160,000; the existing ins. in force, 1872, amounted to £4,201,836. The life fund (exclusive of £60,000 paid-up cap.) amounted to £586,930.

The Man. and Act. of the Co. is Mr. Andrew H. Turnbull; the Sec. Mr. George Gray. The Lond. Sec. Mr. F. F. Elderton. The Co. is in every respect first class. CITY OF LONDON ANNUITY AND LOAN CO., founded in 1839, with an authorized cap. of £500,000, which was announced to be "fully subs." The orig. prosp. said:

The objects of this inst. are to grant adequate rates of annu. to parties disposed to invest their surplus cap. in this manner, and to offer to others the means of obtaining a provision at an advanced age, on fair and reasonable terms. In the one case the Co. affords to persons unconnected with, or retiring from trade, one of the best possible modes of securing a competency for the remainder of life; and in the other case it presents to the public a new system of assu., of which the benefit, in each case, is not to be enjoyed by others, after the death of the subscriber, but by the subscriber himself, at that period of life when it is evident that it will be most serviceable, even if it do not become necessary.

It was stated, "The rates of this Co. have been deduced from the most correct modern obs. of the decrements of human life (both male and female), combined with the most exact and extensive experience in the fluctuations of the rate of int." It was further stated, "The funds of this inst. are invested in loans on well-secured life interests and reversions." The following "comparative T. exhibiting the rates allowed by the Co. for each 100 sunk, and comparing them with those allowed by Gov. and when the price of 3 p. c. consols is 90":

Mr. Naylor was the founder of this Co,, but it had not been in operation many months, when, on the formation of the Church of England L. and F. office in 1840, it was pro