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proposals and prosp. for the public, under the orders of the directors, and to attend all general and special general meetings of the members for the time being, and all board or other meetings of the directors for the time being, and to take minutes of all proceedings at such meetings, and to keep the accounts, and to attend at the office of the said So. at such periods as the board of directors shall appoint for the purposes of receiving proposals of ins. and sales, and of transacting the other bus. of the said So.; and to perform such other bus. in such manner as the board of directors shall from time to time require.

We do not recall any other deed in which the duties of act. are so precisely defined. We believe Mr. Christie was the first Act. who compiled a T. of mort. for European life in India; and in this he was prob. assisted by the late Mr. Griffith Davies. [INDIA.] In 1838 he read before the Statistical So. a paper, On the Rate of Mort. amongst Officers Retired from the Indian Army,-a paper upon which we shall have to speak under INDIA.

He was appointed Hon. Sec. of the Committee of Actuaries and Managers appointed in 1838 to compile the data upon which the Experience T. (No. 1) was founded; but he died very soon after the commencement of the undertaking. CHRISTIE, ROBERT (No. 2), was Man. of the Scottish Equitable from its commencement in 1831 down to 1861, when he retired on a pension of his full salary. He had been trained

as an accountant.

Mr. Christie's first pamp. on ins. questions was pub. in 1840, An Exposure of Unsoundness of the Western Annu. So.; and of Certain Kindred Sos. estab. in England and Ireland for the same Purpose. This pamp. was written in a clear and vigorous style, carrying the impress of honesty of intention upon its face. We shall speak of it again in the hist. of the asso. against which it was mainly directed.

In 1852 he pub., Letter to the Rt. Hon. Joseph Henley, M.P.. President of the Board of Trade, regarding Life Assu. Institutions, with Abstracts of all the Accounts Regis. by Lond. Life Assu. Cos. from the Passing of the Act 7 & 8 Vict. c. 110 (5 Sept., 1844) to 5 Feb., 1852.

It was the appearance of this pamp. that gave rise to what is now known as the "Insurance Controversy." The events of that period have become matter of hist., and will be dealt with fully in our hist. of LIFE INS., under this date.

In 1854 Mr. Christie prepared and pub., View of the Affairs of the Professional Life Assu. Co., as at 31st Dec., 1853, and remarks thereon. He had the discernment to discover, at that early period, that the affairs of this Co. presented elements of danger.

In 1856 Mr. Christie pub., Life Assu.: Abstracts of all the Accounts Regis. by Life Assu. Cos. in the U.K. from 5 Sept., 1844, to 5 March, 1856; being an Analysis of Three Returns made to the House of Commons by the Registrar of Joint-Stock Cos., in the Years 1849, 1852, and 1856. Of this pamp. we shall also speak in our hist. of LIFE INS.

The labour involved in the preparation of these pamp. was very considerable; and although we do not think they were productive of unmixed good, they brought their compiler into wide repute.

About 1857 Mr. Christie pub., View of the Causes of Deaths Regis. in E. and W. in the Years 1848, 1849, 1850, 1851, 1852, 1853, and 1854, compiled from Reports of the Reg.-Gen. applicable to those Years. This we shall speak of under DEATHS, CAUSEs of.

On the occasion of Mr. Christie's retirement into private life, the Asso. of Managers of L. Assu. Offices in Scotland passed the following resolution, under date 21st Feb., 1861 : Looking to the length of time during which Mr. Christie has been connected with the Managers' Asso., to the satisfactory and agreeable intercourse they have had with him, to the valuable services he has rendered to the cause of L. assu., and to the consistent and determined opposition which he has uniformly shown to all unsoundness in the principles, and all irregularities in the practice, of L. assu. offices, this meeting are unanimously of opinion, that the retirement of Mr. Christie is a loss which they all regret. While his brother managers have much satisfaction in the reflection that he is retiring from an inst., which he has so long and so ably conducted, in the full enjoyment of all his faculties, and with the well-earned remuneration of his faithful services, they would express towards him their friendly sympathies and regards, and their anxious and earnest wishes for his future welfare and happiness. [INDEPENDENT WEST MIDDLESEX.]

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CHRISTIE, ROBERT, JUN. (son of the above), was Sec. of Edin. branch of Northern for

many years. He retired from that position a few years since. We have to thank him for some of the details in the preceding art.

CHRISTISON, DR. ROBERT, the able medical adviser of the Standard Life. He pub. in the Monthly Fourn. of Med. Science for Aug., 1853, An Investigation of the Deaths of the Standard Life Assu. Co., for the quinquennium 1845-50, of which we shall speak fully under STANDARD LIFE, MORT. EXPERIENCE OF. [Cholera, 1853.] CHRISTMAS, C. G., Sec. of Reversionary Int. So. from 1836 to 1871, when he retired.

He died in 1872, aged 78.

CHRONIC DISEASES (from the Greek, signifying time).-Diseases of long duration and slight severity, as distinguished from acute diseases of short duration. CHRONICLE, THE.-A sprightly and well-edited ins. newspaper, until recently pub. in Chicago, but now pub. in New York. The paper was estab. in 1866, and is conducted by Mr. John J. W. O'Donoghue.

CHRONOLOGY.-The science of time. As the basis of this work is chronological [the arrangement of the subjects only being alphabetical], it is necessary to offer a few explanatory remarks here. So long as the Catholic or old style was in force, the day of the Annunciation of the Virgin Mary, or Lady Day (March 25), was reckoned as the first

day of the year. The new style was adopted 1st Jan., 1752. This change was made by authority of 24 Geo. II. c. 23. In Scotland the year began on 1st Jan. previous to the alteration in England. This difference caused great practical inconvenience; and Jan., Feb., and part of March frequently bore two dates, as we find in old records, 1745-1746, or 1745-6, or 1745. Such a reckoning constantly led to chronological mistakes; for instance, we popularly say "the Revolution of 1688," as that great event happened in Feb. of the year 1688, according to the then mode of computation; but if the year were held to begin, as it does now, on the 1st of Jan., it would be the revolution of 1689. We have experienced difficulties of this kind in the progress of this work, but we have endeavoured to make them clear. [YEAR]

CHRONYK, VON VLAENDIRN.-The Chronicle of Flanders, which purports to give an account of the practice of marine ins. as early as 1310. Some of the best writers do not regard the Chronicle as authentic in this respect. [BRUGES.] [FLANDERS.] [NETHERLANDS.] CHRYSTAL, D. J., Act. of Scottish Commercial since 1867. Was orig. trained to the law, but preferring the ins. profession, entered the Scottish Provident about 1862, and passed his examination in the Faculty of Actuaries before receiving his present appointment. CHURCH BENEFICE.-See ECCLESIASTICAL BENEFICE. CHURCH OF ENGLAND L. AND F. ASSU., TRUST, AND ANNU. INST., founded in 1840, under the title of the Church of England L. and F. Assu. Co., with an authorized cap. of £1,000,000, in 20,000 shares of £50. While the Co. was in process of formation overtures were made for uniting with it the bus. of the then recently founded City of Lond. Annu. and Loan Co. The negociations eventuated in an agreement bearing date the 22nd April, 1840, by which the Church of England took over the contracts and engagements of the City of Lond., and modified its title so as to indicate more prominently the annuity feature.

The orig. prosp. contained the names of a most powerful list of patrons and honorary directors, among the former his Grace the Duke of Beaufort, the Bishop of Gloucester and Bristol, and the Bishop of Worcester. There was an ordinary Board of Directors, and a Man.-Director, Benjamin Jackson, Esq. The clerical sec. was the Rev. C. Packman, "Priest in Ordinary to Her Majesty," etc. The Sec. was Mr. Wm. Emmens. The document set forth :

Many distinctive classes of society have formed their ins. cos. depending in a great degree upon the aid and patronage of their respective members, and especially adapted to the circumstances of those parts of the community which they more immediately represent. The Church of England requires the estab. of a similar inst, on an enlarged and liberal scale, not confined in the benefits it offers to one class of its great community, but calculated to meet the wants and demands which the social relations and complicated arrangements of property render so necessary and advantageous to all its members. To supply this desideratum, and to extend the advantages of a well-regulated system of L. assu. among its clergy, members, and friends, is the immediate object of this asso.; its resources not being derived from the clergy alone, but from the laity also; its sphere of usefulness and its success under discreet and sound management will be co-extensive with the great interests it represents.

The members of the Church possess more than ordinary power and influence to promote all the great and beneficial objects which such an inst. is calculated to effect; and the directors of this Co., in undertaking its formation, have determined to base it upon a principle which cannot fail to give it peculiar claims to the zealous support of that great and influential body.

It is set forth that by the constitution of the Co,, one clear tenth of the entire profits of the asso. were to be applied to the formation of a fund to be called the "CLERGY FUND," to be vested in trustees (one-third of whom to be selected from the Clergy), "to constitute an increasing and perpetual provision for distressed and deserving clergymen, and their widows and children, when recommended by the Bishops or the Clergy of their respective localities; and generally to meet such other charitable objects connected with the clergy as may from time to time arise." But "this fund not being immediately available for all these benevolent purposes, it is contemplated to anticipate one of its chief objects by ins. the lives of necessitous clergymen, and enabling congregations to do so, or otherwise providing for them, at a reduced prem."

The peculiar advantages thus accruing to the clergy will, it is confidently hoped, induce them to exert their salutary influence to promote these charitable objects, that by their co-operation the Co. may have the means of diffusing more widely the boon offered to their less fortunate but deserving brethren. The laity and all those who are attached to the Church, and the benevolent principles which it inculcates, will doubtless be animated by the same feeling.

Regarding foreign residence and travel there was the following:

Ins. may be effected on the lives of persons resident in any part of the world, on more moderate terms than are generally charged by other respectable offices; but the assured, not being mariners by profession, may, without extra prem., go abroad in time of peace in a decked vessel to and from any place in Europe not subject to the Quarantine Laws, or affected by epidemic or endemic diseases.

Then the following somewhat novel provision: "Unopposed probates of the Diocesan Courts may be held sufficient to entitle claimants to receive or recover the amount of pol. without the expense and delay of a prerogative probate. Next, under head of "Trusts":


The peculiar adaptation of a public co. to the administration of trusts, and the preference it has to the agency of individuals, is now generally acknowledged. The ample guarantee it offers for the faithful and diligent discharge of those duties required to carry out properly and effectively testamentary and all other trusts" cheaply and securely, which are now too frequently long liti gated, expensively executed, and from fraud or insolvency not performed at all, must recommend it as the best possible agency for bus.


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This branch of the proposed bus. was never entered upon. "the residences and furniture of clergymen" were to be ins. ordinary rates.

In the F. department, 10 p.c. lower than the

The D. of Sett. of the Co. bears date 2nd Feb., 1841. It recites the arrangement with the City of Lond. Annuity and Loan Co., and confirms the same. It takes over all the engagements and liabilities of the C. of England L. and F. Co. It sets out the nature of the bus. to be undertaken by the Co., which included the "ins. of ships or vessels in dock, or in any haven, port, or harbour, or against loss or damage by fire.' It appointed Mr. E. M. Elderton Sol. of the Co., and Mr. William Emmens its Sec. No female qualified to vote at any gen. meeting. If shares of any new cap. issued at prem., such prem. to be carried to the "Proprietors Fund." The limit of the sum to be ins. on any one life to be left to discretion of directors for the time being. Six funds to be formed, viz., "Proprietors Fund," "Fire Assu. Fund," " Parti. Life Assu. Fund,' "Non-Parti. Life Assu. Fund," the "Trust Profit Fund," and the "Clergy Fund." Separate and distinct accounts of each of these to be kept. Another fund is afterwards provided for, to be called the "Ship Ins. Fund," but its creation was optional:

If at any time hereafter, in pursuance of the power hereinbefore for this purpose contained, the objects of the Co. shall be extended to the ins. of ships against loss or damage by sea, or other sea risks, either in connexion with such other bus. as is usually transacted by underwriters or otherwise, then in such case and immediately thereafter the board of directors shall form a seventh fund, to be called, etc.

This was no doubt a very prudent power at the time; but a far greater prudence has been shown in never entering upon this perilous bus.

In 1841 the Co. obtained a special Act of Parl.-4 & 5 Vict. c. xcii.-An Act to enable the Church of England L. and F. Assu., Trust, and Annu. Co. to sue and be sued in the name of the Man.-Director or other Officer of the said Co. This Co. is to sue in the name of its Sec. or any Director. If any individual shareholder sued, contributions to be made to him by other shareholders. The liability of shareholders is carefully defined. A list of the proprietors is periodically enrolled in the High Court of Chancery.

The D. of Asso. has been altered by special resolutions on various occasions, viz. in 1843, when the operations of the Co. were allowed to be extended "to such parts of the world beyond Gt. Brit. as to the directors for the time being may appear expedient or proper. In 1847 the date of ann. meeting was altered from March to June, to enable returns of Indian bus. to be included. In 1848, as to appointment of chairman. Again, same year, making divisions of profits quinquennial instead of septennial, and also providing for provisional bonus. In 1853, as to mode of dealing with proportion of profits carried to "Clergy Fund"; again, in 1858, as to same fund. In Sept. 1859 special powers were obtained from proprietors to take over bus. of Schoolmasters and General Assu. So. In 1868 powers were taken to hold gen. meeting in April or May. In 1871 alterations were made as to joint ownership of shares, also permitting investments to be made in other than the stocks of Gt. Brit., her Colonies and India; also the following:

That the granting of assu. on the lives of clergymen at reduced rates of prem. being found of greater general utility than the maintenance of the present restricted "Clergy Fund," all rules and regulations in the D. of Sett., and in previous resolutions of the Court of Proprietors, relating to the formation and maintenance of such fund, be and are hereby repealed and rescinded.

The present prosp. says, "Special grants are made from the shareholders' profits in aid of the prems, payable for clerical and scholastic life assu. in the proprietary branch. This arrangement does not therefore in any way affect the profits divisible amongst the ordinary parti. policy-holders."


In 1859 the bus. of the Schoolmasters and General Assu. So., which was small, was trans. to this Co. The bus. of the Co. has been managed with much prudence from the commencement, to which the clear-headed foresight of the manager contributed not a little. It did not very frequently become involved in litigation, yet it added three leading cases to our law-books: (1) Elderton v. Emmens, in which the principle of hiring, or in other words the exact scope of appointments in D. of Sett. or under Art. of Asso., was determined; (2) the case of Quirk v. Emmens—an Irish case, in which the Co. set aside a pol. obtained by a fraudulent statement of the age of the ins., notwithstanding that "age had been admitted" on the pol. ; (3) Emmens v. Lang, in which an important question in the attestation of deeds was decided.

In 1868 Mr. W. Emmens retired from the man. of the Co., and was succeeded by his son Mr. Stephen H. Emmens. At the close of 1871 the ann. income of the Co. from prems. was £75,779; from int. £21,215-total, £96,994. Total invested funds, £509, 148. CHURCH OF ENGLAND SCHOOLMASTERS.-This So. was founded in 1850, being enrolled under the Friendly Societies Acts as a provident inst. It afterwards became the Schoolmasters and General, which see.

CHURCH LEASES.-The Episcopal and Capitular Estates Act of 1854-17 & 18 Vict. c. 116-under which the values of life contingencies in connexion with Ecclesiastical Leases and Copyhold Enfranchisements are determined, excludes the use of the Northampton T. of mort. (sec. 12), and provides that no T. shall be used "less favourable to the expectation of life" than that of the English Life T. The whole subject will be discussed under LEASES FOR LIVES.

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 28thJune, 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 1s. 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.

1862-Austin Friars Ancient Church.
1864-Royal Savoy Chapel, Strand.
1867-Croydon Parish Church.
1867-St. Paul's, Clifton.
? Spitalfields.

damaged. 1860-Kilburn Church, Maida Hill. 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, wrongfully 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.

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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 I. 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. of £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:

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.

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