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He enters upon some illustrative reasoning; and again proceeds:

If a public audit is called for in ordinary cos., and would be useful in banks, from which the depositor can withdraw his deposits in a day, something of the kind is required in L. offices, which engage to pay their depositors at the end of 20, 30, 40, 50, or 60 years! In the keen competition for present prems., is there not some danger that, without such a check, the expenditure, and the promises of benefit at that distant day-the end of the depositor's life-may be too liberal?

The finance of a L. office, it has been shown, differs essentially from that of any other co. While it is advancing to insolvency, its income may exceed its outgo for many years; or it may have a large surplus of misappropriated capital, while its annual expenditure largely exceeds its income. An ordinary balance-sheet is no test to its financial condition; and by using bad Tables, assuming different rates of int., operating on different principles, the results of valuations, as they are called, may be made to differ to the extent of many thousands-hundreds of thousands of pounds.

He clearly, however, is not advocating a system of Gov. audit, for that he speaks of on the same page as "neither desirable nor practicable." Uniform accounts arranged in a scientific manner appears to be the scheme in his mind.

Numerous suggestions regarding audit and arrangement of accounts were made to the Select Committee on Assu. Asso. which sat that same year (1853); but the Committee in its report made no special recommendations on the subject of audit. [LIfe Ins., HIST. OF.]

In the Joint-Stock Cos. Act, 1862, there are powers for the Board of Trade to appoint competent inspectors to examine into the affairs of any co. regis. thereunder, and to report to the Board. This power will be fully set forth under title BOARD OF TRADE.

The Economist newspaper suggested in 1869 the following scheme for a voluntary Gov. audit of Joint-Stock Cos. generally :-Any office so desiring to have the option of calling in a Board of Trade auditor, and obtaining and pub. his certificate, the Co. to pay the expense, against which, if it came through all right, it would have the advantage of announcing that its accounts were "certified." Of course the investments must, for this purpose, be all in such shape, and of such a character, as to render their cash value easily discoverable-Consols, terminable annu., mortgages.

In the L. Assu. Cos. Act, 1870, there are no provisions regarding audit of accounts. In the U.S. there is no compulsory audit of the accounts of ins. asso. The investigation by the ins. superintendents in some of the States, no doubt, amounts to an audit, and a very stringent one. [ACCOUNTS.] [Actuarial Reports.] [Ann. List of Members.] [BALANCE SHEETS.] [BOARD OF TRADE.]

AUDITOR.-One who examines and verifies the accounts of officers and others entrusted with money; as also the accounts of asso. and public cos. The term is derived from the Latin audio, I hear, probably from the ancient practice of delivering accounts viva voce. AUDLEY THE USURER.-This man was a great speculator in annu. on lives in the 16th century, and by his sagacity rose from being a solicitor's clerk to become a great capitalist; and to attain all the ill-fame and all the wealth of a usurer. Francis, in his Annals, etc., gives a most amusing account of him, and probably not much overdrawn. [ANNU. ON LIVES.]

AULD, JOHN G., was Sec. in Lond. for Colonial Life from 1849 to 1854, shortly after which date he died.

AUSCULTATION (ausculto, to listen).—Auricular exploration. The act of listening by the application of the ear, in the examination of disease. It is termed immediate, when practised by the unassisted ear; mediate, when performed by means of the stethoscope.— Hoblyn. AUSTRALIA. The population of our Australian colonies is growing rapidly. In 1830 it was 40,000; in 1860, 1,500,000. The excess of males over females at that date was 176,696. This operates against the adoption of L. ins.

Ins. in its various branches has, however, taken root in Australia, as it does in all Anglo-Saxon communities. The British offices at a very early period estab. agencies in all the principal towns. Local offices are now springing up, fire, life, and marine. An accident ins. office was tried there a few years since (1865), but after a year and a half's experience it was abandoned (1867), on the ground, "that sufficient risks were not obtainable." Volunteer fire brigades have found much favour, and have been of essential service. Sydney several years since had a steam fire-engine; probably some of the other cities now have them.

Among the local life offices that are best known here is the Australian Mut. Prov., of which Mr. Morrice A. Black is now the Act. We have not a complete list either of the life or other Australian cos. at hand, but hope to furnish one in our supplement. It will be observed that a large number of offices have been founded, or at least projected, on this side for the special benefit of these colonies. We suspect the colonists have been reasonably sagacious in their selection. The Anglo-Australian L. presented some features which we have already noted. Several others follow to be investigated.

The climate of Australia is found to be well suited to persons of consumptive tendency. We shall speak of this more fully under LOCALITY.

AUSTRALIAN, COLONIAL, AND GENERAL LIFE ASSU. AND ANNU. Co., founded in 1839 with an authorized cap. of £200,000, in 2000 shares of £100.

This Co. (said the prosp.) has not been constituted before the directors and promoters

have entirely satisfied themselves of the soundness of its principles, and the reasonableness of their expectation that such a so. is now required. The document then sets forth: Life assu. is better appreciated and more generally resorted to than formerly. It is acknowledged by a large majority of those who have assu. their own lives, that the prems. so applied are so much clear saving of that which would otherwise have been spent; whilst to creditors and the possessors of every description of property dependent upon lives, it affords security and certainty which they could not otherwise obtain. Some persons (overlooking, in the ascertained and definite operation of the law of mort. upon large numbers, the proverbial and awful uncertainty of individual life) have indeed objected that they can employ their money themselves at a higher rate of profit than assu. sos. incumbered, as many of them are, with heavy expenses of management, can employ it for them. This objection, however, does not apply generally to this so.-as the directors will be enabled, by investing a part of their funds in perfectly good security at a high rate of int. in the Australian Colonies, in modes and under circumstances safer and more beneficial than are obtainable by individuals, to secure an average return much exceeding any which can be safely made by public or private investment in England, and which, with great economy in management, affords good reason to expect considerable profit to the assured.

Mortgages of the first class in Australia are as secure as those upon English lands, with this great advantage, that the latter have prob. attained their maximum of value, and may be much depreciated by alterations in the Corn or other laws; whilst in these colonies the money so borrowed is usually laid out in extended and improved cultivation, whereby the security is increased year by year; to which may be added that a public registry of all mortgages affords both facility and security to this mode of employing cap.

This so. will doubtless receive the support of those more particularly connected with the Australian Colonies; as by its permanent investments therein, and by the security it will afford to monetary transactions, it must accelerate the development of their resources, and contribute much to their advancement.

No extra prem. was to be charged to persons ins. for the whole of life "for voyage as cabin or intermediate passengers in approved vessels to, or for residence in the Australian colonies in approved situations." Distance from medical advice, occupation in whale fishery, or distant voyaging, would be covered by equitable prems; but parties may proceed from port to port throughout the Australian colonies in decked vessels of 100 tons and upwards." Prems. on pol., wherever effected, might be paid in any settlement in Australia, "where there is a bank," but always at the same, unless permission to change should have been given. Pol. might be made payable in either country by

indorsement.

So much for the peculiar features of the office in relation to Australia. Now we have to glance at its other special features. Participation in profits and low rates of prem. were especially dwelt upon in the prosp.

In add. to the advantage of the low rate of prem. required by this so., one-half of the profits will be divided among the assured and annuitants; but in the first instance one-fifth of the whole will be retained to form an extra precautionary fund.

The profits were to be divided quinquenially; and there was this special feature, that for each bonus declared, a separate pol. was to be issued, payable at death, quite irrespective of keeping up the original pol.; and as the prosp. put it, "increasing, without cost, in value every year." The annuitants were to participate in the profits of the life fund; and these profits were to be distributed quinquennially, by means of an add. annuity. But then there came this clause, based upon the "limitation scheme" of the Equitable:

The benefited members of the Co. will consist of the first 1000 pol.-holders for the time being, for the whole of life for £500 or upwards in one or more pol.; and the first 1000 annuitants for the time being, who have paid £500 or upwards for their annu. Every vacancy in the 1000 benefited pol.-holders to be filled up by the next oldest pol. of assu, on the plan of the Equitable So. of Lond.; and in like manner every vacancy in the 1000 benefited annuitants, by the next oldest deed of annu. The assu. and annuitants, however, will only succeed to the vacancies in their respective class. There were descending and ascending scales of prem. Onethird credit pol. were issued. parti. scale for whole of life:

The annexed was the ordinary

But subject to this proviso, that the rate would be revised ann. with reference to the rate of int. to be securely obtained, and other circumstances; "but no alteration will be made in existing contracts." The prosp. further said, "T. of prems. for assu. on the lives of officers engaged in civil and military service in the East Indies have been calculated, and may be seen at the office of the Co." The prosp. was signed by Christopher Cousins, Accountant. Mr. Edward Ryley was the Act. and Sec. of the Co.

In 1852 the bus. of the Co., which we believe had never been extensive, was trans. to the Liverpool and Lond. AUSTRALIAN AND GENERAL CONSIGNMENT AND UNder

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WRITING Asso. This Co. was projected in 1853 by a well-known hand-Mr. J. Newnham Burnand, then described as a stock-broker. Its regis. objects were Marine and Commission bus. We do not find that it ever reached the stage of complete regis. AUSTRALIAN LLOYD'S.-An asso. under this title, for the regis. of the shipping of the Colony, has been estab. in Melbourne.

AUSTRALIAN MERCANTILE MARINE.-This Co. was projected in 1853, and among its promoters was Mr. W. Blanchard Jerrold. The scheme did not go forward.

AUSTRALIAN AND ORIENTAL MARINE.-This Co. was projected in 1853, and shared the fate which befel most of the other projects with Australian titles put forward during that year-fell through and came to nothing.

AUSTRIA.-This Empire does not figure at all conspicuously in the early hist. of ins. Indeed it is only since Trieste was declared a free port, in 1719, that Marine Ins. has been cultivated; and unquestionably it has since then absorbed a considerable portion of the very large bus. of this class formerly carried on in Venice. With the bus. flowed also the incidents and customs by which the bus. had been regulated, or, as Mr. Reddie very well puts it, "if they did not borrow the Venetian jurisprudence, they must have been guided very much by the maritime usages of the Adriatic, and by the Consolato del Mare." In 1774, the Empress Maria Theresa promulgated an Edict, which forms a tolerably extensive maritime code; and in 1816 there was pub. at Venice, Editto Politico di Navigazione Mercantile Austriaca. Neither of these documents presents any features requiring special comment here. They were simply a reflex of the maritime customs of the Mediterranean States, of which we shall speak at large under CONSOLATO DEL MARE. We propose briefly to survey the progress of ins. in the Austrian empire; noting also the leading features in its pop. and vital statistics. The growth of L. ins. has been slow The native offices are few-but we shall notice them in some detail, because they embody a few special features. Foreign cos. have found many difficulties placed in the way of carrying on a bus. of any magnitude there. There is some expectation of a general law for regulating such matters. It will be a great blessing, and if the measure be a liberal one, a wide field of enterprise will be opened up.

The first ins. co. founded in the Austrian empire appears to have been the Azienda Assicuratrice, estab. in Trieste, in 1822, for fire, transport, marine; and life ins. was added in 1850. Of that Co. we give a brief history under its alphabetical title, as it is transacting bus. in England, and therefore demands a special notice from us.

The

In 1823 there was estab. in Vienna, the General Annuity Fund for Widows and Orphans. Its object is to ins. annu. to the widows and children of the subscribing members who happen to die at least three years after their admission into the so. The widows are pensioned until their death; the children until the age of 20. pensions are divided into three classes; the amount of each pension is dependent on the amount of capital possessed by the so. The maximum pensions, being £60 for 1st class; £30 for 2nd class; and 15 for 3rd class. The subs. can be paid (1) by a single payment at the time of admission, the amount of which is regulated according to the age of the subs., that of his wife, and to the class to which he wishes to belong, in accordance with a scale annexed to the statutes. (2) By an ann. payment, fixed at £3 45. for the 1st class; £1 125, for the 2nd class; and 16s. for the 3rd class. In 1850 the number of subscribers was 1989; the annual pensions granted, 618. The so. had then a capital of £135,506. It had paid in pensions up to that date, £194,562. The amount of pensions for 1851 was fixed at £40, £20, and £10, according to class. The expenses of management were only about £300 p.a.

In 1824 the General Provident Fund of Vienna was founded by the board of management of the Savings Bank of Vienna, by whom it was afterwards conducted, It had for its object the promotion and management of the Mut. Asso. for Life Annu. with partial alienation of the capital, according to a plan set forth in its statutes. The transactions of the asso. down to 1847 were considerable. At that date an exposé of the affairs of the management took place, and changes were instituted. At the close of 1850 a report was pub., which showed that conjointly with the Savings Bank, the total subs had been: for the classes for the years 1825-47, £948,457; and for the years 1848-50, £36,465: total, £984,922.

In 1830, General Assu. Co. was founded in Trieste-orig. called Assicurazioni Generali Austro-Italiche.-The Co. effects ins. of fixed sums guaranteed by the shareholders against risks by fire, maritime and inland navigation, transfer of merchandize by land; against hail, and also ins. of life. The cap. of the Co. is £200,000, of which 10 p.c. was paid down in cash. Half the said cap. is specially pledged to the L. department. About 1850 various modifications were introduced into the L. branch. (1). Persons under 51 might participate in 75 p.c. of the profits of that branch. (2). The insured having reached 80 years of age are exempted from the payment of all further prems. ; and receive the sum ins, if they live till 85. (3). Half credit of prems. -4 p.c. int. being charged on half not paid. These arrears to be deducted from sum ins. The Co. has undertaken the management of Mut. Ins. Classes (Tontine), guaranteeing int. at 4 p.c. p.a., charging a commission of 5 p.c. on amount of subs. for management. At the close of 1850, the figures of the L. department stood as follows: Sums ins. payable at death (or age 85?) £469,927; L. annu. to be paid to a nominee after the death of another nominee, 9240.; ann. prem. income, £24,855; ins. fund, £51,423; profit reserve fund, £10, 564; ins. of deferred sums, £96,062; prems. receivable, £1932: prems. accumulated, £35,512; profits in reserve, £776. L. annu. (ordinary) payable, £16,962; reserve for the same, 131,542; profits reserved, £5986. On the 31st Dec., 1851, the Co. held subs. for the Tontine classes, £13,872. Regarding the annu. payable, it has been remarked that L. annu. payable were very large in relation to the

sum accumulated to meet them-showing the average rate of annu. to be nearly 12 p.c. p.a. a rate which would lead to the supposition that the average age of the annuitants was about 70 years; or to another supposition, viz., that the rate of annu. allowed was very large.

In 1839 there was founded in Vienna the Mut. Assu. Co. for Life and Annu. Its bus. consisted of 6 classes: (1). Ins. of sums in case of survivorship. (2). Ditto payable on death. (3). L. annu. immediate or deferred. (4). Ditto payable after death of nominee. (5). Endow. in favour of minors; or L. annu. payable after the death of a nominee until another nominee has attained his 24th year. (6). L. annu. increasing by accumulation of int. with partial alienation of cap. A remarkable feature of this so. was that the sums ins. were only payable in the event of death occurring after 1 year from date of ins. At the close of 1850 the sum ins. in each of the preceding classes was as follows: (1). £5208. (2). 143,984. (3). £1044. (4). 1005; while the prem. fund for each class was: (1.) £2322. (2). £17,521. (3). £8256. (4). £3836. (5). £12,775; which, with reserve funds of £5510, made a total of £49,220. It is believed that the one year" limitation above mentioned, combined with great strictness in the selection of lives, constitute the chief reasons for the small bus. of the Co.

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Regarding Fire Ins.-there were in 1850 5 proprietary offices and 5 mut. ones. The proprietary offices were (1). The Azienda, of Trieste, founded 1822. (2). The First Austrian Ins. Co., founded in Vienna in 1824. (3). The Milan Ins. Co. founded 1826— and not now belonging to Austria, but included here to explain the F. ins. statistics hereafter given. (4). The General Ins. Co. of Trieste, founded 1830. (5). The Riunione Adriatica di Sicurtà, founded in Trieste in 1838. The mutual offices were-(1). The Mut. Fire Ins. Co. of Vienna-for Austria proper and Hungary, founded 1825. (2). Mut. Fire Ins. Co. in Gratz, for the provinces of Styria, Carinthia, and Carniole, founded 1829. (3). Mut. Fire Ins. Co. in Prague, for Bohemia. (4). Mut. Fire Ins. Co. in Inspruck, for the Tyrol, Voralberg, and the principality of Lichtenstein. (5). Mut. Ins. Co. against Fire at Brunn, for the provinces of Moravia and Silesia.

These mut. offices ins. buildings only; and appear to resemble in many respects the Fire Casse of the North German Towns. They are worked upon this plan-each of the members of the so. contributes proportionably to the sum for which he is ins., to the losses and expenses of management, the computation of which is made at the end of each year. In a few the contributions are limited to a certain maximum, which cannot be exceeded. If this maximum be not sufficient to pay the losses and the expenses, the surplus is taken from the reserved fund; or in default thereof, the Board of Management have recourse to a loan repayable in the course of a certain number of years. The reserved fund is formed by means of an admission fee from each member of the so., and by a proportion of the profits set apart in the successful years. These inst. are under high patronage, and are much favoured by the local authorities. The expenses of their management are very small, but their statutes generally are very imperfect, independent of the defects inherent to the mut. system in F. ins. Conditions are enforced which show but little practical knowledge of ins. ; and especially there is a very incomplete classification of risks. The consequence is, or has been, that the proprietors of the worst class of buildings are favoured, at the expense of those who possess better.

Besides the principal F. cos. above described, there exist in some provinces, and especially in Bohemia, a number of mut. asso., the operations of which only extend to a few districts, and the members of which undertake to assist one another, either in money or materials in case of fire; but their organization is too incomplete, or too little known, to be able to speak with proper knowledge of them.

The proprietary offices have subs. capitals varying from £300,000 down to £100,000; but several of them undertake other classes of bus., as Marine Ins.,, and Transit or Transport Ins. They also ins. merchandize, and other personal property against fire.

We have some account of the aggregate operations of these Fire Ins. offices in 1850. The risks undertaken by the proprietary offices in that year amounted to £71,570,352; by the mut. offices, £21,504,802—-together £93,075,150. For losses, repairs, and compensations, the proprietary cos. paid in the year 103,417, being equal to 144 p. c. on sum insured; and the mut. cos. 70,441, being equal to 327 p.c. on sum ins. Together they paid £173,858, equal to 187 p.c. We have not the returns of the prems. received by either class of co.; but we have some returns of the per-centage of contributions paid to the mut. offices in various districts, Thus the contributions amounted, in lower Austria, to 366 p.c.; in Upper Austria, 15 p.c.; in Steirmark, Carinthia, and Krain, 25 p.c.; in Tyrol, 3 p.c.; in Bohemia, Moravia, and Silesia, 48 p.c.

In 1850 there were 30 Marine Ins. Cos. carrying on bus. in the Austrian Empire, chiefly at Trieste; but a few of them in Vienna. Their aggregate cap. was £505,500the largest being £60,000; the smallest, £10,000; the others intermediate. Trieste is the only town in Austria where marine ins. can be carried out on a large scale. Some of these cos. have agencies in Venice. The marine cos. which carry on that bus. solely do not make the state of their affairs public.

There is an Accident Ins. Co.-the Conservator of Vienna. Also a Plate-Glass Ins. -the First Vienna Plate-Glass Ins. Co.; various CATTLE Ins, Cos.; a Mortgage Ins.

Bank; several Re-insurance Cos.; and at least two offices, the Austria and the Janus, which undertake the ins. of stocks. We hope to give an entire list of the Austrian Ins. Cos., with their dates of estab. and objects, in our Supplement.

In 1852 there was read before the Inst. of Act. a paper: An Account of the Ins. Cos. of Austria; prepared by Herr S. Alessandro Daninos, Sec.-Gen. of the Riunione Adriatica di Sicurtà, in Trieste. The paper was printed in vol. iii. of Assu. Mag.; and from it we have drawn some of the facts here presented.

It appears from this paper that the prems. for Life Ins. are but a trifle above those charged in this country; while they confer the great advantage of terminating at 80, and of securing the sum ins. at 85. The annu. rates are more favourable to purchasers than ours. Thus the rate allowed p. 100 for ordinary L. annu., by 4 of the cos. named, were respectively, at age 50: 7·67, 7'94, 7:35, 7·86. Regarding Fire ins., his estimate of the total ins. in force at the close of 1850 was 172 millions sterling-concerning which he

remarks:

This sum is indeed of not much importance, if the amount in other countries of Europe and their respective pop. be compared. But if we consider that in Austria the landed property is in a great measure concentrated in the hands of a small number of individuals-that trade and even agriculture are still so little advanced-that the rural pop. is for the most part in the greatest poverty--it will be easy to perceive that it is not disproportioned to the state of the country, and it would be impossible to obtain a considerable increase unless this situation be sensibly improved.

It is, however, fair to state that the Austrian cos. fulfil in the most honourable manner the engagements which they contract with the insured; and their integrity and stability give them a just title to public confidence.

In 1828 a statistical department was estab. by order of the Emperor Francis, with the special view of aiding the different branches of superior administration in the State. In 1844 the scope of the department was enlarged, and the pub. of the statistical returns was authorized, including what was purely administrative. So that the most ample information is within the reach of all who desire it; but there is very little bearing upon our subject to be obtained from these.

The earliest returns we find of the number of marriages are in 1837, and these are not official. In that year they were 132,080, giving as "people married" 264, 160; but this does not include those of Lombardy, Venice, Hungary, Transylvania, and the military frontier. With these the marriages were 285,712-the people married of course just double that number. In 1840, the marriages, as shown by the official returns, were in Austria proper 132,253-the numbers for the districts named as excluded in the first mentioned returns are not given.

The pop. of Austria in 1857 was 35,018,988. In 1866 this was reduced to 32,530,002 by the loss of Venetia, etc. The density of the pop. was then 152 per square mile, being slightly below that of Prussia.

The marriage rate in 1862 was 1826, the birth rate 3'945, and the death rate 3'020. Our Reg.-Gen., reviewing these figures in his 25th Report, 1864, said :—

Austria is evidently advancing rapidly, and the increase of marriages implies the increasing prosperity of the empire. The measures tried successfully in England will diminish the high mort. there, which is referable to causes evident to all travellers in Germany, and which have attracted the attention of Dr. Helm, Dr. Haller, Dr. Glatter, and other patriotic Austrian physicians. In the mean time Dr. Flacker's tables exhibit, in a trustworthy form, an immense series of facts of universal interest.

Between Italy and Russia, on the Danube, extending from the Carpathians to the Adriatic, lies the Austrian empire, full of natural resources, and pervaded to a considerable extent by the industry and science of Germany; yet the death toll of Austria is high. It was 30 p. 1000 for the 8 years, from 1857 to 1864.-Dr. Farr, 1866.

No life tables have been constructed for the pop. of Austria; but the data exist, and have, to a certain extent, been pub., though in forms which present considerable obstacles to the calculation. We shall give a Mort. T. for Vienna. [VIENNA.]

AUSTRIAN LLOYD'S.-This is simply a steam navigation co., and bears no analogy to our own Lloyd's, either in its conception or uses.

AUTHENTIC, AUTHENTICATED.-Vouched for; warranted; resting upon proper authority; properly attended; genuine; real; true. As an authentic copy of pol., or any other document.

AUTHORITIES QUOTED IN THIS WORK.-In the course of these pages most of the leading authorities on the questions of which it treats will be found quoted. The rule we have followed is, to take the best authority we could call to mind on the particular point under discussion. On some undetermined questions, as the Value of FEMALE LIFE from an ins. point of view; LAW of MORT., etc., we have given the views of all who have in our opinion said anything worthy of permanent record. Of course we shall have made some errors of commission and omission, of which we shall never hear the last. Any palpable error we shall seek to rectify. [INS. AUTHORS.] AUTHORIZED CAPITAL.-It will be observed that in speaking of the capitals of the various ins. offices we use the expression authorized capital. We do so for this reason that while an office may be authorized by its constitution to issue capital to the extent of £100,000 or £1,000,000, or any other amount; it may, as a matter of fact,

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