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in certain events; more particularly in the case of change of ownership of the subjectmatter insured. Arnould lays it down that the rescission of the contract must be the act of both parties to it-the insured and the insurer. "The ins. broker, acting for the former, has no authority merely by virtue of his capacity as agent, notwithstanding the pol. have been left in his hands, to demand or consent to the cancellation of the pol. This was so decided in the case of Xenos v. Wickham, in 1863. Weskett said, 1781: "It is everywhere the usage when underwriters cancel their subs. to a pol., for there being no interest, or no risk, or short interest, to allow them to retain one half p.c."

Questions of considerable nicety sometimes arise regarding Cancelment. Here is a case, Baines v. Woodfall, which came before the Courts in 1859: A vessel ins. against fire for 12 months ending 29th July, arrived at Liverpool on 12th April, and the insured wrote a letter to the ins. broker, proposing a cancellation of the pol. and return of prem. " say from 12th of April." The broker sent for the pol., "to put forward returns for cancellation," and received it. On the 21st April the broker cancelled it, on the terms of returning prem. from the 30th April to 30th July, alleging a custom of ins. brokers not to reckon broken months. The ship was burnt on 22nd April; and that same day the insured wrote a letter, withdrawing his proposal to cancel, as he had then received no answer. The question was whether, under these circumstances, there had been a cancellation, and on what terms. Held, that the pol. must be considered cancelled on the terms originally proposed, and in conformity with which the broker sent for the pol. The plaintiff therefore lost the ins, and recovered the difference on the return of prem. from the 12th instead of the 30th April. [RETURNS.]

Fire Policies.-Cases of Cancelment very frequently arise under Fire pol. In the case of fire pol. upon ships, custom comes into play. In regard to ordinary fire pol. nearly everything turns upon the terms of the contract. We do not recall any cases in point in our English law-books; but several most instructive cases have been before the American Courts. Thus, in Goit v. National Protection Ins. Co., 1855, the facts were as follow: A condition of pol. provided for cancelling the pol. if risk should be deemed undesirable, and the Co. instructed its agent to cancel the pol.; but instead of doing so, he only notified the insured of the Co.'s desire to cancel, and at the same time agreed with insured to let the pol. remain until he, the insured, could effect another ins. Held, that the pol. was not cancelled, and that the Co. was liable.

But, in the case of Fabyan v. Union Mut. F. Ins. Co., 1856, a by-law of the Co. provided that, "If the risk be increased by any change of the circumstances disclosed in the application, etc., the pol. shall thereupon be void unless an add. prem. and deposit shall be settled with and paid to said Co." After effecting ins., plaintiff put up 7 add. stoves in the building, and notified defendants thereof, admitting it to be an "increase of risk." Defendants replied, declining to continue the ins., and said they would surrender his prem. note without charge. Plaintiff wrote again to know if they would not return also the cash prem. he had paid, and that if so he would be satisfied, and get insured elsewhere; the Co. replied that they would not, but would make no assessment on his note. Afterwards the property was destroyed before anything was done. Held, that this was notice to the plaintiff that the Co. declined to assume the "increased risk," and elected to terminate their ins. under the pol. by law; and that thereupon the pol. was void.

Life Policies.-There is no custom extant regarding the Cancelment of Life pol. If the life insured travel or reside beyond the limits allowed by the conditions of the pol., and no notice be given to the office, nor any required extra prem. be paid, a FORFEITURE of the pol. occurs. An ordinary surrender of a life pol. for a consideration is the nearest approach to a Cancellation known, as the office ceases to be liable on the pol. from the day of its surrender.

Accident Ins. Pol.—These are sometimes cancelled by mutual consent; as on change of occupation, or for a pol. of another class.

In other branches of Ins. there is no custom of Cancelment; there may be SUBSTITUTION OF RISK; or FORFEITURE.

A bill may be filed to have a void pol. delivered up to be cancelled; and this whether it is void by reason of fraud in the procurement of the pol., or has become so by reason of the violation of some one of its conditions. But it is discretionary with the Court to sustain the bill or not; and therefore, if such a bill be filed, after a loss has occurred, to procure a decree, cancelling the pol. on the ground of fraud in obtaining it, as the fraud can be interposed as a defence, and the Co. is protected against unreasonable delay in bringing the action by a clause in the pol., the bill will be dismissed. This was so determined in the case Hoar v. Bembridge (Chairman of Sun L.) by V. C. Malins, 30th July, 1872.

When Equity relieves, by ordering an instrument to be cancelled, the general rule is, that the party in whose favour the decree is made shall do equity by returning the consideration; although this rule would not overrule an express stipulation for the forfeiture of the prems. in the particular case. This has been so held in the case of Barker v. Walters, 1844; and in Anderson v. Fitzgerald, 1853.

CANCER (from the Latin, a Crab).—A disease consisting of the development of peculiar cells, called Cancer-cells, accompanied by a liquid called "cancerous juice," contained in

the Stroma of a new or previously existing tissue. The term is derived from the crablike spreading of the veins.-Hoblyn.

The deaths from this cause (Class, CONSTITUTIONAL; Order, Diathetic) in England show unfortunately a tendency to increase. Here are the figures for 10 years:-1858, 6433; 1859, 6676; 1860, 6827; 1861, 7276; 1862, 7396; 1863, 7479; 1864, 8117; 1865, 7922; 1866, 8293; 1867, 8545-thus showing an increase of from 334 per million of pop. living in 1858, to 368 in 1862, 394 in 1864, and 403 in 1867. Over a period of 15 years ending 1864, the deaths were 333 per million.

The deaths in 1867 were:-Males, 2650; females, 5895. Of the males 15 died under 5, steadily increasing up to 35; between 35 and 45, 249; between 45 and 55, 521; between 55 and 65, 764; between 65 and 75, 636; between 75 and 85, 287; between 85 and 95, 35. Of the females 20 died under 5, and very few up to 25; between 25 and 35, 263; between 35 and 45, 878; between 45 and 55, 1488; between 55 and 65, 1578; between 65 and 75, 1106; between 75 and 85, 431; between 85 and 95, 47; and over 95, 3CANDIDATE LIFE ANNU. AND LOAN CO., founded in 1843 as a proprietary Co. It issued a few pol., but its affairs were closed in the following or next succeeding year. Mr. Geo. Duerr was Sec. CANDIDATE LIFE ANNUITY AND FAMILY Endowment [No. 2].—Another Co. under this title was projected in 1845. But we believe it never really arrived at an active state of existence.

CANDLER [OR CANDELER], RICHARD, Mercer, was appointed in 1574, under grant from Queen Elizabeth, to make and register all manner of assu. pol., intimations, renunciations, etc., in connexion with ins. made in Lond. at that period.` [CHAMBERS OF INS.] CANDLES.-The fires in Lond. during a period of 33 years returned as arising from candles were 3218, or over II p.c. of all the ascertained causes of fire; while those from gas during the same period were only about 7p.c. of the ascertained causes. CANE, JAMES CHARLES, commenced his ins. career with the National Guardian (No. 1); from thence passed about 1855 to the Lond. and Provincial Provident. In 1856 he was connected with the Herald L. He was afterwards on the staff of the Albert, then of the Western. He was next (1864) Assistant Sec. of the Financial L., during its unhappy career. He passed from this to ins. journalism.

CANN, WILLIAM, was Sec. of the West of England from 1855 to 1868. He was trained to the bus. in that office, and having passed through nearly all the chief departments, he retired in 1868, after 55 years of active service. The Chairman and Directors spoke in very high terms of the manner in which he had discharged his duties, and the staff presented him with a handsome testimonial.

Mr. Cann has since been elected a Director

of the co.-a well-merited compliment. CANSDELL, C. S., was Act. and Man.-and we believe founder of the Solvency Guarantee Asso. (1852). In 1854 he promoted the Mercantile L. (No. 2). In 1856 the first-named Co. became reconstituted under the new title of Mercantile Guarantee Co., and Mr. Cansdell became its Man. Director, which position he occupied until the Co. passed into liquidation in 1860. In 1858 he published a pamphlet, New Method of Life Insurance.

CANTERBURY AND EAST KENT FIRE OFFICE, founded at Canterbury in 1823. Its duty returns paid in 1825 amounted to £1310; in 1827 it reached £1919. In the following year the Co. passed out of existence.

CANTILLON, PHILIP, Merchant of Lond., pub. in 1759, Analysis of Trade, Commerce, etc. He is one of the few writers to whom Adam Smith has made special reference. All questions bearing upon marine ins. which appear in this work will be found embodied in these pages under their appropriate heads.

CANTON. A city in China, with a pop. estimated at 1,000,000. In 1822 a fire occurred which destroyed 15,000 houses. In 1833 an inundation swept away 10,000 houses and 1000 persons. We have not yet heard of English ins. offices penetrating the precincts

of this city.

CANWELL, WILLIAM, was Sec. of State F., from 1858. He had formerly held a position in the Times F. On the State passing into liq., he was appointed Liquidator. In 1861 he promoted Empire F. and L. He died a few years later.

CAPE OF GOOD HOPE, formerly called CAPE COLONY.-An extensive territory belonging to Gt. Brit., forming the S. extremity of Africa. On the W. it is bounded by the Atlantic, and on the S. and E. by the Indian Ocean. In 1847 its northern boundary was defined to be the Orange River. Area therefore about 170,000 square miles. The temperature of the Colony varies much in different localities; but its general average may be stated at 67° 20' at Cape Town; that of the coldest being 57°, and that of the hottest 79° Fah. The extremes, however, have a much wider range. The alternations of heat and cold are frequently great as well as sudden. The S.E. wind sometimes begins to blow with all the characteristics of a simoom. This, although very disagreeable, is not regarded as prejudicial to health; and the statistics of the colony certainly go to prove that there are few climates in which, under ordinary circumstances, human life is more likely to run its fullest course.-Imperial Gazetteer.

The pop. in 1856 was estimated at 267,096; in 1865 at 470,995.

Mr. J. Simpson, C.E., stated at the Inst. of Civil Engineers in 1844, that in the year 1817 he had examined some of the old Dutch fire engines and apparatus here, where the Dutch system remained in the same state as at the capture of the colony in 1804. The workmanship of the pump-barrels and valves was excellent, and the style of construction would be creditable to the shops of our best makers in the present day.

There are several local ins. offices for F. ins., F. and L., F. and Trust, etc., of which we shall endeavour to give a complete schedule in the Appendix. The first-South African F. and L.-was founded in 1831.

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In the "Stamp and Licences Act, 1864," relating to this colony, but not applying to Natal, there are certain enactments regarding the conduct of F. ins. bus. which require to be noticed. By s. 11, F. pol. and their renewal receipts are charged at the rate of 6d. for every £100 or fraction of £100 ins. Pol. and receipts duly stamped are required to be delivered, subject to a penalty on the sec., or accredited agent, to the informer for any omission. By s. 17, licences are required, for which a duty is charged of Is. for each £100 of the cap. of every joint-stock co. carrying on bus in the colony. The term 'jointstock co.' is defined to mean (1) every co. having a cap. stock divided into shares, of which co. the chief seat or place of bus. is within the colony; (2) every such co., of which the chief seat or place of bus. is not within the colony, "but of which any of the dealings shall by the deed or other instrument regulating such co., be described as to be carried on within the colony; but the licence of every such last-mentioned co. shall be reckoned upon one-half instead of the whole of its subs. cap. ;" (3) and "when any joint-stock co. is not such a co. as has been above described, but is one doing business in the colony through the instrumentality of some agency in the colony, then such last-mentioned co. shall ann. take out a licence of the value of £50;" (4) and every local director, mandatory or agent, of such last-mentioned co. who shall transact any bus. or advertise as such, when such licence has not been taken out, is made liable to a penalty not exceeding £100, to be recovered by the Distributor of Stamps by civil action in any competent court.— Bunyon.

CAPER. A light-armed vessel of the 17th century used by the Dutch for privateering.
CAPITAL.-The fund of a trading co. or corp., frequently called the "capital stock" of
the co.
The term has other meanings, as applied to the nation, or to individuals.

A good deal of discussion has from time to time arisen regarding the necessity for, and benefit or otherwise of, cap. in Ins. Asso. Some writers have gone so far as to say, or imply, that all branches of ins. may be, and should be, carried on so as to be self-sustaining. This is a theoretical view; or, if it can be applied in practice at all, it can only be so applied in the case of Life Ins. or Annu. Asso. We may say of every other branch of ins. bus. that some cap. at starting is absolutely necessary. The point to be arrived at is how to strike the happy mean,-viz. to have a cap. sufficient, on the one hand, to inspire confidence and thus bring business; and not so large, on the other hand, as to absorb an undue share of the profits of the bus. when so obtained. It is obvious here that the nature of the bus. to be undertaken becomes an important element of consideration. The earlier Ins. Asso. were almost without exception mut., founded on the principle of mut. contribution; that is to say, an entrance fee, and some small specific payment for expenses and otherwise, was paid by the members in the first instance; and the subsequent contributions were regulated by the good or bad fortune of the enterprise. As frequently as disasters arose, a pro rata contribution was levied on the members. This uncertain mode of operation applied alike to Fire, Life, Annu., and other branches of ins. bus. save Marine. The Fire offices were among the first to adopt the principle of a certain contract—the payment of a fixed prem. in consideration of being indemnified by an ample cap. against loss. This was towards the close of the 17th century.

Regarding Marine Ins., it had become a long-established usage that such risks should be undertaken by individual underwriters, who, however, were prudent enough to take but very small lines on each individual risk. With the expansion of commerce difficulties arose. Larger ships were employed; and more valuable cargoes were placed on board. Some change in the practice became imminent. But the power of associated cap. was hardly understood in the times of which we are speaking. A few chartered trading cos. had been formed; but these had not been uniformly successful: and, where successful, they had been too prudent to proclaim their success from the house-tops. The rapacity of monarchs with empty exchequers constituted a greater element of danger than the most forlorn of mercantile adventures. It was only during the reign of Queen Anne, 1702-14, that the use and power of associated cap. came to be really understood. The South Sea Co. taught us our first lesson in commercial finance; and in the end opened our eyes to the consequences of inflated credit.

It was during this South Sea mania that Ins. Cos. were first projected with large capitals. For convenience of memory call it 1720-it really commenced a few years earlier. While some of the schemes of that period were being investigated by the law officers of the Crown, it was urged upon them, over and over again, that if Ins. Cos., having large capitals, were founded, "the merchants of foreign nations, in alliance or at peace with us, would now prob. be induced in great numbers to make their ins. in Lond.,

and thereby bring an add. benefit to the kingdom." The argument succeeded, in so far as that the King and Parl. were induced to sanction the formation of two marine ins. asso. each having, at least for that period, very considerable capitals. Numerous projects having large cap. were set on foot for other branches of ins. bus., but were denied legislative sanction. The South Sea panic came; and we hear no more of Ins., or indeed of any other projects, with large capitals, for fully half a century.

Towards the end of the 18th century, Ins. enterprise was again in the ascendant. The few ins. asso. which had survived the South Sea period, and more particularly the Equitable Life, which had become completely founded in 1762, had shown results which indicated great scope for the employment of cap. Beyond which, Adam Smith had said, in his Wealth of Nations, first pub. 1776:

The trade of ins. gives great security to the fortunes of private people, and by dividing among a great many that loss which would ruin an individual, makes it fall light and easy upon the whole So. In order to give this security, however, it is necessary that the insurers should have a very large cap. This statement, coming from such an authority, had very great weight; so ins. cos. with large capitals became the fashion: at last, the rage.

The next phase was but the natural one. The large profits realized by the Ins. Asso. opened the eyes of pol.-holders, and they began to desire, and to claim participation. The science of Life Contingencies had become developed; and the operations of the Life offices had emerged from the stage of doubt and doubting to one of reasonable certainty. Besides, were not the mut. offices pulling down the argument for large capitals in that branch of ins. bus.? The discussion now turned really upon what was the smallest amount of cap. on which a life office might be founded; and when even that might be dispensed with. We may glance at one or two of the writers of this period.

Mr. Geo. Farren said (1823): "The period at which a subs. cap. may be fairly said to be worse than useless is when the ann. income from prems. trebles the amount of the largest single risk." He was at that time Resident Director of the Economic. His views underwent some change when he afterwards held a similar position with the Asylum. What would have become of the policy-holders in the last-named co. if the subs. cap. had been discharged?

Mr. Charles Babbage, in his Comparative View, 1826, said:

Since the fluctuation in the price of life, arising from the natural uncertainty of its duration, is considerably less than that which occurs in the price of most commodities, a person who deals in securities dependent on lives requires less cap. to carry on his bus. than one who trades to an equal extent in any other species of merchandize.

In the following year (1827) Mr. Babbage gave evidence before the Parl. Committee on Friendly Sos. As this question of cap. was then attracting a good deal of attention, he, at the request of the Committee, entered more minutely into the subject:

Supposing the laws of mort. applicable to a class of assurers to be known, what cap. will be necessary in order to meet all the probable deviations from that law? Let us suppose 5000 persons forming a so., and that from the T. they employ 100 deaths may be expected ann. If each is insured for £1000, the question is, what cap. is sufficient for them to commence with-is it £5000, or £5,000,000? I have seen no attempt to answer such a question on just principles; all the remarks I have met with on the subject appear to me vague, because they rest on no accurate enumeration of facts, and the results are not legitimately deduced even from the assumed facts. In the first place, some chance must

be agreed upon, which the body are willing to risk. It would be folly to take so small a cap. that it should be only 10 to 1 against the so. becoming insolvent; but it would be unnecessary caution to take so large a cap., that it should be ten millions to one against the same event happening. What the proper risk is must be determined by the opinion of prudent persons, not by any calculation; it will differ in different circumstances, and in the opinion of different individuals. It will be sufficient for my supposition to assume that the so. are satisfied if their T. are such that it shall be ten thousand to one against their cap. being exhausted.

The next circumstance on which the amount of cap. depends is the rate of profit added to the payment which the T. of mort. they employ requires for each contract. If the body subs. a sufficient cap. at the commencement, no addition, or only a small one, is necessary. If they commence without any, a considerable addition to the calculated payments would be necessary at first, in order to provide, by its accumulation, a sufficient cap.

Another and a most difficult question remains. We have supposed 5000 persons forming a so., constantly kept up to that number, or near to it, either above or below, and that according to the T. they use, 100 persons are expected to die in each year. In the first place we must ascertain, by calculation from their T. of mort., the limit which it is ten thousand to one that the number of deaths in any one year will not exceed. Let us suppose that it is found that it is ten thousand chances to one against more than 200 persons dying within the year. Then it is necessary that for the first year their cap. should be such as, when added to the total ann. payments, it shall just equal the sum due to the representatives of the 200 persons who have died.

Some of the considerations here evolved have been touched upon in our art. AVERAGES, DOCTRINE OF.

In this same year (1827) Mr. Barber Beaumont, the founder and Man. of the Provident L., delivered an address to the members of that inst., wherein he offered the following sagacious obs. :

We now see the wisdom of having limited ourselves to a comparatively small orig, cap, viz. £250,000. In concerns of this kind the subs. reasonably require, and are equitably entitled to part of the profits which the money they have advanced and risked tends to procure. In our case the periodical allotments of profit now yield us an int. of about 4 p.c. in add. to the int. on our orig. deposits [paid-up cap.]; but if we had started with a cap. of £2,000,000, the int. on the same add. of profit, dispersed over such an extended cap., would only have yielded us a half p.c. with the int. on the deposits, or perhaps 4 or 5 p.c. div. after 21 years' risk and labour.

He then travels away from his own

This was very neatly and very accurately put. co., and takes a survey of what was going on in this direction elsewhere about this period :

But in the new ins. offices which have been set up during the late rage for joint-stock cos., 2, 4, and even 5 millions are the capitals with which they set out. Such large caps. could not be necessary for the purposes of indemnity, unless it were seen that, by the lowering of the rates [prems.], the bus. was likely to become a losing one; and that unless large caps. were raised to cover a course of heavy losses, the cos. would not last long enough to satisfy the projectors for their trouble. But the large caps. have had a more immediate use. Share-buyers did not look to conditions or consequences; they and their successors were accordingly bound to effect ins. in proportion to the amount of their shares. Thus by compelling the shareholders to effect ins. themselves in their own office, whether they had real occasion to ins. or not, and extending their number to a vast amount, a bus. was at once created sufficient to give employment to an estab, of directors, bankers, solicitors, clerks, etc. But a bus. thus forced can never be a beneficial one to the shareholders. If a man have occasion to ins. he will naturally, without compulsion, prefer an office in which he is a shareholder, provided it be as good a one as any other; but if it be inferior, it is very hard that, in add. to having been entrapped into a bad concern, he should be compelled to lay out more money to ins. in it, in order to keep it going. If he have not occasion to ins., it is still more hard upon him that he should be compelled to do so; . . . but they are sometimes let off upon the condition that they bring others to ins. to the required amount in their stead. But it is not always agreeable to go about begging for relief in this manner, particularly when it is seen that after all the profits (if any) when divided among a large co-partnery can never be adequate to the obligations to which every shareholder binds himself and his successors. cordingly see that the shares in these compulsory offices are generally at a discount; and that the shareholders after a time dissolve them if they can.

This was a very accurate picture of the course of events at that period.

We ac

Mr. Charles Ansell said before the Select Parl. Committee on Joint-Stock Cos., 1841: As to L. assu. offices, if they are based upon proper principles, though probably some amount of cap. may be essential in the first instance, I very much doubt whether a large cap. is useful; it is rather useless, or worse than useless, to have a large paid-up cap., or even a large nominal cap.

Mr. Kirkpatrick, the then Act. of the Law Life, said he entirely agreed with Mr. Ansell. This question of cap., though so much discussed, could never be regarded as finally disposed of until after the appearance of the Report of the Parl. Committee on Assu. Asso. which sat in 1853. Before that Committee nearly all the leading Act. of that dayand some few of another category-were called to give evidence; and it will be of permanent value to record in brief form their individual views on this one point. We take the witnesses in the order in which they were called.

Mr. John Finlason, Gov. Act. :

No great cap. is necessary to set agoing a L. ins. office, if honestly conducted, and if the expense of management is prudently kept down, because every prem. of assu. for the whole life comprehends not merely the risk of life at the commencement of the ins., but also a portion of cap. sufficient to lay up a stock to meet the claims ultimately, The funds for the man. of an office is

a cap. of another kind, which in my opinion ought to be created by funds advanced, either by the proprietors, or borrowed on the faith that they can be returned at some future day; for it is plain that the man. of a L. ins. office upon an extensive scale, which entails at the present day an immense amount of adv, cannot be conducted very cheaply; and the funds necessary for that purpose cannot come out of the prems., which are calculated to meet the claims on the pols. (565).

Mr. Charles Ansell, Act. of Atlas, etc.:

Now for all purposes of L. assu. a large cap. is certainly not necessary. I have not myself perceived any evil to come from the estab. of mut. assu. sos., who for the most part have no paid-up cap.; but still there may be a degree of risk in the early progress of an inst., which should make it wise, for that reason alone, to say that there should be some means for meeting possible early claims, which might exceed the amount of prems. received to meet them. But the main reason which I should have for suggesting the requirement of cap. is that it appears to be the only test for the position in society occupied by those who found such important inst." (796).

Mr. W. T. Thomson, Act. of the Standard and Colonial, called :

You consider some paid-up cap., both in the case of proprietary offices and mut. offices, absolutely necessary for the purpose of defraying the preliminary expenses and early contingencies of the office?I do. And it is with that view you recommend that this paid-up cap. should be provided for?-It is one reason. Would one of your views, in requiring that paid-up cap., be that you should have some test of the respectable position in society of parties promoting new asso. offices, and also of their bona fide intentions with regard to the public ?-Certainly. (879-81).

Mr. J. J. Downes, Act. of the Economic :

I think a guarantee fund, in the infancy of a life assu. so., is a very important thing. . . . For the purpose of giving confidence to the public do you think it is necessary?-For the purpose of giving confidence it is. If a person wishing to assu. his life, knew he had a guarantee of £30,000 or £50,000 in common to himself and all others, he would feel more confidence in the so. than if there were only £5000 or £10,000; therefore if a guarantee cap. can be obtained without great expense to the so., I think it should be done, though I do not think it absolutely necessary for the bus. of life assu.. Do you know any office without a guarantee fund?-I do not, but I think all ought to have some guarantee fund. (1190-1207).

Mr. T. R. Edmunds, Act. of Legal and General :

Then is it your opinion that all new offices, not to speak of those particular offices, ought to have a certain amount of cap. in the first instance to pay the extraordinary expenditure of the first few years?-I think there ought to be some kind of guarantee that they should reserve a sufficient amount equivalent to the value of the pol. Otherwise do you consider that the office would be in a safe condition as regards its powers to meet the losses of the assured?-I do not; it is an essential point that the office shall always be in possession of the sum representing the value of all its pol. (1252-3). Mr. Samuel Brown, then Act. of Mutual:

My own opinion is that, from the great competition prevailing at present, it is impossible to carry on an office without a guarantee fund-without a paid-up guarantee fund I should say in the present day, because the expenses are so greatly increased that you would require in every case some fund to

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