fall back upon, in order to meet the risks (1523). . . . How would you estimate the extent of the necessity of a guarantee fund in each case ?-There is no particular rule that can be laid down. I conceive a cap. of from £30,000 to £50,000 reserved as a guarantee cap., independent of what is necessary to estab. the bus., would always form a sufficiently safe guarantee fund for any co. (1609-11).

Mr. Samuel Ingall, Act. of Imperial:

Do you think that a paid-up cap. in the first instance is indispensable to the safe estab. of assu. offices?-Quite indispensable in my opinion. (1759). I should like to add, with regard to cap., that the amount should be very much in proportion to the liabilities undertaken; I think that £50,000 should be the smallest sum which a so. should commence assu. lives with. (1896).

Mr. Charles Jellicoe, Act. of Eagle:

Is it also your opinion that a paid-up cap. in every case should be insisted upon previous to a new office being estab. ?-I think it should, and that some such sum as £10,000 is only reasonable under present circumstances. Do you think £10,000 would be enough --I think it is sufficient for the purpose. (2004-5).

Mr. F. G. P. Neison, then Act. of Medical Invalid:

Then you consider it essential, at the commencement of the inst., that it should have cap. ?—It is impossible to estab. an inst. with the activity which I think necessary and prudent to call into action without money: very few people will so devote themselves to the interests of an office without some quid pro quo. (2277). Then you would consider, in the case of mut. offices, as in the case of proprietary offices, an orig. subs. cap. from some source or other was necessary to give security and facilities for the success of the office?-I do not think for security, but for facility; I think it quite possible a mut. office may be formed without cap., if they will regulate the amount assured upon each life so as to prevent any disaster; in fact such cos. have been so formed. (2285).

Mr. J. A. Higham, then Act. of the Royal Exchange:

I think I understood you to say that you look on a paid-up cap. as of importance as a guarantee of the bona fides of the parties who set up any office ?-That is the only ground on which I would ask to have it made a legislative enactment. As a matter of opinion, I think it highly desirable to have a proprietary subs. cap. (2471). . You have expressed the opinion that every co. ought to have a paid-up cap.; do you conceive that that paid-up cap. should be the same in all cases, whatever the extent of the co. ?-As a matter of opinion I hold that the cap. ought to vary, and ought to have reference to the prob. amount of the co.'s engagements. . . . (2533).

Mr. John Hornby, then Act. of Prince of Wales Life:

I am in favour of a paid-up cap.; a small one, not as a guarantee of the bona fides of the undertaking, but because the bus. will increase much more rapidly with money than without it; the same amount of bus. will be done in 3 years that would otherwise be done in 6. (2561).

Mr. E. J. Farren, Assistant Act. of Asylum Life:

?

Do you approve of the principle of offices starting in the first instance upon a paid-up cap. Decidedly. On what ground do you consider that necessary?-I consider that it is implied by the very nature of assu. calculations; I consider that the question of cap. and no cap. is precisely the question of dependent and independent risks. (2619-20).

Mr. E. Ryley, Consulting Act. :

The introduction of cap. into assu. offices has been the source of a great deal of harm, although of a great deal of benefit also: the harm that it has done has been this-that life assu. is no longer considered as a sort of social inst., but as a matter of trade and barter; different cos. with cap. come into the field and get as much bus. and profit as they can. (2822).

Mr. Alexander Colvin, Act. United Mut. Mining L.

Do you think any reasonable amount of paid-up cap. would give a security to the public in regard to realizing the profit?-No; the ultimate security of the public must depend on the prem. The only use of cap. is that suggested by Mr. Neison, to facilitate the carrying on of bus. in the first instance. Chairman: To spend it all?-To spend it all. (2926).

Mr. Alexander Robertson, Act. of Indisputable L.

What is your opinion about the payment up of a certain portion of cap. as a security for these offices?-I think the payment of cap. of any kind is extremely hurtful. A cap. is totally inconsistent with the principle of mut. assu. (3407-8).

Mr. George Taylor, then Assistant Registrar of Joint-Stock Cos., said before the same Committee:

A large cap. is an expensive thing to an ins. co., without being of much corresponding advantage; what I should wish would be simply to require a deposit sufficient to furnish a security that the co. is composed of persons who can be safely entrusted with the funds paid into its hands. (371). ... I do not think the bus. of L. assu. requires cap. The profits of L. assu. do not flow out of the employment of cap. as in other cases. (398).

The numbers at the close of the paragraphs are the references to numbered paragraphs of reported evidence.

Dr. Farr said in his famous letter in 12th Report of Reg.-Gen., pub. same year (1853): It is clearly in this, as in most other trades, disadvantageous to employ more cap. than is required to carry on the bus. safely, as in proportion to its amount the rate of profit is diminished.

It is quite noticeable that there was not one of these authorities who attempted to support the theory of a large cap. for the bus. of L. ins. Certainly a large cap. is not requisite. Many of the offices which now have it would be only too thankful if it could be repaid without the process of reconstituting the co. which it generally involves. Our own view is that no life office should be hereafter formed with a larger cap. than £50,000 -of which at least one half should be paid up; for £20,000 will be required for deposit under the L. Ins. Law of 1870.

There is a method by which the security of cap. may be obtained, without trenching upon the profits of the pol.-holders, and it is this: an asso. requires the guarantee of a

VOL. I.

29

cap. of £50,000-of which £25,000 is to be paid up, to cover "deposit" and foundation expenses. Divide the actual proceeds of invested portion of cap. ann. by way of div., and periodically divide the profits of the non.-par. branch entirely among the shareholders. There are several of the more modern L. offices which adopt a plan somewhat analogous to this. The Brit. Equitable is one.

The proportion of cap. which an ins. asso. may properly spend in the foundation of a bus, will fall to be discussed under EXPENSES OF MANAGEMENT. We shall not anticipate it here. There are two purposes for which cap. should be available: (1) for foundation and working expenses until the bus. becomes self-sustaining; (2) to make up any deficiency which may from any cause occur in the accumulated fund, necessary to preserve the solvency of the co. So long as the pol.-holders are made safe, they can have no further concern in the cap. It is for the shareholders, and the shareholders alone, to determine how much money they are prepared to stake in the enterprise in which they are embarked. When, after a fair trial, they cannot see the way to a successful issue, let them re-insure their risks on the best terms they can, and discontinue the bus. [EXPENSES OF MANAGEMENT.] [MIXED INs. Asso.] [MUTUAL INS. Asso.] [PAID-UP CAP.] [PROPRIETARY INS. Cos.] [UNCALLED CAP.]

CAPITAL PUNISHMENT, DEATHS FROM.-See EXECUTIONS.
CAPITAL, REDUCTION OF.-See REDUCTION OF CAPITAL.

CAPITANA.-Formerly the principal galley in a Mediterranean fleet—the Admiral's ship. CAPITOLO DEL REY EN PERE.-A Statute on maritime affairs promulgated in Barcelona in 1340 by King Peter IV. [BARCELONA, INS. ORDIN. OF.]

CAPITULARE NAUTICUM.-A code of maritime law composed in Latin, and pub. in Venice in 1255. [VENICE.]

CAPITULATE. From the Lat. Capitulo, to treat upon terms. Hence CAPITULATION: the treaty which determines the conditions under which a place besieged is abandoned to the commanding officer of the besieging army. Many questions have arisen regarding ships of neutral nations lying in the harbours of besieged ports; but these are all to be determined by the rules of international law. It is sufficient to say, in the words of Sir Wm. Scott [Lord Stowell], "A broad distinction has usually been taken between property afloat and property on land."-See Jacobsen, 1818, p. 502. CAPMANY, DON ANTONIO DI, a Spanish Historian and Legislator.-He pub. among various works the following, relating more or less to the hist. of marine ins. In 1779, Memorias Historicas Sobre la Marina, Comercio y Artes di Barcelona, wherein he confuted the errors of many previous writers. In 1791, Codigo de las Costumbres Maritimas de Barcelona, etc. The first vol. of this work contains a new ed. of the Consulado del Mare, under the title of Libro des Costumbres Maritimas, accompanied with learned annotations and commentaries, as well as with the more recent Spanish maritime legislation. M'Culloch speaks of this work as "worthy of the high reputation of its author." [BARCELONA, INS. ORDIN. OF.] [SPAIN, INS. ORDIN. OF.] CAPPER, CHARLES, M. P., the late, was Chairman of the Gt. Britain L. Was Man. of the Victoria Docks, and afterwards Chairman of the Southampton Dock Co., and also of the Dagenham Dock Co. He gave evidence before the Select Parl. Committee on Fires in the Metropolis in 1862; but as the same chiefly applied to the provisions against fire at the various docks, under which heads it will be found noted, we need not reproduce it here.

CAPSTAN. A mechanical contrivance used to work ships' cables. Said to have been first invented by Sir Samuel Morland, who died in 1695. He prob. was only an improver. CAPTAIN. A title derived from Capitano-head over everything. The captain of a merchant ship is a certified officer in the mercantile marine, entrusted with the entire charge of a ship, both as regards life and property, while on a voyage.

CAPTAIN'S ADVENTURE.-Goods taken to sea by the captain of a vessel for his own benefit as a trading venture. Such goods are ins. by the marine offices.

The Ordin. of France says: The master who may have ins. made on goods laden on his vessel shall, in the case of loss, be obliged to prove the buying of them, and produce a bill of lading signed by the purser or mate. The Ordin. of Bilboa says: The captain or master that shall load goods in his ship for his own account, or by commission, and shall get them insured, shall be obliged to leave in the power of a person of the insurer's allowing, a bill of loading and invoice, and account of them and their value, signed by the pilot or mate of the same ship; under penalty of the ins. being vacated in case of misfortune. We do not intend to pursue the subject. The above provisions show the precautions which are deemed necessary in such cases in the interest of the underwriters. [MASTER OF A SHIP.] CAPTIVITY, INS. AGAINST.-Admitting, as it must be admitted, that marine ins. claims the greater antiquity, we can readily see how, out of the development of maritime commerce in earlier times, there arose the necessity for the class of Ins. of which we are now about to treat, viz. INS. AGAINST CAPTIVITY. Under ALGERINE PIRATES, and also under BARBARY, we have in some sort prepared the reader for considering this branch of ins. Almost the only fact concerning it which we have not succeeded in fully unravelling is, at what period of time ins. against captivity commenced.

In a work called Le Guidon-supposed to have been written some three centuries ago, but first brought into note by M. Cleirac, in 1661—this class of ins. is fully set forth as follows:

I. In other countries, where the bodies of people may be captured and reduced to bondage, there are various usages for the ins. of the body and lives of men, whether they be of free condition, or slaves, which customs will not be mentioned here, because in France, men of whatsoever nation are of frank and free condition.

2. Notice only will be taken of what is practised in this country [France] by those who undertake distant voyages, as to the coast of Italy, Constantinople, Alexandria, or other like voyages in the Mediterranean and Atlantic Seas, on account of the fear which they have of the galleys, fustes, and frigates of the army of the Turk, or Corsairs, who make a traffic of the sale of Christians, whom they capture as well on sea as on land; which creates occasion for the masters and captains of this country, when they undertake such voyages, to stipulate with their merchant freighters, or others, for the restitution of their persons, in case they are captured; and this they can do even for the people of their crew. 3. In such a case, the master must, in the pol., estimate his ransom, and that of his companions, at so much per head; declare the name of the ship, the stay or touchings which it will make, the duration of each stay, and to whom the ransom is payable. The insurer is bound to pay the sum ins. for the ransom 15 days after verification and certification of the captivity, without waiting for the usual two months' delay; and without other formality of seeing freightage, bill of lading, or charter party, it will suffice to produce the attestation of capture and the policy.

4. Pilgrims going to the Holy Sepulchre of Jerusalem, or on other distant voyages, may effect ins. for their redemption, valued at a given amount. Description shall besides be made of their persons, names, surnames, country, abode, age, and rank; and, moreover, limit shall be made as to within what time they undertake to make and accomplish the voyage; the longest period shall be of three years inclusive, without admitting excuse of illness, or other detention whatsoever. In imitation of the preceding, those who undertake journeys or vows for a lengthened period, or a passage from one country to another, may insure for their ransom.

It has been considered by some writers that the mention of ins. in the Laws of Wisby, under date 1541, related to ins. against captivity; but we do not place very much reliance on this code.

Malynes, an old English writer upon Marine Ins.,-his work, Lex Mercatoria, pub. 1622, -speaks of a species of ins. practised in his time, in the case of travellers undertaking a voyage to Jerusalem or Babylon; but as it appears more nearly to resemble Life than Captivity Ins., we reserve his statement for that head. See also CASUALTY INS. The famous Ins. Ordin. of France, 1681, contains the following:

IX. All seamen, passengers, and others may have ins. made on themselves against slavery. In this case the pol. shall contain the name, country, and place of abode, age and quality of the person whereon ins. is made; the name of the ship, of the port she departs from, and whither she is ultimately bound; the sum which shall be paid in case of capture, as well for the ransom as for the charges of return; to whom the money shall be paid; and the penalty for non-payment.

X. We forbid making ins. on the lives of any persons.

XI. Those, however, who shall redeem captives may ins. on them the price of their ransom, which the insurers shall pay, if in their way back they be retaken, killed, drowned, or if they die otherwise than by a natural death.

Valin, in his Commentary, says: “By application of the disposition of the abovementioned article to a similar case, the custom hath been introduced in France, with regard to voyages to Guinea, to insure black captives [slaves] from thence to the Colonies." Molloy, writing in 1682, says :-"Assurances may be made on the heads of men,

as if a man is going for the Streights, and perhaps is in some fear that he may be taken by Mores or Turkish pirates, and so made a slave, for the redemption of whom a ransom must be paid, he may advance a premio accordingly upon a pol. of assu., and if there be a caption, the assurer must answer the ransom that is secured to be paid on the policy." It does not seem clear whether the Amsterdam Ins. Ordin. of 1598 contained any provisions regarding ins. against captivity; but a new amplification of the Ordin., promulgated about 1688, provides as follows:

That in like manner it shall be permitted to ins. the simple ransom or redemption of captains and sailors who run a risque of being taken by corsairs, and that upon pol. (of which the plan shall be given herewith), the which ought to be marked by the Sec. of the Chamber, who shall have three stivers for each, as for other pol., upon penalty that if they are not marked by the said Sec., they shall not be valid; and that the brokers who shall make any pol. in a different manner shall pay 50 guilders mulct for each, etc.

A form of pol. is provided by this Ordinance. [See 1744.]
Leybourne, in his Panarithmologia, pub. 1693, says:

Some assurances are likewise made on the heads of men; as if a man going for the streights, and, perhaps, is in some fear that he may be taken by Moors or Turkish pirates, and so made a slave, for the redemption of whom a ransom must be paid, he may (ere he goes on ship-board) go to the Ins. Office and advance a prem. accordingly upon a pol, of assu.; and if he be taken into slavery in the voyage, the assurer or assurers must answer the ransom that is secured to be paid on the pol.

The expression that he may "go to the Insurance Office" requires explanation. The

Ins. Office was the office then existing for regulating Marine Ins. ; and the underwriters of marine pol. also undertook these risks against captivity. [CHAMBERS of Ins.]

In 1711 there was projected in Lond. the Original Office for Ins. Officers and Seamen, Sums of Money on their being LOST or TAKEN, and relieving their Widows and Orphans. We shall give some more details concerning it under hist. of LIFE INS. In the same year another similar Ins. project "for the encouragement of navigation for masters, mates, and other seafaring men that are burnt, sunk, or taken." This will also be spoken of again under LIFE INS.

In the Ordin. of Konigsberg [PRUSSIAN MARITIME LAWS], promulgated 1730, there is the following:

X. All ins. on expected gain, wagers, or such inventions, future freight-moneys, seamen's wages, and men's lives, are universally forbid, and declared of no force; the seamen are, however, permitted to ins, what goods and effects they may have; nor is any one going on a hazardous voyage prohibited from ins. by a pol. lawfully executed a certain sum of money for his ransom in case of being taken.

The Hamburg Ins. Ordin. of 1731 contains the following :

Title 10.-Of assu. against risk from the Turks, and upon men's lives.-I. Although according to the regulation in art. vii, of title 4, the risk against the Turks is commonly included, when an ins. is made against the risk of the sea in general, yet when the same is made upon the risk against the Turks only, whether it be with respect to the ship, or goods, or the liberty and life of any person, then the assurer is only answerable for that, and for no other risk of the sea whatever.

II. In all assu. which regard the ransom of a person out of Turkish slavery, or the lives of them, if in the latter case they should be killed in fighting against the Turks, or die in slavery before they are redeemed, the policies numbers 5 and 6 hereto annexed shall be made use of, as before mentioned; and the name, station, and quality of the person upon whose liberty and life the assu. is made must always be express'd therein.

III. As soon as advice is received that the person ins. upon is taken and carried in by the Turks, the assurers shall, within the space of two months, pay the respective sums they have underwrote, without deducting 2 p.c. as otherwise is usual, in full of the stock for redemption of slaves at the Admiralty here, and from thence the money is not to be delivered to the party who undertakes the redemption of the person out of slavery, till the prisoner is actually at liberty, and arrived on the Christian shore.

IV. If a person carried into slavery, and upon whom assu. is made for his liberty and ransom only, but not for his life at the same time, happens to be killed in an engagement, or dies before he is redeemed, then the money, in case the assurers have already paid it, shall be returned to them, only 10 p.c. of the sum underwrote is to be left behind for the benefit of the wife and children of the deceased, and as to anything else the assu. becomes thereby void.

V. But if the assu. is at the same time likewise or more particularly made upon the life of any person, that is to say, in case such person was to die in slavery before redeemed, or be killed in an engagement against the Turks, or otherwise die a natural or accidental death, by water or on shore, during the voyage, then the assurers must pay the sum underwrote by them to the party that made the assu., within the usual time immediately after advices, that may be depended upon, have been received thereof, and been duly intimated to them.

VI. By risk from the Turks is only and merely the danger from actual Turks and Barbarians, and not from other pirates or cruizers at sea.

The forms of pol. referred to above are then given; they are numbered 5 and 6. The former, which is a L. pol., will be given under LIFE INS. The other is as follows:

.

VI.-Policy against risk from the Turks, and on the money to be paid for ransom.-We, the underwritten assurers, for us and our heirs, assure unto each of us the respective sum signed hereunderneath, at p.c. prem., upon the person of , sailing as... on board of the ship called. . ., bound from ... to..., or if this ship should happen to be lost, or by any other means rendered incapable to finish her voyage, then upon such ship or ships, whereon he shall embark himself in order to complete the aforesaid voyage, and on every way whatever, whether by water or by land. Pray God conduct him in safety! We take upon ourselves the hazard and risk of the liberty of this person, the said in case he should be taken prisoner by any Turkish, Moorish, Barbarian,

or other un-Christian pirates and cruizers, and be carried by them into any of their ports into slavery. And if such a misfortune should happen to him, which God forbid! then we promise to pay the sums by us respectively here underwrote into the public bank of this city for the redemption of slaves, towards his release and ransom, within 2 months at furthest after certain advice has been received of his being taken, and upon producing this pol.; with this proviso however, that these sums we have underwrote hereunto shall be employed to no other purpose but the ransom and release of the person above mentioned, and whatever may depend upon procuring him his liberty. We consequently submit ourselves in all these respects to the Ordin. of this City of Hamburg, relating to assu. and averages, with all the clauses and conditions thereof, whether printed or added hereunto in writing, which latter shall be equally valid with the printed ones, or even preferable to them. For the true performance whereof we bind all our goods and chattels, without fraud or deceit. Thus agreed by ..., Sworn Broker, Hamburg, the . . .

The Ins. Ordin. of Bilboa, 1738, which in the main merely re-enacts the provisions of an earlier Ordin. of 1560, after forbidding ins. on imaginary gains, and on men's lives, continues :

XIII. But all sailors and passengers may freely get the liberty of their persons insured; and in this case the pol. shall contain the name, habitation, age, and condition of him who gets himself ins.; his marks and other circumstances that shall distinguish him; and the name of the ship, the anchoring place where she is, and the port she is bound to; the sum to be paid in case of capture, or bondage, as well for the ransom as charges of returning; to whom the money is to be delivered; and under what penalty; signifying the term in which the ransom ought to be made, by what means, and in whose care the soliciting of it shall be committed.

XIV. If it should happen that the assurer having complied with the remittance of the money ins. for the redemption of the captive or prisoner, he should die before being ransomed, or at liberty; the recovery of the money which the insurer shall have disbursed and remitted for the said ransom or liberty shall remain for his account and risk, because in such case it shall belong to him.

In the Amsterdam Ins. Ordin. of 1744 there were special provisions regarding ins.

against captivity, and a form of pol. was provided. The clauses relating hereto [xiii. and xiv.] and the form of pol. we have already given under AMSTERDAM, INS. Ordin. of. The Ins. Ordin. of Copenhagen, 1746, says, “No ins. are to be allowed on uncertain and precarious things; or imaginary or such kind of profit, or on the men's lives, except for ransoming from Turks and pirates."

The Ins. Ördin. of Stockholm, under date 20th Oct., 1750, says:

Art. 9. Of insuring the ransom of seafaring persons in case of being taken by the African corsairs.-I. Under this ins. are understood only the dangers and accidents to which a seafaring person is or may be liable from Turkish, Moorish, or Barbarian ships, or corsairs, exclusively of pirates, unless it be otherwise agreed on betwixt the insurers and the insured.

II. A seafaring person being taken by the afore-mentioned nations, and carried into slavery, the insurer shall, without any deduction of the 2 p.c. usual in other cases, and within the term of a month after proper and certain proofs are made of the capture, pay to the true owner of the pol. the sum therein insured on his person.

The form of pol. given in this Ordin. for this branch of ins. greatly resembles that of Hamburg.

Magens, a most learned writer upon marine and other branches of ins., in his Essay on Ins., pub. 1753, says, “All Ordin. of ins. allow such contracts to be made regarding captives in slavery; but the contracts are to subsist no longer than the bondage does, or till the person be redeemed.

In Ricard's Negoce d'Amsterdam, pub. about the middle of last century, we find the following:

The 24th art. of the first Ordin. of Amsterdam [we do not think the Ordin. of 1598 is here referred to] prohibits the making ins. on any lives whatsoever; and many people confound liberty with life, imagining that ins. the one was not more lawful than the other; which occasioned many difficulties between the owners of ships and their captains, bound to the Mediterranean, and adjacent parts, where they run the risk of being taken by the Turks when at war with them; and on the least rupture that we now have with any one of the States of Barbary, the captains designed for the Mediterranean will by no means sail fill their owners have insured 3 or 4000 guilders upon their liberty, in order to redeem them with this money, in case they are so unfortunate as to be taken.

Mr. Francis, in his Annals, Anecdotes, etc., 1853, gives the following passages in elucidation of the necessity of ins. against captivity :

And in those days there was not merely a risk of storm and whirlwind. Man was more cruel than the tempest; and the galleys of the Turks were then as much feared by the masters of trading vessels as the corsairs of the Algerine were dreaded at a later period. They roved the seas as if they were its masters; they took the vessels, disposed of the cargo in the nearest market, and sold the navigators like cattle. The only way of mitigating this terrible calamity was by some mode of ins., to procure their rescue if taken; and we find that to attain so desirable a result they paid a certain prem. to their merchant freighters, who in return bound themselves to pay a sufficient sum to secure the navigators' freedom within 15 days after the certificate of their captivity, the ordinary days of grace being lessened on such policies.

In those days also, when crusades were common, and men undertook pilgrimages from impulse as much as from religion, it was desirable that the palmer should perform his vow with safety, if not with comfort. The chief danger of his journey was captivity. The ballads of the fifteenth century are full of stories which tell of pilgrims taken prisoners, and of Emirs' daughters releasing them; but as the release by Saracen ladies was more in romance than reality, and could not be calculated upon with precision, a personal ins. was entered into by which, in consideration of a certain payment, the assurer agreed to ransom the traveller, and thus the palmer performed his pilgrimage as secure from a long captivity as money could make him. It is true that his care for his personal safety may detract somewhat from a high religious feeling; but truth is sadly at variance with sentiment, and the pilgrims of the Crusading period were but too glad to lessen the chances against them.

We do not think there can be any doubt but that these captivity ins. led very much up to the practice of L. ins., or that they were often substituted for it in States where L. ins. was forbidden. [CASUALTY INS.] [INS. WAGERS.] [LIFE INS.] CAPTURE.-The taking by an enemy as a prize, in time of open war, or by way of reprisals, with intent to deprive the owner of all dominion or right of property over the thing taken. It is deemed lawful when made by a declared enemy, lawfully commissioned, and according to the laws of war; unlawful when it is made otherwise. Its legality or illegality does not affect the liability of the underwriters as against the insured: whether lawful or unlawful, he is equally liable.-Emerigon; Arnould.

The ordinary pol. of marine ins. contains the following:

Touching the Adventures and Perils which we the assurers are content to bear and do take upon us in this voyage, they are of the seas, men-of-war, fire, enemies, pirates, rovers, thieves, jettisons, letters of mart and countermart, surprisals, taking at sea, arrests, restraints and detainments of all kings, princes, and people, of what nation, condition, or quality soever.

Far on the horizon's verge appears a speck,

A spot-a mast-a sail-an arméd deck.-Byron's Corsair.

The underwriter takes upon himself the burden of all loss or damage thus occasioned, whether it consist of injury to the vessel's hull, spars and rigging, by an enemy's shot or shell, or by other hostile acts, or the total destruction of the property insured, by the operation of the same causes. As, however, merchant vessels do not generally offer resistance to the attack of an armed ship, the casualty which most frequently results from hostilities is capture.-McArthur.

Captured property is not considered to have been diverted from its original owner until it has undergone sentence of condemnation in a legally constituted court of the enemy [PRIZE COURTS]; but the insured may abandon to the underwriter, and claim for a total