The British Press; or, Morning Literary Advertiser.
London, England, 1826-10-31 00:00:00

THE ST. PATRICK INSURANCE COMPANT•

[From the /elegem*. I

It is not very much a subject of surprise, with any man
who has observed the disposition of the human mind to
magnify every eVil and prognosticate every misfortune,
that in a case where a great multitude of persons are deeply
interested, whose apprehensions and fears are itt the exact
ratio of the risk they have at stake, it would be a matter Of
such difficulty to compose their nerves, allay their appre-
hensions, and keep down their suspicions. The f:elings
which have been displayed at the various meetings of the
Proprietors of the St. Patrick Insurance Company were to
be anticipated. It was quite natural that a great body of
men, whose entire property Was involved in the result of
the deliberations which took place should be variously agi-
tated by hope, by fear, by suspicion, by a jealousy of all
and every tl►ing around tl►em, and an apprehension that
they were going on from bad to worse, from the positive to
the superlative degree of misfortune. We were, there-
fore, prepared to hear much unworthy observation—much
of informant invective, as well as idle declamation, against
characters who were themselves the greatest sufferers, and
whose fate would be first pronounced when the storm of
prosecution approached. But now that the tide of public
indignation and public vengeance has fully flowed in, and
that public feeling has 1 e u:► to ebb, we will be permitted
to make a sober and disinterehted appeal to the good sense
and public spirit of the great majority of the Proprietors
of the St. Patrick Insurance Company.

It is quite char that it, is necessary to make a great effort
to rescue the whole Company from a responsibility which
might ultimately involve their entire properties; and that
this effort should be made promptly is equally obvious to
every observer. According to the Report of the Committee
of Proprietors, the Company will enjoy ample resources to
meet all possible exigencies, on the condition of paying up
their instalment of 2/. 10s. on their respective shares ; or,
in other words, the addition of 50,000/. to the capital of the
Company, will enable it to meet all risks, and not only to
' meet all possible engagements, but to go on with the busi-
ness of the Company with se much spirit, and, we will say
confidently, with more knowledge of its duties, than, perhaps,
any other Company in Ireland. What, then, are the diffi-
culties to be overcome, in order to effect such a result? In
our minds, the difficulties are few and inconsiderable.
The great majority of shares are in the hands of men who
see their way clearly, and who are impressed with the per-
fect practicability, not only of meeting all exigencies, but
of completely resuscitating the character and credit of the
Company. Those who will be a bar to such an arrange-
ment, or who will not be willing to pay up the called-for
instalment, hold the. fewest number of shares; they are
the late speculators on the fears of those they putcltased
from, and make a loud and noisy clamour on points which
other extensive Shareholders treat with contempt.

These men will d:e hard—they will endeavour to
infuse their fears into their wealthier neighbours, and
to bring the latter down to their own humble level,
because they have not themselves the means to main-
tain their ground. But, as we said before, the men we
now describe are comparatively the boldirs of a small num-
ber of shares, while the great holders will pour in their
instalments, find a sufficiency will be obtained to meet all
fair and legitimate demands. 1t is agreed on all hands
that the entire possib!e responsibility to which the Com-
pany may be subjected, even according to the calculations
of the mast alarmed, could not exceed 70,000/. It also ap-
pears that the r nources of the Company, without any ad-
ditional instalment, are upwards of 40,0001. It also ap-
, pears, from the testimony of the most respected among the
Directors and Proprietors, that the possible losses by
agents, some of whose securities were considered imperfect,
will not be one-third the amount.

Wird, then, is the fact?—That, including the called- I
for instaltneut of et. los. on each share, the resources of
the Compauy would not be kss than between su and
100,000/. to meet the possible demand of 70,000!. But,
from what we have heard and seen, we are satisfied that
sixty thousand pounds will more than meet any possible
7xigency. But let us be understood: we thus argue on
:he condition that the instalment of 21. lOs. shall be paid
in—that all demands shall be promptly answered—that the
sword of litigation shall not be unsheathed—that the rapa-
cious attorney, like the wolf, shall not be suffered to go
abroad .seeking whom he may devour. Indeed, if public
infatuation should be so great as to leave the Company ex-
7,mM to such a visitation, we know not what amount of re-
sources would be t'qual to meet the demands of the harpies
of the law—then there would be no shelter but in the
obscurity and indigence of the individual—the wealthy
and independent Director or Proprietor would be the
first victim, and the small fish might afterwards be
swallowed. But what is to restore public confidence?
We will answer, the existence of two circumstances ; the
first, the possession of such increased capital as will meet
all possible demands ; the second, the appointment of such
a Committee of Direction as the severe and suspicious scru-
tiny of the Proprietors may elect. It is admitted that,
among the Proprietors and Directors of the St. l'atrick In-
surance Company, such a Committee could be easily found,
and it will not be denied that the experience of the past
would demonstr►te the necessity of a ftequent examination
and inspection of the conduct of any Committee, however
respectable, which may be appointed. Instead, therefore,
of idle and unworthy suspicions, unmanly invectives, or
womanish apprehensions, the St. Patrick Insurance Com-
pany should put their shoulders to the helm, and though
the storm has raged and the waves have rolled mountains
high, we have no hesitation in saying, that the ship may
not only be righted, but that she may once more put to
sea, perfectly confident in her strength, and in the hope
that she will ultimately reach the haven of prosperity.

We are informed that an adieu is to be brought against
Mr. Sergeant Wilde for special damages, sustained by the
plaintiff in the Sandywell cause, in consequence of his non-
appearance at Gloucester, on the retainer he had accepted.
This will raise a curious and very important question. On
a common retainer a Counsel subjects himself to no re-
sponsibility—he cannot bring an action for his fee, and
therefore not subject to one in consequence of any damage
from his non-attendance ; but in this case the relative situa-
tion of counsel and client assumes a different character—
the former entering into a special contract, and receiving
payment of the consideration.—Sunday Paper.
PCIITII.—A respite, during his Majesty's pleasure, of
the sentence of death pasted at the late Justiciary Court
upon Duncan Clark and John Locky, was received in town
on Saturday morning. The Lord Provost and Bailie
Wright lost no time in communicating the joyous intelli-
gence to the two convicts. Clark, on being apprized of the
prolongation of his forfeited life, feelingly and gratefully
exclaimed, "God bless his Majesty and Mr. Peel !" Locky,
who occupies a separate cell, heard the interesting Informa-
tion with the sullen and stoical indifference that has marked
his demeanour since his conviction. The news of Clark's
rep:it:ye circulated almost with the rapidity of electricity
through the city, and was every where the cause of heart-
felt congratulation ; nor did this general expression of joy
indicate in any way a mitigated abhorrence of the crime
for which the unfortunate individual was sentenced to
suffer. The dubiety which still exists as to the prisoner's
guilt, when associated with the extreme innocence of his
former habits, justifies the prevaling anxiety that was felt
and expressed for an extension on his behalf of the Royal
clemency.—Dandee Adverliver.
SIGNS or Tile TIN vs.—A tradesman being recently
arrested in the west riding of Yorkshire, he sent for two
of his neighbours to give bail for him, who, on their arri-
val, were accosted by the Sheriff's officer with " I'm glad
to see you, gentlemen; I have a writ for each of you, and
your coming hither has saved me the trouble of seeking
you." The domestics of a family residing in Halifax,
were last Monday morning, at an early hour, thrown into
a state of considerable alarm by a well known commercial
traveller, coming rolling through the ceiling of the false
roof into one of the rooms below. On being called
upon to explain the cause of so extraordinary a visit,
' lie said that he had been closely pursued by a Sheriff's offi-
cer, when he took refuge in the false roof, from winch by
' an accidental slip he ,had been precipitated into the room
below, and now claimed safe convoy, which was very rea-
dily granted to him.

THE BRITISH PRESS.

LO DON UNIVERSITk.

A General Meeting of the Proprietors of the Loudon University.
was held yesterday at the Crown and Anchor Tavern, Strand, to
receive the Report of the Council previous to the commencement
of the building.
At one o'clock idit slaty ',topsiders had assembled, amongst
whom we noticed Lied Auckland,' Mr. Brougham, Mr.
Hume, M.P., Cel.Seashope, CoL Jams. Mr. Camphtll, and se-
verahodier distinguished pesdigam
Lard Auc.a LAND. 1111,1DX been called to the Chair, briefly stated
that the blest* had ken called for the purpose of promoting an
unreserved goosettaktadon and complete satisfaction between the
Council and Proprietors, the former conceiving that, before they
eommenced the important proceeding of building, it was material
that the Proprietors should kuow how they stood, and what mea-
sures hut been adopted.
The Secretary ( Dr. Cos) then read the Minutes of the last
Meeting, and the Report of the Council, of which the following is
- -

a copy --
6 The Council constituted by the deed ofsettlement, bearing date
the 11th day of February last, have proceeded incessantly in pro-
moting the great nhiect intrusted to their care, and have convened
this first General Meeting of the proprietary according to the pro-
visions of that deed, for the purpose of submitting to them the pre-
sent state of the funds of the Institution, the proceedings hitherto
taken by the Council, and the further measures they would re-
commend to the Proprietors for their sanction, with a view to the
gradual completion of the proposed establishment.
" To this Report is subjoined. by way of Appendix, the half-
yearly balance sheet of the several sums received and paid on ac-
count of the Institution up to the 11 di of August last, as checked
and verified by the auditors.
" Subsequently to such account, further subscriptions have been
received, whereby the number of shares on which the deposit has
been paid has been Increased to 1157, in addition to which up-
wards of 143 shares have been subscribed by individuals of the
, greatest respectability, on which, owing to various causes, the pay-
ment of the deposit has been delayed, but may be considered per-
fectly secure. The total amount of shares actually subscribed may
be thus stated as amounting to 1300.
" The Council were desirous of obtaining further subscriptions
to the extent of 1300, constituting the suns of 150,0001., the smallest
amount of capital prescribed by the deed; but obstacles presented
themselves, arising not less from actual pecuniary difficulties which
many laboured under,who would otherwise have zealously supported
the cause, titan from thegeneral prevalence of that distrust which tire
failure of so many speculative undertakings had induced. In these
circumstances. the progress of the Institution must have been sus-
pended until the restoration of confidence thus for a time disturbed,
had the Council not been encouraged and supported by the voluntary
aid of several Individuals who took upon themselves to subscribe
the deficient 200 shares, for which they have consented to become
responsible in all respects, subject only to the sanction of the Pro-
prietors to a declaration that the capital of the Institution shall
be considered as limited to the sum of 150,0001. until such 200
supplemental shares shall be replaced by subscribers to that
amount. The engagement entered into by these Proprietors con-
stitutes N 0.2, in the Appendix.
66 The capital required having been thus provided for (exclusive
of 6331. contributed by way of donation), the Council were enabled
to proceed in the exercise of the powers confided to them; but the
only material step taken by them has been, a selection from among
the several plans submitted to them, 'of that designed by Mr.
kins—a selection in which their own judgment coincided with that
of almost every Proprietor who inspected the drawings ; and the
Council are enabled to state that the work in its execution will
have the benefit of Mr. dandy's superintendence, in conjunction
with Mr. Wilkins.

" The wish of the Council will appear to have been rather to
select a great design suited to the wants, the wealth, and the mag-
nitude of the population for whom the Institution is intended, than
one commensurate with its present means; but as they were de-
termined to take no step in this important part of their trust, with.
out first ascertaining and limiting the utmost extent of expense to
which any contract or engagement might lead them, they adver.
tised for tenders, by public competition, for the execution of the
works. The lowest offer was made by Messrs. Lee, who engaged
to complete the buildings for the sum of 107,0001., exclusive of stone
ornaments, to the amount of about 3,0001.
" This sum exceeds by flO,Util l. tl:e estimal made by Mr. Wil-
kins, who, in explanatittn, has slated that his specification in the
quality or amount of the materials goes far beyond the usual
course of building, his main object having been to give durability
and beouty to a building which would find but few in this country
to vie with it.

" In the present state of the subscription, and with the design of
the building so far matured, the Council consider themselves fully
justified in assuming that, after making a more than adequate al-
lowance for any .probable defalcation, a clam sum of 100,000/. will
still remain available for the immediate objects of the Institution ;
and, alter minute consideration of the circumstances, they feel as-
sured that, with that sum at then disposal. a poi lion of the building
may be forthwith erected, adequate to the accommodation of the
medical school, and of all the elastics composing the more essential
parts of a good education, leaving a sufficient surplus fur the putt.
elia-e of a library and museum, and as much as may be absolutely
requisite for salaries to professors. A portion of the building, coin.
prising the library, two museums, tour great theatre& of instruction,
and about twenty-six other rooms, and affording ample accumulate.
tion for the objects immediately proposed, will require an outlay,
including fittings, of' about 50,00 a, to which adding 10,000/. toe
the library and museum, and a lake sum to meet contingencies, sa-
laries, and other incidental expenses, the whole would amount to
70,000!., which, with the 30,000/. alreasy paid for the land, make
up the sum of 100,0004
"To that except, for the present, the Council would bound their
views, not doubting for a moment that, as the building proceeds,
and the merits of the undertaking are gradually developed, it will
obtain such additional encouragement and support (by an increase'
of subscriptions to the extent of 300,0001., the maximum of capital
contemplated by the deed of settlement) as will, at no distant day,
amply provide for the completion of the buildings, and for. the full
establishment of the Institution on as liberals scale as its most san-
guine friends can desire. 1
" The Council therefore propose, that the contracts for the '
building be entered into in such subdivisions of it as shall from
time to time be required, and be so framed as to admit of the
completing or abandoning any. such subdivisions upon due notice
at the will of the Council, strictly adhering, as they pledge them-
selves to do, to the provisions of the deed of settlement, and to the
fixed principle they have established, on no account, and in no
circumstances, to incur a liability beyond the amount of the re-
sources under their control. In the mean time, and as the only
measure which consists with the season, they are desirous of com-
mencing operations by causing the foundations to be excavated,
which will he done under a distinct contract, and at a cost not ex-
ceeding 1000/.
" The Council, having given in their Prospectus a general view
of the ends proposed to be attained, are unable at this early period
to enter into any further detail ; all more specific regulations and
arrangements most brim subject for future consideration, as exi-
gencies arise and experience is obtained. All they can now do is
to sulmit to the Proprietors the expediency of sanctioning the
Council in immediately commething the excavation of the ground,
and proceeding to the gradual erection of the buildings in portions
under separate contracts, as already suggested ; for the aceom.
plishment of which, further instalments of 10 per cent. on the
subscriptions, at intervals of six months, will, it is believed, prove
perfectly adequate.
" Three months may probably elapse before these preparations
can be completed, after which the Council propose an address to
his Royal Highness the Duke of Sussex, requesting him to lay the
first stone of the building, his Royal Highness having been pleased
to add his name to the list of proprietors, at the same time ex-
pressing much interest in the success of die Institution, and an- I
nouncing his intention of becoming one of the first donors to the
library."
Mr. Stitrooan then moved the first Resolution, which was to
the effect, that the Report should be received and entered on the'
books.
Mr. Betionwast then wise and observed, that for the informa-
tion of those present he should shortly endeavour to explain one
part of the Report which the Sleeting was called upon to sanction ;
it was that part which related to the 200 supplemental shares which
had been conditionally taken by some highly respectable and pub-
Ile-spirited gentlemen. The Sleeting had already beard that the
deposits had been actually paid on about 1,157 &bares. About in
dims bad who been taken by some most respectable gentlemen, on
Widelt deposits had not been paid from various accidental reasons,
and not that the subscribers lad any difficulty in paying the amount
of their subscriptions, or felt any unwillingness to do so. In sonic
Instances Gentlemen were on the Continent, and neglected to pay
their subscriptions; and, in one instance which had just come to
his notice, &gentleman went out of town, and forgot to leave orders
for the payment. He had met rids gentleman a short time ago. and
be had promised, when he returned to town, the subscription should
be instantly paid. Ile need only mention that Mr. Denison was
the individual he alluded to, than whom the Bank of England was
not more secure. (Herr.) There was not the slightest doubt that
the deposits would be paid on the whole of those 127 shares, so that
it might be estimated that in all 1,300 shares were subscribed for.
The Council then found themselves in this situation • by the deed
of settlement—.whether properly or improperly it was not now to
consider—the Proprietors had bound themselves not to begin, nor
to consider themselves in existence for any effective purpose, until
1 500 shares had' been subscribed for. As he had before stated,
only 1,300 shares had been subscribed for, so that go on they could
not, and time was lost. As to motley, they had already sufficient
to start the concern. The whole amount of subscription on 1,500
shares was not necessary at the commencement. Little more then
100,0001. was considered Mulch foe completing a library, museum,
lecture-room, and going on for perhaps a couple of years. The
centre of the building, without the portico, wo all that It
was deemed necessary at first to erect. Notwithstanding all
this, the Council thought it was better sot to sudlici themselves
to an Imputation of flying In the face of the deed, and as It were
subverting the Cooatitutioo under which they had existence. They
thought it much better to me up to the words as well as the spirit
of the rule, which had been agreed upon, after a full, anti he aught
say a Imnlfinising. dissaiss. When this tesolution was stated in
the Council, two klembere of that Council—he might be excused
for mentioning unit anaesa...Mr. John Smith and Mr. Goldsmid,
came forward and declared their willingness to be accountable for
103 shares, or be/shares each, open the condition that Oils provi-
sional responsibility should be abeelred as soon as direct subscribers
were found for over the number of 1,550 slisv;l4 (Applause.) Au
application was then made to .51r. Morrison in the City, and that
very evening lie (51r.
uid R. received a letter from that demon,
stating his willingness to follow the example of M. Sn • dlr.