The British Press; or, Morning Literary Advertiser.
London, England, 1826-07-12 00:00:00

MUTUAL MARINE INSURANCE COMPANY.

An extraordinary meeting of the Proprietors of this C nnpany
took plate yesterday, at the City of London Tavern, for the put.
poet of receiving the annual statement of the Chairman and Di-
rectors. Mr. RICJ*RD in the Cbair.
The CHAIRMAN opened the business of the day, by stating that
they were assembled fur the purpose of laying before the Pruprie.
NM a statement of the transactions and funds of the Society, from
August 1824 to Dec. 1813. By the deed of settlement, the Board
of Directors were required to lay before the Proprietors, in July of
each year, an annual statement of the proceedings of the Institution
up to the December prCeeding. But as the Society was formed
in August, 1824, the present Report necessarily included a
period of s,steen months and a half, and therefore the Report
was burthened wish a period longer tha that which
n regulrencearly
attaehed to it. It was also important to state, that in refe
to the profit and loss, it was very desirable that the profit and Item
should be brought to attach itself exclusively to each year. In
the account which they had to present, it so happened that the So-
ciety lied had to encounter four unfavourable, but not one favour-
able season. There were two autumns, one whole winter, part of
another, and only one summer; and thee/Marc it would be
obvious to every underwriter and gentleman that It was im.
posaible that the Institution could have had a more unfavour.
able opportunity to contend with. No doubt ell would recollect
the calamitous period of November 1824, when the greatest losses
on the best of risks in the annals of underwriting were sustained.
It would be folly, with thedifficulties which the Society had had to
contend with, to talk of profit; it was rot the intention of the Dia
teems to come forwent with any such pretence ; but in an imps?.
dal and just account their cause had nothing to fear, for candour
courted discussion and in the Report which would be submit,ed. the
Proprietors wouhl find a faithful and aaeuratesaposeof their affairs.
The deed by which the Company wasregulated required the arrange-
ment of the transactions of the Institution wider two distinct heads—
the one called `'` the Proprietors' fund account," and the other the
" Assurance fiend account." As regarded the assurance fund ac-
count, there was a surplus; but in the Proprietors' fund account,
there was deficiency, owing to certain losses which had been oc-
casioned by the distressing events that had occurred in November,
1894. If the year 1823 had stood alone, it would have shewn a profit
nearly equal to what was anticipated when the Society was formed.
llowever, when a deficiency matte, the Lirectors were metered to
mike a call for a further payment by the Proprietors on the amount
of their ?thane. The Directors had no option in this respect, what-
ever might be the awe as regarded the Court of Proprietors. Ile
confessed that he had nothing to propose on that head ; of course
the Court of Proprietors would form their own judgment upon it.
The object of the call was, that the Directors should be possessed
of available funds, to meet any loss or losses that might occur, and
to givi consequent security, by being prepared for every contin-
get cy. The Society had met with great difficulties, and yet he
was happy to say they had a sum of 90.1401, in hand, while they
knew of no loss that would materially e Luce that amount. The
accounts would, however, he laid before the Proprietors, anti they
would be able to judge for themselves. Although the acconnt for
vie year 1825 would chew a profit, and the half year fur 1826 a still
greater, yet he was fitly aware that those periods were of too short
duration to come to any satisfac'ory conclusion as to ultimate suc-
cess. Ile confessed that his hopes of success rested on a sounder
tied more sacred basis—on the print iple of tae Institwion, which
was sound of Wier, and just as regarded its operation. Ile did not
mean to say that the n was perfect, far horn it—there were
amendments th t could be ad p ed, and such he hoped sooner or
leer to see proposed. In whatever department of science or art
imprr vemi nt was to be made, it could not be attained at once ; tor
perfection was not in man, and time and experience alone could
attain it. Yet they Mght modify and alter the structure where the
foundation was good; arid such, lie venturcul to assert, was the
case with their Institu inn, which was placed on a rock. For its
success they were much indebted to their excellent Managing Di-
rector (fir. Staniforth); and he felt confident that the Mutual
Marine Imurance Company would prove one of the most usefui
Inetitutioes in the metropolis.
Ti ,e Report was then rad, which was little more than an echo of
the circumstances detailed in the Chairman's speech. It alluded to
the great losses sustained by ti.e Society in November, 1824, when
ships of the most unexceptionable kind became losses ; it also stated
the circumstance of the Society having insur.d the Kent (which
was burned) in 10.0001. ; and that a very coadderable loss had
been swtained in the Bengal River. That although there was a
surplus on the insurance fund account, the Directors d'd nut Ti C3lll.
emend a dieidend beyond the interest to the Proprietors ; while, as
regarded the Proprietors' fund, the accounts of expenditure ex-
ceeding the profits, it would be necessary, under the deed, to call for
an instahnent of 13a. Ikl. per cent. on Mil share, the interest on the
W. paid on each share to be taken in pert of such call. The amount
of capital on the assurance fund account haul been 13.000,0001., tie
Premiums paid on which was £272,214 16 10
Losses and averages . . 228,807 0 1

Balance on t'te asturenc t. fund account to the 31st
Dte. 1325 £43,407 16 9
The balance on the Proprietors turd account was 65,8601., but
which was subject to r.ations d Auctions; but when they wore made,
the mut available fund of the Socie.ywould stand at 96,5091, and
whien was invested in various teturiatit ; and the whole of the ac-
cmir :a were stated to have hero regularly audited.
Mr. DEWAR begged to ask the Chairman, with respect to the
number Mamma, if they had been all disposed of ?
The CHAIRMAN add they bad not.
Mr. Drwait wished to know if any had been returned to the
Company. in cons. qaence of the death or bankruptcy of the parties
to whom they had been allotted ?
TheCuAmSMAX said none had so come back into the hands of
the Co.npany, to his knowledge. 'I het,: was a claim in the deed
which allowed them to he dispeoed of.
Mr. DEwrat said, then he was to consider that none had been
returaed.
The CH tltlckx said, certainly, no e there were 13,439 Shares
HOW out. which had been disroted of to 295 Proprietors.
Mr. Dcwart wished to understand from Mr. Allen, whom he
saw preset t, and who was the legal adviser of the Company. whe-
ther the 13.439 Proprietors were not responsible to the amount of
5,000,0001., to which extent the capital of the Society went.
The CHA in DIA N—Certainly not. Every care had been taken to
take the Iti;best legal opinion upon that subjtct, and it decidedly
exonerated them from that tesponsibility.
Mr. DF.WAR expressed hlinttlf perfectly satisfied, and comoli.
mewed the Chairman upon the very satisfactory manner in which
the accounts bad been tend r d and explanation' given.
Mr. DEWAR and another Proprietor objected to the principle of
lend ng n o st y on mortgage on shipping.
Mr. Aluntiocw said that the amount was limited to 10,000 L,
beyond which tutu it mid not be carried. The Directors also
um 's care that it should be advanced where they had the insurance
of the ship, and in such cases and under such circumstances as
would enable them to call in the money with the least possible
dtl.y.
Sir. DEWAR did uot, eller the handsome manner in which the
bus.news of the day bad been brought fors ard, wish to make any
oljec ion; still he considered that 700,0001., the ou•stand'ng earl.
tal in risk• , was too large a sum, looking at the balance in hand
which was to nicer it t which, of er paying all expmaea, only
amounted to 43,4.7'. But having said so torch, he should leave
the matter where it was.
The Report was then put and carried.
Isle. Dan an said there was another subject well worthy of their
consideration, which was the remuneration of the Chairmen aid
Directors for their valuable services.
After a long discussion on this point, on the motion of Mr. D:-
war, it was cattiest unanimously, that the sum of 2,0001 per en um
should be placed at the disposal of the Chairman and Directors, in
order to afford renitineration to those gentlemen for thei- attend.ince
on the &nitwit. d Ides of the Society ; the same to c:rnmence
from the Ist of January last.
The CHAIRMAN said, that the Meeting, as well as the Dive-
tors, were greatly indslred to Mr. Dewar, for his Interference and
a:sistance ; at d before he let., there was one subject which he
wished to have understood, that was, whether oe rot the call
of 134. 6d. on the share. was to be made. The Directors had no
power but to do so according to the deed, but of course it was open
to the Proptie.o s generally to do so or not, as they should
think fit.
Mr. DEP Ai consid.re 1 tl at tie call should sot be male, and
moved (after • long censer-at on on the subject), that it was not
expedient to call for the instalment of laa 60., and that two Gene-
ral Co tuts should be asSemb ed, agreeable to the article of the
• D el, in od r to guarantee the Directors from any blame hire-
after, in not having demanded it.
A Paoestrron, whew Caine we could not learn, objected to
the not making the call, and considered the departure iron. the
rule laid down, a beet eh of public faith ; and, finally moved that
the call in question of 13s. 6d. should be made ; which being netts.
ttved,
Mr. DEWAR'S resolution for abandoning the call of 13s. 6d. per
share, was thin put and carried; 'object, of course, to the sanction
of the two Get cal Mee lop, agreeable to the article of the deed.
-.As. DEWAR the moved then thanks of the Proprietors to the
Chairman. hr the very able conduct he had displayed in the duty
that had devotee) ut on him, which was carried unanimously, and
the Meeting broke up.

The Gas •tie of Lyons states that the letters from Toulon
bring accounts that all the ships capable of putting to sea,
and tiy:: stationed on the coast of Spain, have received
orders to proceed to the Levant, where some events are
expected to take place. The Commission, charged to pro-
claim the Duke of Nemours, is to embark on board the
Truite. MM. Harcourt and Dclavigne are arrived, but the
Gazette of Lyons does not give any date to this extraordi-
nary information. The Afoniteur states in a paragraph
that M. the Count Emmanuel llarcourt is to embark at
Toulon.
M•NUFACTUNING DISTRICTS.—We understand one of
the most eminent of the manufacturers of Lancashire
waited upon Ministers yesterday, accompanied by a cele-
brated capitalist, to represent the state of the manufactur-
ing districts.
Mr. IVilson, who: is lodged in Galway gaol, on a charge
of being concerned in a murder at the election, is a most
respectable, intelligent magistrate of the County Clare;
and it is thought will show on his trial that he was not in-
in the transaction for which he is now imprisoned.
—Limerick Chronicle.

ESSEX SUMMER ASSIZES.

CHELMSFORD, TUESDAY, JULY 11.

The Assiies for this county commenced here to-day, before the
Honourable AIL Baron tta awes! on the Crown skit, and the Ho-
nourable Mr—Justice llocrtoru on the C •il side. On the Crown
side the calendar contains a Imlg list of offcics, but none of them
are cases of any enormity. The cause list contains an entry of
tighte.n eases.
CIVIL. SIDE.
onirrix v. WILSON.

This was an action for the work and labour of the plaintiff's wife,
whilst sole, as a bar.maid.
Mr. oit RNFY and Mr. NDREIYI condue' ed the plaintiff's case,
and Mr. Banns tea the defence. It appeared that the defendant,
a widow, kept the principal inn at ftoeltford. When the plaintiff's
wife was a girl, she was taken into the defendant's house from mo
lives of dimity, anti brought up as one of the family. It was ad-
mitted that she had conducted ItersOf with great propriety during
a period of several years, axe pt that she had given birth to a child,
of which the defendant's brother was the reputed father. After
bring in the defendant's service for about fifteen years, the plain.
tiff. an attorney's clerk, paid his addresses to her, and obtained her
hand in marriage, anti now brought an action in her right to re-
cover her wages, at the rate of about fifteen pounds per annum.—
. flo agreement to pay wages was proved, anti it appeared that,
during the period in question, Miss Day, the plaintiff's wife, had
the usual vail, and perquisites of waiter, bar-maid, and chamber.
maid, which were proved to be considerable. It was admitted that
she had been treated with great kindness by the defendant, and was
brought up as one of the family.
The defendant's Counsel contended that the action was not main-
tainable, and insisted that it was an impudent attempt to charge
the defendant with a liability, which tire plaintiff's wife never
thought of before she became the wife of an attorney's clerk. Ile
was proceeding to call witnesses, for the purpose of negativing all
right of claim front declarat,ons of Mrs. Griffin when single. when
The Jury interpoked, and expressed their opinion that no case
had been made out on the part of the plaintiff.
Mr. Justice 110LROYD concurred in the view taken of tire case
by the Jury, when the plaintiff elected to be nonsuired.