The British Press; or, Morning Literary Advertiser.
London, England, 1826-10-30 00:00:00

MARINE INSURANCE.
The exposition which has taken place as to the Warn of
the Saint Patrick's Assurance Company forms matter of
deep import, not only to that part of the commercial world
immediately connected with the shipping intereit, but
through them to others, as regards the honour, character,
sod stability, which attach in the eyes of foreigners to
England, as a commercial nation. During the period of a
war, unparralleled in history for its duration, most ably
was commerce benefitted, protected, and extended, by the
operations of those wealthy individuals, known under the
appellation of the Underwriters of Lloyd's. There is
scarcely a port on the globe, or an inhabitant of a civilized
nation engaged in trade, that does not owe something to
the honour and integrity of those who, in the possession of
princely fortunes, came forward to afford protection to
foreign and domestic commerce, by marine insurance; and
which, from the circumstances of the times, was carried to
an extent that defies a similitude of example in the history
of the world.
Such was the situation of commerce as connected with
Marine Insurance for a long series of years, and until the
return of peace, when amidst the feverish excitation which
existed for the employment of capital—the neagurY =Pr'
asiquence of a-Superabundance of money, and limited means
for its employment--Companies out of number were formed,
and amongst them several for effecting Marine Insurance.
The progress, however, which has marked their career, has
heen any thing but satisfactory, and the result of the St.
Patrick's, selected for an example, gives a striking illustra.
tion of the fact, that Marine Insurance cannot be carried on
by Companies, either with advantage to the merchant or
profit to the Shareholder.
In the case of the Company under immediate consider-
ation, which in its constitution and regulation differs im-
materially from others projected for the same purpose, the
fact has been that a large portion of business has been
done with a very limited capital, under the delusion of a
nominal investment. That the business in London and
other places has necessarily been delegated to agents, (these
agents, of course, doing as much business as they possibly
could, but without, as it would appear, a proper discretion
as to the nature of it,) and the Directors having failed in
the proper discharge of their duties, the whole concern has
been subjected to deserved and well-merited obloquy.
Such a state of things has naturally produced irritation
and distrust between these invested with the management
and the body of Shareholders, and reference has been had
on both sides to Counsel, which may be embodied in two
points—the liability of the Directors for the defalcation
arising from mismanagement on the one hand, and the
question of individual responsibility as regards any and
every claim that may be made on the Company on the
other. On the cast: submitted to Counsel by the Directors,
they have obtained an epHon that they are not liable to
the Shareholders on the ground of mismanagement ; while
on that submittrd on the part of the Shareholders the pro-•
position is as clearly affirmed that they are, but that it can
only he enforced in a Court of Equity. On the question
of individual responsibility :he opinion appears unanimous
that each and every individual Shareholder is liable in his
own pet sonal property for one and all of the debts claimable,
and to be claimed, for one and every transaction entered
into by the Company, and of course that the sale of the
shares will not disrobe the Shareholder of thltst with
which he clothed himself in that capacity. being
the pressen situation of the Company, wit! bows chits.
to a large amount, the Directors have made a call
of 21. los. per share, which sum, should the call be
obeyed, will about meet these liabilities. But this
appears a matter of considerable doubt ; for it is appre.
herubd that many of the Shareholders are persons in si- '
tuations of life that will preclude them from making fur-
ther payments ; and it also is upon record, that a consi-
derable number of shares remain unappropriated. These
circumstances of course only tend to add to the weight of
responsibility which attaches to the more wealthy Share-
holder, as he will clearly be liable to be sued to any amount
not exceeding the nominal capital of the Company. The
consequence of this state of things is, that the claims made'
on the Company are not satisfied; and should it become
necessary to seek assistance from a Court of Equity on the'
part of the Shareholders against the Directors, the period at'
which they may be is a matter altogether too problema-
tical to be decided here.

Such is the result of the proceedings of the St. Patrick's
Assurance Company up to the present period,. and which.
displays a decided case made out against the principle of
Marine Insurance being intrusted to Companies. It is
true there appears to have been something wrong in the
appointment of the agents ; hut still that is a circumstance
to which any and every Company would be snore or less
liable. It is on record that there are other Companies of
the same description which are labouring, to a certain ese-
tent, under similar difficulties, and not one of them can be
said to be in a prosperous situation. If such is the general
state of things, can this important branch of commercial
policy too sued.' revert back into that individuality of action
which marked its source during so long and brilliant a
period ?
Is it possible that there can be a stronger case made out
in favour of it than is exemplified in the honourable in-
tegrity which distinguished " Lloyd's" (luring a period of
upwards of twenty years, when England maintained the
maritime sovereignty of the world ? In the case of indi-
vidual insurance, the chances of a fair and honourable
claim being disputed arc few indeed ; but in that of a
Company they may have to be prosecuted both in law and
in equity, at a delay that may extend to the usual sum of
human existence, and at an expense, the extent of which
it would puzzle arithmetical ingenuity to ascertain. Per-
haps, the profession of underwriting displays fewer in-
stances of Whale, or bankruptcy, than any other, prin-
cipally from the circumstance that those generally emi-
nent names that conduct it are also to be found in
other departments of commerce. !lane!' is the care, and the
result of individual action has proved an honourable fea-
ture in the commercial history of the country, must that
tot be miss/tiered • wild infatuation (alone worthy of the
period that gave it birth) which would attempt to divert it
into another channel To capitalists like the underwriters
at Lloyd's, acting in their individual capacity, and resting
upon their individual responsibility alone, can marine in-
surance
he safely intrusted; with them it has flourish-
ed through their means; the public commerce has been
protected, and private property secured. In the hands of
such nien, this branch of commerce is safe; in the bands
of Companies it is at least doubtful, as is fully exemplified
in the case cited. Then to those who have protected
commerce triumphantly through a long series of losses,
both by the battle and the breeze, let it be in common jus-
tice and in cirmnon honesty confided. Z.

Cor.N LAWS....--A requisition to the Worshipful the
Mayor, praying him to call a meeting of the inhabitants of
Liverpool, to take into consideration the propriety of peti-
tioning the Legislature for a repeal or modification of the
Corn Laws, was lying for signature yesterday, and it has
already received a great number of respectable natnes. We
hear that it is intended to present it huinediately.—Lieer-
pod Chronicle.
NA lIN.—At a meeting of the freeholders and heritors of
the county of Nairn, on Tuesday the 17th current, Wil-
liam Mackintosh, Esq. of Geddes, in the Chair, it was re-
solved that the Right Hon. Lord Cawdor be requested to
present a petition to the House of Lords,
.and J. Stewart,
Esq. of Carnousie, Esq. M.P. to the House of Commons,
praying for a protecting duty on the importation of fo-
reign grain, for home consumption, and leaving it to the
paternal care of Government to determine the amount of
that duty, so as to afford a fair remuneration fur the home
gee m.r•