The Sun.
London, England, 1853-08-31 00:00:00

AUGUST 31, 1853.
LONDON, WEDNESDAY EVENING,

T AU RENT' S CASINO, ARGYLL Rooms,
JLA (i .0 .s e, Cilea. C. LAURENT, Onslow-housP, Fulham•road).—
. is EVENING, MONDAY, the above Rooms will RE-OPEN
nor the se son, and continue open every evening, with LAIIRENI",i
ELE BR ATE D BAND. Admission, Is. Doors open at half-past 8 ;
Dancing: to commence at 9 o'clock, and ter. 'dilate at hall-past 11.

THE FRENCH NAVY.
PART VI.
THE COMPOSITION OF THE FLEET.

1,1 R. ALBERT SMITH'S MONT BLANC,
i very
Evening except Saturday, at S o'clock. Morning
Performance, Tutsday and Saturday, at 3 o'clock. stalls, 38.; Area,
2s. ; Gallery, Is. The present Entertainnunkt will CLOSE FOR
TOE SEASON on SATORDAY, SeptClnlYer 16.•'-=Egyptiall Hall, Pic-
cadilly. ,

(Continued from The Sun of Aug. 25.)
We cannot dismiss this important subject with-
out some more extended notice of the state and
prospects of our fleet compared with that of France,
having in mind the general views of the Commis-
sion, as well as its opinion in regard to the " com-
position of the fleet," which are now in the course
of being actively carried into effect.
Every dispassionate mind must see that we must
be always prepared to send forth naval forces supe-
rior in amount to these of any assailant, and at
least as quickly. This truth is nowhere more con-
clusively shown than in the recommendations of
the French Commission, which are, in fact, based
upon the assumption that we are overburdened
with our vast commerce and. colonies, which render
vulnerable in every quarter of the globe.
Granting that our forces are superior in amount,
members and witnesses with one voice declare that
they must be dispersed over every sea, while those
of France, free from such demands upon their ser-
vices, will be more than sufficient to inflict upon
us serious and lasting injury. Neither must we
conceal the opinion expressed by many of these
gentlemen best qualified to form a just estimate of
our position, that,-from the absence of all OFganised
means of raising men, England could nit' in the
hour of emergency raise a force even equal)* that
of France.
The principle characteristic, of our, penis, too
numerous- fleet is the want of all intelligibreMckent
- -)mposition:z "A (-Wide(' -dctieiency oastAAA:l
some of the most important description of shipi;tl
and there is no unity of character and qualities in
the ships of the same class, while each class in-
cludes a great many vessels far inferior in force to
those which bear the same denominations in fo-
reign navies—vessels which either ought never to
have been built, or long ago sold out of the service.

DR. KAHN'S ANATOMICAL MUSEUM,
consisting of more than 700 McdblA IS NOW OPEN, 'at tine
Portland Gallery, Regent-street, opposite ;he Polytechnic, every day
except Friday, from 11 till 5, and from 7 till 10, for gentlemen only ;
on Fridays, howbver, the Morning ExhiSltion for gentlemen will
close at 2 o'clock, when Ladles only will be admitted. until 5 o'clock,
Explanations for gentlemen by Dr. Leach, and for ladies by Mrs.
Leach. Admission—One

OYAL POLYTECHNIC INSTITUTION.
PATRON—H.R.H. PRINCE ALBERT.
Lest week of, the FIRST PART of the %LECTURE on " THE
THAN. r.s," by GEORGE fIUCKLAND, Esq., assisted by Miss
li!anche lounge, with APPROPRIATE SONGS and •DISSOLVING
SCENERY. The Second Part commences on the sth September.
LECTURES.—By J. H. Pepper. Esq.: On PHOTugRAEHY, with
IllugtratiorH, Mornings and Evenings
By Pr. ilachhoffner : On ELEC I.RO-GILDING and
SILVERING.
•
The LANCASHIRE SEWING MACHINE exhibited in Use
and explained Daily.
Open Mornings and Evenings. Admission, Is.; Schools,. and
hildren under Ten years of age Half-price.

BANK OF DEPOSIT,
7, St. Martin's•plac:., Trafalgar-square, London.
Parties desirous of Itivestitrx Money are, requested to examine the
Plan of this Institution, by which a high Rate of Interest may be
obtained with perfect security.
Interest paya'ile its Jaouary and July.
PE CER• MORRISON', Managing Director.
Prospect Uses free on application.

'As the list of the French fleet has been omitted
from the recent numbers of the A nnuaire de la
Marine, we are obliged to take its amount in 1851,
as given in the reports of the Commission. Ac-
cording to M. Coll, the number of ships building
and aflout in that year was 566, while M. Darn
states it to be 392 ' • this discrepancy is explained
by a note, showing that M. Collas reckoned only
those ships buildino• the construction of which was
advanced to a certain point.
According to our /Vary List for July last, the
total number of ships on the effective list was 487.
This includes not only every ship from the moment
the keel is laid, but a considerable number of re-
ceiving ships, store ships, surveying ships, and iron
vessels, wholly incapable of service as vessels of

NICOLL'S AUTUMNAL PATTERNS are
.NOW READY.
EXCELLENCE and ECONOMY Colll' as illustrated by the
well known Patent I'ALE COT, at Two Guineas.
In BinVand; France, rr Germany, the bifst talent, workmanship.
and materiels are secured by H. J. and D. NICOLL, 114, 116, 118,
120, Regent-street, and 22, Cernliij, London.

VOUGH, CONSUMPTION, SPITTING of
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out whose sign intro across the Government stamp none IS genuine
To be obtiined through' Barclay, Sutton, Singer. &c.; :or any re-
spectable inedici -e vendor. in bottlers at is. 110., 2s. Ocl,. and 4s. 6d
each. Wholesale depot, Bohemia-place, Hackney.

thought contend
h,
rotl
pshi
eoze
war.
The number of ships of the line, building and
afloat, was 91 • while, according to M. Darn,
France had but 250. France has, however, no ships
of this class under 80 guns; and while 65 of our
ships are of this, or larger classes, we have no less
than 26 smaller, many of them of the old class,
several hundred tons less than modern frigates.
These vessels, having neither the speed of frigates
nor the force of ships of the line of the present day,
may be considered as of little service for general
purposes. . .
The nation that would maintain a maritime pre-
ponderancefuifi e et ofships must
obf be
the a lwlai yn se , preparedan d,tho
ugwithh ita pwoaws ear.
t-
one time supposed that steam would cast aside
these " oak leviathans," the wonderful and unex-
pected results that have attended the application
of the screw to great ships have united speed and
force, and immensely added to their power and
importance. This discovery, however, has ren-
dered it necessary to furnish all ships of the line
with this invaluable agent, and England has far
superior means of fulfilling this object than any
other Power. We have 12 ships of the line afloat
already furnished with screw propellers, including
four of the smallest size, intended for coast defence,
and mounting only 60 guns. Eleven more are
building, and will be ready in the course of from
one to two years, and there is no reason to doubt
that our force_ in these Vessels will be fully equal
to any, contingency.
*The proceedings of the Commission, however,
show that the idea of contending for the flit place
+
.•.g maritimeXowep with ships of the ine has
eon abimitriretcl-br F4ace .4Q=.6tv ow- af 4 4-4
roads with her armies on an enemy's-cogs ,aO/30,„it
unexpected onslaughts on commerce and potseiiions
in distant seas. Her reduced force in ships of the
line arises, therefore, from the change of tactics,
and her position being not one of defence she would
be enabled to choose her weapons, as well as the
place of attack. Our excess of line-of-battle ships
cannot do the work of light flotilla in defence of
our coasts, nor are they suitable for the protection
of our commerce in distant regions.
The history of our past measures with respect to
frigates is worthy of a glance. In the American
war we pitted our ships of 1,000 tons against the
large American frigates of 1,500 tons, the disparity
in the number of men and in weight of metal being
in similar proportions ; in other words, our oppo-
nents' ships were just half as large again as our
own. They were, moreover, to a large extent
manned with British seamen. The result was not
surprising, and we owed these reverses not to our
officers and men, who did their duty nobly, but to 1
the Admiralty, which, having neglected to provide
ewsio:nifeagainst
impossible
seei
painfulbr lecepersistedaboverwhelmingtfuoaaucntdsdidisregard
nfbggo rerafSodo2ru-oegoa
usdllyuundyescsh.e frigates,
svaaenlnlidt
lesson,
swns
building
whilenu would d
but,abue
a proper class of ships, sent out small vessels to
wttotherohiettli
frigates of the same, and even smaller classerusimseiasitdhiiiinnaaUgg
that to which we owed our reverses. Down to a
very recent period, while our harbours swarmed
with these vessels, we did not possess a dozen
50-gun frigates. Then we built three or four ships
of 36 and 40 guns, something larger in tonnage
than the old class ; and it is only quite recently
that we have begun to provide ourselves with any-
thing like an adequate number of powerful frigates
of a force equal to those of other nations.
It also deserves notice that several years have
now elapsed since the Prince de Joinville published
his pamphlet, showing how England was to be
" struck to the heart" by divisions of powerful fri-
gfraotmes'evievryhicsheas.holunldlBB4w6eeap away our commerce
part of the of 93
millions was applied to build a numbervote of these
first-class frigates, besides the steam-vessels ; the
money, in short, was devoted to create the very
force proposed in the pamphlet, all the opinions of
which we have seen are re-echoed and confirmed
by the Commission. Still, in the year 1853, we
have only 41 50-gun frigates building and afloat,
while in 1851 France had 45, of which those build-
ing were then nearly completed. On the other
hand, we have no less than 70 vessels of various
inferior sizes, many of which are scarcely equal to
the French corvettes, though we persist in calling

•
OREWS'S-•011LORIDE OF ZINC,
N.../ the best and Cheapest Disinfecting Fluld for the purification
of Ship's Holds, Cesspools, Drain?, W ater-closets, ; the Di,in-
fection of Sick Rooms, Clothing, Linen; and for the Prevention of
Contagion.
. Chloride of Zinc, as the best Disinfecting and pur!fying, agent, is
now, established beyond all doubt. It is perfectly harmless in its
application and innoxious in itself. The high price ot which it has
hitherto been sold' has prevented its general use; to obviate this
obstacle to its universal application as a disinfecting and purifying
agent, the present manufacturer, who was many years with Sir W.
Burnett's Company, has arranged -to supply the public with colleen-
tratod Chloride of Zinc in its greatest purity and at the lowest price.
It is sol by all chexists and Shippin% Agents in the United King-
dom, in Imperial Quart Bottles at 2s. 6d. each, and in larger vessels
at es. per gallon.,
Each Bottle will be accompanied with instructions fOr its dilution
and Use.. Conee. trated Chloride of Zino in use may 136 diluted with
200 times its quantity of water.
Orders executed by the Sole Agents, Messrs. Drew, Heyward, and
Barron, Bash•lane, Cannon-street.
Manufactured at H. G. GRAY'S, Commercial .Wharf, Mile End,
London.

RAILWAY INTELLIGENCE.

SHREWSBURY AND HEREFORD.

Yesterday the half-yearly meeting of this company
was held at Shrewsbury—Mr. Ormsby Gore, M.P., in
the chair. The report was agreed to. A dividend of
31 per cent. was declared ; the retiring directors and
auditors were re-elected ; 1898 shares were forfeited, and
the secretary's salary was augmented from 300/. to 400/.
a-year.

YORK, NEWCASTLE, AND BERWICK.
The half-yearly meeting of the proprietors of this
undertaking was held yesterday, in the Do Grey Rooms,
York, Mr. J. Pulleine, the chairman of the company,
presiding.
The report, which has already been published, was
unanimously carried, as was also a resolution for a
divided of 3 per cent., payable on the 7th of September
next.
The CHAIRMAN then moved a resolution, empowering
the directors to apply to Parliament in the next session
for leave for the amalgamation of this company with
the York and North Midland and Leeds Northern.
This resolution was also carried nem. con., and also a
further one, authorising the directors to raise the sum
undertaken to be subscribed by this company towards
the construction of the Thirsk and Malton Railway.
In the next place, the CHAIRMAN proposed a motion,
sanctioning the construction of the Jarrow Docks, as
recommended in the directors' report.
A long discussion ensued upon this subject, in the
course of which
Mr. JOHNSON (a shareholder) moved an amendment—
" That it was expedient to delay the construction of
these docks for one year, in order to see what would be
the effect of the extension about to be made in the Sun
derland Docks."
On the question being put, the amendment was nega-
tived and the original motion carried.

NEWRY, WARRENPORT, AND ROSTREVOR.
The ordinary half-yearly meeting of the shareholder:
was held here yesterday, at the Clarendon-rooms, South
John-street, Liverpool ; Francis Shand, Esq., chairman
of the directors, presiding. The attendance was small,
the chief business being the reading of the report, which
after a few observations from some of the shareholders
was agreed to. It stated that, " The whole of the for-
feited shares having been sold, the debt of the company
has been reduced from that source by the sum of 7,7001.;
but, much to the surprise of the directors, Sir William
Cubitt, the arbitrator between the company and the
Newry Navigation, had, by his award of 1,850/. against,
this company, added so much to the outstanding obli-
gations. The terms proposed by the Newry and En-
niskillen Company for effecting a junction were such
that the directors could not comply with them. The
directors had not yet succeeded in procuring the whole
of the money necessary to renew the debentures at 44
per cent., at which they are willing to borrow. The
traffic on the line continued to increase, confirming the
confident expectation of the directors that when, at the
expiration of Mr. Dargan's lease, the line again comes
into the possession of the company, a much larger re-
turn might be anticipated."

them frigates.
It may be said, that ships of the line might be
employed in the duties of frigates, of which class
we obviously require a very large superiority of
number over any assailant ; to say nothing of the
expense, such a waste of our resources in men, at
the hour of need, would be the strongestpossible con_
demnation of the obstinacy and want of foresight
which could alone have occasioned such a necessity.
Still, this would be a better course than to insure
defeat and loss of prestige by opposing powerful
50-gun frigates with vessels of half their size, also
under the name of frigates.
If we have neglected to provide a sufficient num-
ber of powerful sailing frigates, we have now the
mscreeawns
before
oproviding
neighbours,
force
andthese
so
o
shif
obtainingPs with the
the superiority in number required for the security
of our commercial and colonial interests. The
frigates now building are admirable models, of
sufficient force, and will all have screw propellers.
The Imperieuse is, perhaps, the most perfect ship
we have ever built, and promises well for her sisters
on the stocks. It is to be hoped that no time will
be lost in increasing their number.
A considerable number of highly efficient vessels
have also been built with screws, but many are
rather worthy to be called corvettes than frigates.
The screw vessels building and
afloat of all sizes
amount altogether to 70 in number. We have a
confused mass of some 70 small vessels, sloops-of-'
war, and brigs of all sorts and sizes, many of them
beautiful models, but by no means well adapted to
war. These vessels will probably soon disappear
from the Navy List, and must be replaced by an
effective class of corvettes, fitted with screws, and
answering in size to the corvettes of France and
the sloops-of-war of the United States. At present,
we have no class of vessels of a similar description.
We have 115 paddle-wheel steamers, while France
had, in 1851, 107. The French Commission ill un-
doubtedly right in its opinion that the larger classes
of those vessels have been superseded as ships-of-
war by the introduction of the screw. As the re-
port states, they are only fit for transports, but in
this character they are of great importance to

France, as a means of transporting her armies,
and bringing them suddenly to bear on remote
and unprepared quarters. To us they will be a
mere dead weight, since we have no ambitious
schemes, and maintain a military force barely
equal to the defence of the country.
The smaller vessels will be useful for the coast
defence, but the number is insufficient, and they
are by no means particularly well suited to that
important service. A certain proportion of the
swiftest vessels must be built by the State ; but,
as we have before suggested, the great mass of the
vessels required for the defence of our coasts may
be provided by measures under an act of Parlia-
ment for fitting merchant steamers to receive
armaments, and enabling the Admiralty to take
them into public service as hired vessels in case of
war—an event that would put a considerable check
on their ordinary employment. If this course were
adopted, every vessel, when built, should be aeon-
ratel a and completely fitted to receive a certain
armament, and the armaments of a sufficient num-
ber, should be at all times kept in perfect readi-
ness to be shipped at a day's notice. This sug-
gestion is one of the many hints of which we may
avail ourselves, to be found in the proceedings of
the French Commission.

As France has resolved to apply screw propellers
to all her larger vessels, no doubt can exist as to
the wisdom and necessity of adopting the same
course, and the process seems with us to be in
active operation. The best proportion of horse
power to the tonnage does not, however, seem to
be yet quite satisfactmily ascertained, though it is
certain we cannot safely allow ourselves to be sur-
passed in speed. If France build ships that steam
.:41,0r,dabuitatws must do the
,same_ ; ships
SpAKl:M7Tiiiiots would be useless against them.
Still it may- be doubted whether wood and iron
can sustain the continuous shock
.of a force which,
acting on the least buoyant extremity of the fabric,
is capable of driving a vessel of 3,000 or 4,000
tons' burden it the rate of 14 (land) milesan hour.
A sparing exercise of this power will at least be
prudent, and it will probably., be found necessary
to employ it only on nnportant\ocoasions.
INS URA NOE ASSOCIATIONS

rp... SD.

exception to that rule. This exceptional treatment has
been jastified and supported, on the ground that the ob-
ligation undertaken by such associations have reference
to a very remote and uncertain period ; that the
object which persons have in view in effecting insur-
ances upon their lives is generally of an important and
solemn character—viz., the provision for widows and
orphans after the death of their natural protectors; that,
unlike any ordinary transaction of trade, a contract once
entered into cannot be discharged or abandoned if doubts
of the stability of an office should arise, without a great
sacrifice of premiums paid in past years, and the neces-
sity of effecting new policies in other offices at increased
rates of premium, owing to the greater age of the as-
sured ; and that in the present state of uncertainty which
arises from the imperfect knowledge as to the real con-
dition of insurance offices, persons are thus placed in the
anxious and unhappy dilemma of being compelled to per-
severe in ps.ying premiums from year to year, with some
suspicion a,rtcl doubt as to the ultimate advantage of doing
so, or of incurring the serious loss which, under the most
favourable circumstances, must attend the abandonment
or sale of a policy. On these considerations, as a special
case, it has ihtten contended by different witnesses of great
experience, that interference on the part of the Govern-
ment is not only justifiable, but a matter of high duty,
for the protection and information of the public.
"9. On the other hand, it has been contended with equal
ability, that insurance business forms no exception to
ordinary trade in these respects ; that the acts which
have already been passed with a view of controlling the
operations of insurance societies have been rather hurtful
than beneficial for the very objects they had in view ;
that an apps.rent compliance with the provisions of an
act of Parliament and a certificate of
complete registra-
tion, while they have proved entirely ineffectual for their
professed o'bjects, and no real security to the public,
have afforded facilities, under the sanction of Parlia-
mentary authority, embodied in regulations administered
by a public department, for the. f ° ormati tnes
-an—Ethe perPT.Fiffsi—Cof frailas. Which could not Ot&lwrsg
have been acconiplished. And it has been further con-
tended that it is impossible to make such regulations,
consistent with the free development of private enterprise,
which, so far as tile public is concerned, will prove more
prejudicial by lulling private prudence and vigilance than
beneficial in respect to any increased security which
they can' confer.

10. illuch difference of opinion has been expressed
by the different witnesses favourable to the former of the
two princ:intee4luded to, as to the extent to which Go-
vernment interfere:ice should take place ; seine have
contended,: not only for an enactment which should more
.strictly regulate the, circumstances under which insur-.
ance companies can be formed, but also for the appGint-
meat of Government actuaiLs, under a department of
the State, who should have a direct supervision of the

The select committee appointed to take into considers,
tioa the subject of Insurance Associations, and who
were. empowered to report their observations and the
minutes of evidence taken before them to the House,
have considered the matters to them referred, and have
agreed to the following report :
"1. Your committee have considered the subject re-
ferred to them, and have examined the Registrar and
Assistant-Registrar of Joint-Stock Companies ; the
Registrar of Friendly Societies ; Mr. Finlaison, the
late actuary to the Commissioners of the National Debt;
Dr. Farr, at the head of the statistical department of
the Registrar-General's office; and many of the most
eminent actuaries connected with insurance offices of
every class.
"2. So far as regards the Joint-Stock Companies Act
of 1844, your committee have confined their inquiry
chiefly to that portion of it which affects insurance com-
panies, and more particularly the business of life insur-
ances. From the evidence of the Registrar and Assistant
Registrar of Joint-Stock Companies, it appears that the
law, its it now stands, is extremely defective, and that
the provisions of the act of 1844 are very imperfectly
carried out ; many of which they have no power to en-
force if not complied with.
" 3. With regard to provisional registration, it sap-:
pears that the law, as it now stands, does not afford the
security which was contemplated by the act of 1844 ;
inasmuch as the representations made by the prospec-
tuses and advertisements issued by new companies often
vary very materially from the objects for which they
have been provisionally registered ; and there appears
to be no means at present to prevent deception and
misrepresentation being practised on the public in this
way. Nor are the regulations required in order to ob-
tain complete registration more perfect for that pur-
pose. It is required by the law that the deed of set-
tlement should be signed by shareholders equal to one-
fourth in number and representing one-fourth of the
proposed capital of such companies ; but it appears, from
the evidence of Mr. Whitinarsh, that this provision has
been extensively abused by means of false and fraudu-
lent signatures, and has thus proved to be a very insuf-
ficient security for the objects contemplated. It appears,
also, that it has been frequently evaded by companies
commencing business with a very small capital,
and, immediately upon obtaining complete registration,
greatly increasing its amount, which they are enableoe
do without further recourse to the-office of the regis-
trar. f Theseubservations, however, apply to joint-stock
ccutir" . Art 34i*gs.ocIt' ;
coin
-
tered, one of the chief securities contemplated bytheaei
of 1844 for the safety of the public is the duty imposed
upon them to return annual balance-sheets representing
the state of their affairs to the registrar's office, where
they are open to public inspection. But from the fact
that that act prescribed no form, and furnished the
registrar with no power to enforce a compliance with
the spirit, or even with the letter, of the law, it appears
that this provision has been very imperfectly complied
with in many cases, and in others altogether neglected ;
it cannot be said that it has afforded, in a majority of
cases, either the information or the security which was
intended. Much doubt, indeed, has been expressed by
some witnesses whether the publication of accounts in
their present form has not rather tended to mislead than
to inform the public, in which view your committee are
inclined to acquiesce. And if the system of publishing
accounts is in future to be persevered in, your committee
express a decided opinion that the law must define more
clearly what it requires, and that a greater power should
be given to enforce whatever provisions are thought ne-
cessary for the purpose.
" 5. There is one subject which has formed so pro-
minent a feature during your committee's inquiry, and
which has partly arisen from the act of 1844, that they
cannot pass it over without some remark—viz., the dif-
ferences of opinions and views entertained by the two
great classes of offices, the one including those esta-
blished since the passing of the act of 1844 and com-
pletely registered under that act, and the other those
established prior to that date, and not so registered.
Your committee have arrived at the conclusion that in
many ways that distinction has operated prejudicially,
and that it would be eminently to the advantage of the
offices themselves, as well as to the public at large, if all
insurance companies could be brought under one law,
leaving each company to recommend itself to the public
upon its own merits.
" 6. With regard to the general condition of existing
companies, so far as any evidence has been laid before
your committee, they feel it their duty to report that
it is more satisfactory than they had been led to believe
before they entered upon , their inquiry. No doubt, in-
stances of great abuses and flagrant frauds have been
discloSed by the witnesses examined, but in general
these consisted of an open violation of all law, more
akin to swindling than to regular trade, and such as it
would be difficult for any Legislature to prevent, so
long as private persons exercise so little precaution in
the conduct of their own affairs. But while the com-
mittee are enabled to speak in these satisfactory terms
of existing offices, so far as the evidence has gone, their
attention has been called to the great facilities which
exist under the present state of the law, for insurance
companies, in common with others, being brought into
existence with no reasonable prospect of, or guarantee
for success, and not unfrequently without any bona fide
intention of transacting business. It appears by a re-
turn made to your committee from the office of the re-
gistrar, that since the passing of the act in 1844, no
fewer than 311 insurances companies of various kinds
have been provisionally registered, of which only 140
were completely registered, and of which only 96 con-
tinue to exist at this time. And while your committee
have reason to believe that some of the companies which
have ceased to exist during that period have been ab-
sorbed in other companies by whom their business has
been taken over, yet at the same time they have no doubt
that considerable traffic has been carried on in the mere
creation of companies which never had any real prospect
of a bona fide existence.
"7. So far, then, as regards the present state of the
law, as established by the act of 1844, it appears to be a
very general, if not a universal opinion, that it requires
some amendment, and in which your committee fully
concur. They are deeply impressed with the opinion
that, as the law now stands, it does either too much
or too little ; too much, inasmuch as any legisla-
tive enactments professing to protect the public in
such matters have a certain tendency to weaken
and impair that individual vigilance which would
be mere surely exercised if no such attempt was
made ; and too little, inasmuch as the securities with the
law provides are ill calculated to effect the object at
which they aim. On the part of all the witnesses exa-
mined, your committee found a laudable desire
prove the existing state of the law, differing, .no doubt
widely, in their views as to the best mode of accom-
plishing that object. On the part of the old offices of
extensive business, the witnesses who more particularly
represented them, expressed their desire to be placed
under one general rule, to make such annual returns,
and to afford such other tests as could be given without
an undue interference with their business for the purpose
of securing one safe and uniform system, by which a rea-
sonable security may be afforded for the respectability
and solvency of insurance companies.
" 8. In approaching the question of what alterations
in the present state of the law your committee are pre-
pared to recommend, they feel that it is one which is
surrounded by great difficulties. The two distinct prin-
ciples in respect to subjects of this nature—viz., that of
interference by the Government for the protection of the
public, and that of no interference whatever, have been
very fully and ably discussed by the witnesses examined
by your committee. On the one hand, even admitting
the general wisdom of the principle of non-interference
on 111:: part of the Government in matters of trade it has
been contended that the question of life insurance differs
so materially in its general character from ordinary trad-
ing transactions that it may fairly be considered as an

proceedings of all insurance companies, while the gene-
rality of witnesses favourable to some regulations have
confined themselves to much narrower limits, and have
contended only for such precautions as should test the
bona fides o f new companies, and as should from time to
time afford a fair amount of information with respect to
the condition of such companies, relying upon the good
faith of directors and actuaries for the accuracy of the
informatioi 1 furnished.

" 11. In venturing to express the views which your
committee.' have been led to entertain as to the course

which Parliament should pursue in future in regard to
the subject. of life assurances, they will divide their re-
marks into!five heads :--
" 1. As to the mode in which it is desirable to deal
with the present Joint-Stock Companies Act, so far as
relates to insurance companies.
"2. As to' the registrar's office, duties, and powers.
"3. As to the registration of existing offices.
"4. As to precautions which it seems desirable
to take in order to test the bona fides of new associations,
and to entitle them to complete registration.
" 5 As to the securities which can be afforded to the
public. by the publication of periodical accounts.
" 12. Your committee will now proceed to remark on
each of these points separately.
"Ist. Your committee are of opinion that the busi-
ness of assurance companies differs•so much from ordi-
nary business that it will be advisable to repeal all the
provisions of the Joint-Stock Companies Act, so far as
they relate to insurance societies, and to deal with them
in a separate act.
«2d. Your committee have already adverted to the in-
sufficient power which the existing act confers upon the'
registrar of joint-stock companies to give_ effect to the
provisions of the law. Your committee areof opinion
that whatever duties may be intrusted to that officer
under any act to be passed, it is essential that adequate
powers nhould be provided to enable him,yither by him-

self or through one of the departments of the State, to
enforce any regulations that Parliament may think it
wise to enact. Experience has proved that without such
powers, regulations become a dead letter, and are only
calculated to mislead by the apttarent banction which
they give to' proceedings not in reality' controlled by
them.
_,
" 3d. Your committee, ima, former part o hikreport,
vhaat0.at114.454,,,,15t ,the pA ciikwmiionee .
-tyh_ - itl arisen,
lepa
'from the :fact -Wit a portion of the exist g a..u.'rance'
offices are ,completety registered under the act of 1844,
and a portion not so registered. The effect of this dis-
tinction has been to lead to controversies between the
' old offices' (established prior to 1844), and the `new
offices' (e.atablished since the passing of the act of that
year); which have been prejudicial to the interests of
the public. Your committee are therefore of opinion
that it would be highly advantageous to all parties if all
companies, both those existing and those that may in
future be formed, could be placed under one general sys-
tem of registration. In accomplishing this, your com-
mittee wouAl recommend that the requirements for re-
gistration, as regards existing companies, should be as
simple as possible, but that whatever periodical returns
may be deemed necessary should be the same as regards
all companies whatever.
" With regard to mutual insurance companies, where
the claims of the insured are confined to the funds of

the society and where no personal liability attaches,
your committee are of opinion that the requirement of
the law, that the members of such societies should be
registered, is of no real utility to the public or the as-
sured, while it is both expensive and troublesome ; and
that all the objects of the law would be answered by a
registration of the directors and other officers of such
societies..

" 4th. Your committee feel that, perhaps, the most
important part of their inquiry is that which refers to
the precautions which should be hereafter adopted with
regard to the formation of new companies. On the one
hand, your committee feel that the ground hitherto cccu-
pled by these useful institutions has been comparatively
limited, and that their application is capable of a great
extension, not only in the higher and middle classes
of society, but also among the humbler classes, to
whom it has recently been very considerably ap-
plied ; and that it is, therefore, very important that
no check or impediment should be placed in the way of
the further extension of this enterprise, not absolutely
needful for the security of the public. On the other hand,
the committee are of opinion that, in the interest of the
companies themselves, as well as in that of the public,
it is desirable to interpose such checks as will give a
reasonable guarantee as to the bona fide intentions of the
promoters of such companies. To this extent only the
committee are of opinion that any interference at this
stage is desirable. With this view, in addition to such
regulations as may be considered needful for the purposes
of registration, the committee are of opinion that no new
company should be admitted to complete registration
until a capital shall have been subscribed, and actually
paid up, of at least 10,0001., and which shall be invested
in the public funds, under such regulations as Parliament
may deem fit to enact ; to be considered in the double
light of a test of bona fide intentions on the part of the
promoters, and of a security for the liabilities of the com-
pany at its early stage of existence.
" sth. No part of the subject submitted to your com-
mittee has received more attention than that of the pub-
lication of periodical accounts. Hitherto those accounts,
as published, have been of a most unsatisfactory charac-
ter. Your committee have carefully considered whether
it would be practicable to prescribe such a form of
account as would accomplish the objects of the Legisla-
ture ; but, after the most careful consideration, they are
led to the conclusion that no fixed form could be made
applicable to all cases, which would not be exposed to
much evasion, or which would practically afford any real
security.
,‘ Your committee, therefore, would recommend that
it shall be imperative upon each company to make a
complete investigation into its affairs at least once in
five years, as is usually prescribed by their deeds of set-
tlement, and at such times so prescribed, which shall
show a complete valuation of their risks and liabilities
and of their assets to meet the same ; and that all such
valuation accounts, which may be made for the informa-
tion and use of their proprietors, shareholders, or mem-
bers, shall be registered in the office of the registrar ;
and that in each intermediate year, between such peri-
odical balance sheets or valuations, there shall also be
registered a statement containing authenticated infor-
mation on the following particulars :
"The amount of receipts during the year for pre-
miums on policies.
"The amount of expenses during the year.
"The number and amount of new p9licies. issued.

"The total number and amount Of liabilities on all
current policies.
" The total amount of premiums receivable on the
same.
" The whole amount of capital, distinguishing the
manner in which invested.
" How much in cash.
" How much in Government securities.
" How much in mortgage upon real estate.
" How much in other securities, specifying- their

nature.
" The average rate of interest received upon each
class of investments.
'The amount of such investment, if any, on which
the payment of interest is in arrears.
"The table of mortality, and the rate of interest used
in calculating the premiums.
"13. The evidence which your c3mmittee has ob-
tained leads them to believe that some such general
statement would be of much greater utility in enabling
the public to come to a correct judgment as to the con-
dition of an office than any form of account that could
.be adopted. In addition to the above, in the case of

~
/A/47,,ZYif7":„
de
- ,
Ipr prietary companies, the amount of s cribegvital ;--..,1V.
~ , should be stated, and also the amount ctually 'd up, ,
.._..-Ar-5,..N
~1.- .. e
/. - ...:_.-. -‘ •
, ..?,00;,, how invested. ' -'4- .---...• ....,1
,-.,. -
iew e„ "14. It has been brought to the attention of your .1.:4".;-:,f/. *o',
.4.
-. I' t mittee that the business of assurance offices is be -41.1.-; --tt >r
,-.. 1 1,8
• -.. coming every year of a more varied character. -,.., ~--• -1---,,,,,,7,,-) ,-.; ,
" 15. This your committee regard as the necemaai re- J -,..,:,(W
suit of the advancement of the science on which4itiii . c Kl.;;-1., -.
based ; but there is a class of business which some offices - oitiß• 4
,
have undertaken—viz. that of receiving deposits of
money at interest, which appears to your committee
totally inconsistent with the business of life insurance.
" 16. Your committee will conclude their report by
calling attention to a part of the evidence which advo-
cates the formation of an incorporated society of actua-
ries, with a view to the advancement of that important
science, and also with a view to issue diplomas or certi-
ficates to persons qualified to practise as actuaries. If
any effort should be made to induce Parliament to grant
such an incorporation, the committee are of opinion that
it will be worthy of consideration, but that further in-
vestigation would be needful before such measures should
be adopted, as considerable difference of opinion prevails
on the subject among actuaries themselves.
"August 16."

FIRE AT THE ORATORY IN KING
WILLIAM STREET.

. .

r
a~ 'r' ~

c; ~.;'

At an adjourned petty sessions held yesterday at the
vestry-house of the parish of St. Martin's-in-the-Fields,
an investigation took place in reference to a fire that
occurred on Friday, the 19th inst., at No. 27, King
William-street, Strand, better known as St. Phillip's
Oratory. The inquiry arose out of the demand made
by the firemen for the usual rewards under the Metro-
politan Act ; but the ultimate object, as it appeared
from a circular addressed to the parishioners generally,
by Mr. Bowes, one of the overseers, and who lives next
door to the Oratory, was to ascertain whether there was
any foundation for a rumour prevailing in the neigh-
bourhood that the fire had been wilfully occasioned, and
to petition Parliament for an act making it imperative
on the coroner to hold inquests in all cases of fire.
From the testimony of the enginemen and turncock
who were called to extinguish the fire, it appeared that
it broke out at half-past eleven at night, and that it
was confined to a narrow space about one inch and a
half wide, between an unused front door and the wains-
coating nailed behind to conceal the doorway on th
inside. The fire was extinguished in less than half an
hour and beyond charring the wood work did little or
is.es•eetityss.m,44sper,s,b,partlysbarrt,
less found between :he door and the partition, and
them. 'wing a hole,cut in the door fora letter-box, which
had formerly been fixed to it, it was suggested by •
one of the firemen, and the opinion seemed to `be shared
in by the priests who reside in the house (one of whom
was present at the inquiry), that the fire was caused by,
some person outside dropping the lighted paper into the
hollow space by means of this hole ; while Mr. Bowes
thought th paper, or the fire that ignited it, must have
been placed there from the inside, which, as the space
was open at the top under the fan-light, it was possible
to do. A great deal of evidence was gone into, with the
view to establish one or other of these hypotheses, the
weight of it being decidedly in favour of the first ; but
the case was stopped by the presiding magistrate, who
ruled that their only duty was to ascertain whether the
fire bad taken place or not; this having been proved be.:.
yond a doubt, the 'firemen were entitled to the reware
In replpyctitioyectiic quleuprekosntsiatooind
claimed-
In
°X: r'SVg-
qti inquest t in coroneran
case of fire.
Mr. Bowes had been informed that if he called upon -'f
the coroner to hold the inqiest he- would have to 'jest.
the expense.
The Priest, who was in attendance, was anxious as
one of-the residents of ,the Oratory, against what/inn
imputation had been indirectly thrown, to give his ex-
planatiottof the eireunistanees.*(fitr as he knew them,
and by permission of the masietrale did so, but Ms ac-
count in no respect differed from that of the firemen ;,
and
The Chairman said that aster as the investigation had
•
gone no impdation rested .upon any one, nor Lad that
court power 'to pursue an inquiry for the purpose of
attaching guilt in any quarter.
The parties then retired::

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