The Sun.
London, England, 1870-12-21 00:00:00

THE MILIT kRY SITUATION

After many days of indecision and desultory, though
obstinate, fighting, the campaign on the Loire has once
more assumed an intelligible form. Once more
things have taken a turn from which great events
may speedly be anticipated. Of course we may at once dis-
miss the German telegrams, announcing the break up of
the French forces on the Loire. The battles under
.D'Aurelles, which ended in the evacuation of Orleans were
altogether in favour of the Germans, but there was no
rout. The Loire army divided into two parts. One went
across the Loire and retreated south ; the other remained
on the north bank and went west. This division is the
key to the present situation. There has been
no attempt to. unite the two parts. Their move-
ments have taken the form of a right angle
of which Chanzy has taken the western arm, and Boui•-
bald the southern one. The latter retired directly upon
Bourges, and not being very closely followed up, has done
no fighting since. The former, going westwards, has
contested every inch of ground. He fought four days in
the forest about Marchenoir ; then retreated upon Ven-
dome, and fought two days there ; and now he is retiring
upon Le Mans. There he will find heavy reinforcements,
of poor quality, it is true, but still of very great force in
numbers. With these it is hoped that he will
be able at least to hold the Germans undt,r
Mecklenburg in check, whilA Bourbaki comes up from the
south. The position, then, is this : the Germans on the
Loire have two armies to oppose, each well nigh as large
as their whole force. At present the bulk of their awn-
bers is directed against Chanzy, who has hitherto done all
thefighting. But if they continue to concentrate themselvhs
towards Le Mans, Bourbaki may slip past to Fontaine-
bleau, and if they turn round to stop Bourbaki, Chanzy
will go on to Chartres. Prince Frederick Charles may
divide his army into two, opposing one half to each of the
French armies ; but it has already been proved
that Mecklenburg alone was not able to withstand
•Chanzy. He had to be reinforced by two out of three of
Prince Frederick's corps, leaving a mere fragment in
front of Bourbaki. So far from the campaign on the
Loire being finished, it is but just commencing.
The fighting on the Loir, a little tributary of the Loie,
and not to be confounded with that river was
very severe. So hard pressed have been the Germans,
that they have actually brought up the exhaustbd
Bavarians to assist them. Everything depends uphn
Bourbaki. Is his force in a position to move forward ?
That is the question.

THE ALBERT RECONSTRUCTION SCHEME.
In pursuance of the directions of Vice-Chancellor 4ir
James Bacon, a meeting of the policy holders claiming p
be creditors of this company, was held yesterday at the
Cannon street Hotel in order to determine the questihn
whether the Western Life Assurance Company assentcd
or dissented from the plan of reconstruction of the Albert
Life Assurance Company which had been proposed by the
committee of which Mr. James Thompson is the
chairman. Mr. Price, liquidator of the Albitt
Association, occupied the chair. In opening e
business of the meeting he said two or three words world
suffice to explain his position. He took the chair by order
of the Court of Chancery, in order to hear the scheme of
reconstruction of the Albert Company, as proposed by
Mr. Thompson's committee, and would call on Mr.
Thompson to detail his plan. Mr. Thompson said the
question the meeting had to determine was between
liquidation and reconstruction according to the scheme
now before them. When he spoke of reconstruction he
spoke of something intelligibly clear and definite, which
would not only inspire confidence in the capacity of the
scheme to carry out what it professed, but as well in the
governing body. It was very well for anyone to Say
If you pay me your premiums, I'll lay aside a certain
proportion and keep the remainder for my labour apd
that of my associates." How that proportion was to lbe
raised he was not quite certain—whether in slate
quarries, American bonds, or investment in the giji
Islands. (Cries of "'Question.") The speaker
went on to argue in favour of reconstruction, against
liquidation, observing that it had been decided
by the Court of Chancery that policy holders of the
Albert had not forfeited their claim against the Western.
It was the intention of the committee to modify the
scheme so as to pay the policy holders in full ; but, eVen
supposing their scheme did not become a fact, they had
still liquidation left them as before. The liquidation had
been. carried en in a most vigorous spirit, but looking' at
the enormous expenses that had been the consequence, he
had no hope in that course. The committee believed
that liquidation would be disastrous to their interests,
and they therefore called upon the policy holders to support
their scheme with a vigour equal to that displayed on the
part of the liquidation. He concluded by proposing
" That the policy-holders of the Western Life Association
present at this meeting assent to the plan of reconstruction
embodied in the agreement now submitted to this meeting,
subject to such modifications as may be sanctioned by the
Court of Chancery."—Mr. Webster, Q.C. seconded the
resolution, contending that to proceed with the liquidation
would be to pursue an endless course of litigation.
—Mr. William Rutherford, of Liverpool, handed
in a protest on the part of a deceased policy-
holder to the extent of £4,000 against the scheme of recon-
struction. —Mr. Hartley complained that Mr. Thompson
had not given them the names of the Actuaries who had
supplied him with the figures on which his calculations were
based. Six or seven years ago he wrote to Mr. Scratchley,
Actuary of the Western Company, expressing his opi-
nion that the Albert was insolvent, and protesting against
being handed over to that wretched concern. He believed
that the best thing would be to go to liquidation at once
and insure a better affair, so that their wives and fami-
lies might not go on expecting at their deaths what would
never come.—The Chairman, in answer to the question of
a policy-holder, said, as he understood, the scheme of
of reconstruction was that the policy-bolder would
have not only to pay up the premiums now due, but those

in arrear.
After some further discussion, Mr. Thompson replied :
With regarcl to the question that had been put to him as
to the actuaries on whose figures the Reconstruction Com-
mittee had based their calculations, he might say that it
would afford him pleasure to give the names. He might
first give that of Mr. Smith, who was engaged on the
old Albert. Dr. Farr was another—a gentleman who
bore a European reputation, to which might be added
those of Mr. Ingle and Mr. Sprague. There was another
gentleman, whose name he was not at liberty to mention,
more distinguished perhaps than any of them ; and it was
upon their figures the calculations of the committee had
been laid. With regard to the financial basis of the scheme
the committee relied on the unpaid capital of the Albert.
What proportion of the policy holders might be obtained
to secure the result which the committee had in view
depended rather on the ratio than the amount. But,
even allowing for the greatest amount of estimated with-
drawals the reconstruction would pay £BO for every £l.OO.
There was, however, little doubt that it
would pay £95. In conclusion he begged the
meeting to understand that he spoke to them as a diein-
terested person, as an honest man, and a man of business ;
and therefore it was he urged them to vote in favour of
the scheme laid before them.
A policy-holder asked where was the £150,000 that came
from the Albert shareholders.

Mr. Thompson said the guarantees amounted to more
than 184,000 at the least, and should the estimate be
exceeded the excess would go to strengthen the scheme.
A show of hands was then taken, when there were
sixty-seven to fifty-three held up in favour of the resolu-
tion.
A poll was then demanded. A resolution in favour of
the scheme was carried by a majority of 17 to 5.
A meeting of the policy holders of the Medical Invalid
Assurance Society, another of the amalgamated com-
panies, was held in the same hotel at three o'clock, J.
Yonge, Esq., in the chair. The amount of capital con-
tributed to the Albert by this society was shewn to be
£24,725.

A WISE Cow.—ln a Dublin paper we find the
following advertisement :—" Found coming from the Fair
of Naas, on the 22nd of November, a two-year-old
heifer." Most probably the heifer " found coming " from
the fair was an enlightened animal, gifted with more than
the ordinary instinct of cattle. The Christmas markets
are this week obliged to be kept well stocked, and, bear-
ing this fact in mind, the cow no doubt slipped away from
what seemed certain death, on finding her owner's back
turned. The advertiser seems to believe in the cunning
ingenuity of -his charge.
The Salut Public of Lyons relates a daring feat per-
formed a few days since by forty men of a free company
from the Doubs, commanded by Captain Huot. Having
learnt that a body of 120 French prisoners, who had
formed part of Garibaldi's force, and had been captured
at Dijon, were being sent off to Germany, Captain Huot
suddenly fell upon the Prussian escort, numbering seventy
men, and succeeded in putting them to flight and rescuing
the prisoners.

A. letter from Laiche, near Florenville, says :—" A
Turco has passed through here, escaping from the Prus-
sians for the fourth time. Made prisoner at Woerth, he
contrived to escape and rejoin the remains of M`Mahon's
corps. Sold at Sedan (his own expression), he a second
time got away and took refuge in Verdun ; on the capitu-
lation of this place he again became a prisoner of war—
not for long; for he arrived at Montmedy in time to be
besieged. This time the Prussians did not know of his
presence, for as they entered with their band in front he
quietly walked the street before them in the dress of a
labourer, and then took the key of the fields."