The Sun.
London, England, 1870-08-23 00:00:00

THE NEW LAW ON LIFE ASSURANCE.

The collapse of several bubble insurance com-
panies within the past two or three years, and the
consequent losses entailed on those members of the
community least able to bear them, induced the Go-
vernment to introduce a Bill last session to place
the insurance companiesunder systematic regulations.
This bill was passed on the 9th instant, and one of
its most important provisions is that for the future
every new company shall be required to deposit
£20,000 with the Accountant-General of the Court
of Chancery, not to be returned to the company
until its life assurance fund accumulated out of the
premiums amounts to £40,000, the deposit being of
course invested in proper securities. Provision is
also made for the case of companies established after
the passing of the Act transacting other business
besides that of life assurance. Here a separate ac-
count of the life funds is to be kept, which fund is
to be called "the life assurance" fund of the com-
pany, and is to be as absolutely the security of the
life, policy and annuity-holders as though it belonged
to a company carrying on no other business than
that of life assurance. Other clauses enact that on
and after the passing of the Act every company is to
prepare, at the end of the financial year, statements
as to its revenue accounts and balance at tue end of
the year, in accordance with certain s; that
actuarial reports are to be made onci 1:1 L v years of
companies established since the Act, ari net in ten
years by those before, or at sho: i rr 43 as may
be prescribed. Changes are Ina e as to the amalga-
mation of different companies, the Court of Chan-
cery having power either to sanction or to refuse the
proposed alteration. Altogether, the new Act is a
great improvement on the former state of things, for
although the American system is not copied in its
entirety, the policy-holders will not be completely in
the dark respecting the condition of the companies
in which they may have an interest.

THE INDIAN MAILS.

The new contract for the conveyance of the Indian
mails entered into by the Postmaster-General with
the Peninsular and Oriental Company introduces
some important changes in the service. The chief
difference is that the remuneration shall be fixed at
a specified sum-2450,000 instead of varying as
hitherto according to the amount of the dividend.
The subsidy will under this new arrangement be
subject to the usual account of premiums
and penalties. As the former system did not
work well—the Post Office having to pay a consider-
able amount, while the company was dissatisfied,
and there was a difference of opinion as to the calcu-
lation of the profits—the public will probably gain by
the alteration. The other changes are less impor-
tant, but not less interesting to the public. The
Government is henceforth to be allowed to substi-
tute Brindisi for Marseilles as the Mediterranean'
port for light mails when the Mont Cenis Tunnel
is completed, while the company may sub-
stitute Liverpool for Southampton as the
port for heavy mails. The voyage to and from
Alexandria is to be completed when the tunnel is
finished, in 75 hours, the rate of speed being in-
creased. The company, it seems, are apprehensive
that the Brindisi route may be less profitable to them
than Marseilles, though it is difficult to see why this
should be the case, since passengers will not cer-
tainly be slow to avail themselves of the more rapid
route. In any case, the advantages of the Brindisi
route have long been so practically evident that it
could hardly be left out from any new arrangement,
as even without the aid of the Mont Cenis tunnel,
the Indian news received vid Brindisi always out-
strips the regular mail.

THE VALUE OF ENGLISH OPINION.

Bystanders are very apt to give offence to both
sides in a quarrel, and England does not escape their
usual fate, being criticised and censured not only
by the belligerents themselves, but by the other
neutral powers. The American journals scan her
movements closely, and one of them, after attacking