The Sun.
London, England, 1846-01-21 00:00:00

London —2, Fish-street-hill
Glasgow-88, St. Vincent-street; Manager, John M`Lellan,jun., Esq.
Dublin-12, Lower Sackville-street ; Manager, J. B. Bafikhead, Esq.
The objects of this Association are twofold—the Insurance of Ships
and the Advancing of Money by way of Loan, secured by mortgage
on shipping. Each branch affords its own share of individual profit ;
but the two operations, judiciously combined, will evidently be pro-
ductive of highly remunerative results to the proprietary.
The immense fortunes known to have been realised by individuals
who have advanced money upon the security of shipping, with an
assignment of the policy of assurance, afford the best guarantee of the
soundness of the principle upon which the Association is founded.
The almost incredible number of British shipping under mortgage,
shown by the books of the Registrar-General of Customs, exhibits a
wide field for the operations of the Association. The great bulk, if
not all of these loans, have been obtained upon exorbitant terms by
the small owner from his more wealthy neighbour, who may look
rather to the obtaining possession of the vessel by foreclosure than
to the eligibility of the security as an investment.
The Association will advance a sum of money, in no case exceed-
ing two-thirds of the vessel's value, upon the report of its surveyors ;
which loan shall be secured by mortgage upon the whole ship and
earnings by freight, the policy of insurance effected with the Asso-
ciation remaining in its hands until the termination of the period
for which the loan has been granted.
Among the many advantages it holds out, the following are not
the least:
To the Shipowner, the certainty of obtaining, at a moderate rate,
and without injury to his credit, pecuniary assistance when he most
requires it.
The opportunity of relieving himself from mortgages bearing an
exorbitant interest, and effecting them with the Association at an
Nairobi. rate.
To the Shipbuilder, particularly when building for the market,
either at home or In our colonies, by placing him in a position less
dependent upon immediate sale at an unfavourable season.
To both, a participation in the profits of the Association by be-
ming shareholders.
The Association embodies the following advantages for its Pro-
prietary :
The immediate certainty of securing a very large number of poli-
cies of insurance, since, although insurances will be taken without
loans, no loan will be granted unless the policy be effected with the
Association ; hence the double profit which will arise from these txo
sources.
A total absence of risk to the shareholders.
It may be added that an extensive connexion has been already
formed in the leading outports, and insurance business to a large
amount secured for the Association.
The same machinery sufficing for the working of the double prin-
ciple hereof
fany exohridbiinteadry,
mthaerienxepnsuersanocef
-moinancaegement will not exceed
those
The necessary Parliamentary notices for an Act of Incorporation
have been duly given in the Gazettes of November, 1845.
The whole sum required for the preliminary expenses has been
advanced by the London members of the Committee of Management.
Applications for shares, in the usual form, may be made to the
Committee of Management, and addressed to any of the above-named
officers of the Association, to the solictors, or to any of the following
agents, from whom more detailed prospectuses may be had:—Win.
Cafferata, Esq., Exchange-buildings, Liverpool; Messrs. Flint and
Tootal, Hull; Messrs. Drewry and Richardsoi, Newcastle-on• Tyne ;
Robert W. Ogilvie, Esq., Newcastle-on-Tyne ; W. J. Barker, Esq.,
Sunderland; Messrs. Carr and Sons, Whitehaven ; Tiffin Bell, Esq.,
Workington ; Messrs. Wood and Son, Maryport ; Henry Smith, Esq.,
Fleetwood ; T. Sanford, Esq., Exeter ; A. W. Forbes, Esq., Glasgow ;
J. Mac Lellan, jun., Esq 88, Vincent-street, Glasgow ; Messrs.
Girdwood and Co., Leith; J. B. Bankhead, Esq., 12, Lower
Sackville-street, Dublin; Robert Henderson, Esq., Donegalquay,
Belfast ; Messrs. Ryan Brothers, Limerick ; and Messrs. Hughson
and Dobson, Edinburgh.

MERCHANT TRADERS' SHIP LOAN and
INSURANCE ASSOCIATION.
The great bulk of shares having been already subscribed for in the
principal outports, no Application for Shares can be received after
SATURDAY, the 24th inst., when the Committee will immediately
proceed to the allotment.