The Sun.
London, England, 1869-09-20 00:00:00

TRADE AND FINANCE.

An interesting discussion took place at the meeting of
theshareholders
Bank of England with reference to
the new naasur ofc s theaa opted
for the payment of the
e
dividends. It was mentioned however, that the
number of applications to receive the warrants through
the post was little in excess of 700, a very small
proportion of the total number of warrants issued which is
stated to bo 120,000. On the other hand, it was to be
expected that the new system would not come into
Immediate use, but that its adoption bi the public would
be gradual. Looking at it is in tl is light there is
reason to congratulate ourselves on having made a good
beginning, and we may anticipate a morn general use of a
facility that cannot but be a great convenience to stock-
holders. Nothing new was said in reference to the pro-
posed payment of the dividends quarterly, but probably
this is a matter of time only. To all intents and purposes
the Government dividends are payable quarterly, as the
interest on consols and the interest on the New and Re-
duced Three per Cents. are payable at alternate quarters,
so that investors by dividing their investment, placing a
portion in each description of stock, can receive their
dividends quaterly. At the same time there is no reason
why the proposed plan should not be carried out, and the
inconvenience of the present system abolished.

The Vice-Chancellor yesterday granted an order fox' the
winding-up of the Albert Insurance Company, a
decision that will, under the circumstances, probably be
favourably received by all the policy-holders interested in
this unfortunate concern. If this be followed by a com-
plete investigation into the affairs of the company with
reference to its recent management, some further revela-
tions may be looked for, and a searching investigation was
scarcely possible under the action of numerous provincial,
and possibly contending, committee. It is scarcely pos-
sible to estimate the damage and ruin caused by the col-
lapse of the Albert; but indirectly such a failure must
have a most prejudicial effect upon the extension
of life assurance. No business is more easily
conducted, or so readily intelligible in theory.
In practice it should be positively safe. It is scarcely pos-
sible for anything but neglect or incapacity to cause bank-
ruptcy in any fairly established office, and it is to be
feared that the indiscretion of the managers of the
Albert in seeking to extend their business in every
direction is the great cause of the collapse. The
inducement offering in the shape of commissions was evi-
dently the primary cause of the rapid and reckless exten-
sion which was made on this subject. However, we have
already spoken at length, and it now only retrains for the
managers of existing offices to consider the best
way of counteracting the evil, and removing all causes of
suspicion. As a step in the right direction the Provident
Life Office has given the figures of its business, the publi-
cation of which, it is to be feared, would prove fatal to
some of the existing offices. Probably all the leading
companies will follow this wise precedent, and, although
the non-publication would be no imputation on their sound-
ness, it would be well for the public to avoid those offices
which neglect or refuse to give them the necessary infor-
mation. At the came time it must be recollected that the
publication of these figures would not afford absolute
certainty with regard to the position of the offices, as the
character of the lives assured and the value of the securities
held, are of the first: consideration.

Lord Napier of Magdala left Alexandria on Satur-
day for -Marseilles cn route for this country.

We (rays the Pall Mall Gazette)
have received by
the Borneo, in advance of tee regular mail, a com-
munication from our correspondent at the Capo respect-
ing the charge against Bishop Twelle, which, it is
needless to say, is exciting the most painful interest
throughout the South African colonies. Bishop Gray has,
our correspondent states, received a telegram from Natal on
the eubject, the purport of which is so serious that we with-
hold it for further confirmation. Some violent popular
dorawastzatioss against tin Dignahavo takszugace,;