The Sun.
London, England, 1869-09-23 00:00:00

WESTMINSTER.

CHILD STEALING.—A working man named Edward
William., living at 13, Sufton-street, Westminster, ap-
plied to Mr. Selfe, the magistrate, for his assistance and
advice under the following circumstances :
Applicant said that on last Monday fortnight, at about
eight in the evening, his little boy, 21 years old, Edward
Williams, went out to play, and was missed; he had given
information to the police, the hospitals, infirmaries, work-
houses, and homes had been searched, and no trace of the
child could be found, so that there was every reason to
believe the child had been decoyei away. As the police
had been unable to restore the boy to him, he had come
to the magistrate for his assistance. The boy had light
hair, dark eyes, a speck or mole on the chin,
was dressed in a black frock, lace-up boots,
and white socks. Ho hoped the press would take
notice of the matter, as the child may have been taken
away for the purpose of adoption by some person so in-
clined, and by that means trusted that the child would be
returned.

Mr. Selfe said ho deeply sympathised with the poor
man on his loss, but could not help him ; the reporter
might, however, take notice of the matter which was in-
volved in so much mystery.

THE EUROPEAN ASSURANCE COMPANY.

An assurance collapse, which has been appre-
hended for some weeks, and it is feared may prove
more disastrous than that of the Albert, has been
announced. The two petitions to be heard before
Vice-Chancellor James for the winding up of the
European Assurance Society, stand over until
Saturday week. The outstanding policies of the
society are stated to be for an amount of between
nine and ten millions sterling, in addition to
which they are under contract for the payment of
annuities amounting, according to a recent state-
ment, to £16,000 per annum, but which are believed
not to be considerably beyond that sum. The society
also had a very large guarantee business under a
special Act, and of an annual premium income of
£338,298, about £40,000 is understood to have
been from that source. The subscribed capital is
£.780,660, in shares of £2 10s. each, on which
16s. 6d. per share is paid up, this 16s. 6d. having
been composed of 10s. originally paid, Is. 6d. cre-
dited to the shareholders some time ago as a profit
bonus, and ss. from a call made about two months
back. The assets applicable to the Life Assurance
were stated on the 31st of December last at only
£490,729, and these included an item, described
as " mortgages, life interests, reversions, and ba-
lance of purchases of business &c.," for £348,830,
without any specification as to how much of that
total is represented by the worthless goodwill of
the businesses acquired. The remaining liability
of the shareholders is £520,000, but probably the
solvent proportion will be found very small. The
prospects of liquidation must, therefore, be re-
garded as most discouraging. The office was
established in 1854, under the title of the
" People's Assurance Society." In 1859 it changed
its name to the " European Assurance Society," and
since that time it has absorbed 33 other companies,
the great majority of which were doubtless got up
by the usual adepts for the purposes of sale. It
has establishments in India and Australia, and for
some time it had a branch at Montreal, but about
a year ago the Canadian Government required
that each office in the Dominion should de-
posit $lOO,OOO in colonial securities, and perhaps
from the inconvenience of this demand the
agency was closed. But the most remarkable
fact remains. The office obtained a special Act
of Parliament, about nine or ten years ago, en-
abling them to undertake to guarantee the fidelity
of Government employes and others, and this Act,
it is understood, provided for the creation of a re-
serve fund in Government securities specially ap-
plicable to such guarantees, and also that the Go-
vernment should have power to appoint inspectors
to examine the affairs of the society. Those who
are desirous of Government interference in com-
mercial undertakings may find in this instance
another illustration of its results. The fact that
" the European Society is specially authorised by
the Imperial Parliament to guarantee the fidelity
of Government officials" has been paraded for
years, together with the notification that " the
Royal Naval, Military, and East India Life
Departments affords peculiar advantages to officers
and others in the navy, army, and mercantile
marine," and these announcements have doubt-
fess far outweighed the effect of the warnings re-
peatedly given by men of experience in the city.
So far back as 1865 pamphlets were published to
awaken the vigilance of all, persons interested, and
yet at the general meeting of the shareholders in
March last there was perfect unanimity in denounc-
ing the statements and motives of every one who
had questioned the position of the society, and
votes of thanks to all concerned were passed " with
acclamation." It is not the least lamentable part
of the affair that the Board of Direction comprises
the names of men of whose individual honour and
intentions there can be no doubt, and who, par-
tially ignorant of practical business, must have been
grossly misled by more adroit persons.

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