The Sun.
London, England, 1869-08-31 00:00:00

LONDON, TUESDAY, AUGUST 31, 1869.

The festivities which took rlaca yesterday at the
Crystal Palace, signalised not only in a very agree-
able but also in a very appreciable manner the fact
that the sportive competition of Friday last between
the Harvard and Oxford crews, in what has been
called the Great International Boat Race, has about
it, in one point of view, an aspect of really inter-
national importance. Those who were present at the
banquet, given, last evening, by the London Rowing
Club to the pick of the American and English Oars-
men, could thoroughly understand this from the tone
and manner of the whole proceedings. Those
who were not present can recognise the truth
of what we have just tow asserted from
the speech in which Mr. CHATILES DICKENS

:TopOsec] the toast of the evening. Than this speech,
from first to Lst, nothing could possibly have b?en
in better taste. It, transf'ortned, in the most
natural way in the world, a defeat iuto a
subjct of pcitive congratulation. It veiled none
of the glories of the victors, but, at the sam3 time,
it covered with honour—out of the very fact of their
discomfiture—the vanquished. In the opening of it,
it was a light, merry, cheery, after-dinner address,
that soon became warmed into earnestness. Flushed
with fireworks, Mr. DICKENS told his hearers, that he
warranted himself to imitate those gorgeous illusions
by making a brief spirt and then dying out. Yester-

day's speech was far more than that, however, and will
be read upt n both sides of the Atlantic with eager
delight and with a vivid sense of satisfaction. It will
realise both nations how heartily they can appreciate
oneanother,
-without any abatement in the zeal and
energy of their competition. Casually though Mr.
DICICENS touched, in a passing sentence ortwo,:apon
the subject of Harvard University, he contrived to
remind everyone upon this eastern side of the great
ocean dividing us from America, of the salient points
in the history of that young but already famous 'ionic
and haunt of learning. R3ferring, first of all, to the
ninety-five dauntless sons of Harvard who had died
thedeath,sword in hand, during the great Civil War,
like heroes as they were, he reminded those who
were listening to him how true to herself Harvard
still was sheaving herself to be, in peace as in war,
as was signalised clearly enough on Friday last
when little less than a million Londoners were enabled
to recognise in her boat's crew the leavea of her
soldiers. Beating them—that Harvard boat's crew
—he declared to be a new feather in the proudest
cap, and added that it was the essence and life-blood
of such a defeat to become at last sure victory.
The whole meaning of the mingled courtesy
and competition upon both sides throughout
this really memorable contest, Mr. DICKENS
indicated, most happily, when he spoke of the
readiness of Oxford to yield the " pas " iu
the order of precedence to their American rivals
from Ilarvard, and to do this to every imaginable
extent, saving and excepting always allowing thereto
take the first place in last Friday's match if they
could by any human and honourable means be kept
in the second! At which announcement even the
Harvard men laughed cheerily. Cordial as his words
were in reference to the gallant crew from
Harvard, his reference 'to the victors of Friday
was couched in terms that will make every
Oxonian's heart glow within him by sympathy,
when he reads that CHARLES DICKENS said last
night, in the hearing of English and American's to-
gether,—" We unite in one accord in regarding the
Oxford crew as the pride and flower of England."
Perhaps, however, the most characteristic touch in the
whole of Mr. DICKENS'S capital speech of yesterday,
was that in which he related to his audience, and
through them to all England and all America, the
remark be had himself overheard made by a
discontented gentleman on Friday night, about
ten o'clock, when he was baiting a very
small horse in the Strand—" he was one
of eleven with pipes in a chaise cart.," observed
the great humorist in one of his whimsical asides, at
which, of course, every body laughed parenthically—
" I say it must be admitted," said Mr. DICKENS, re-
verting to his reminiscence, "in disparagement of
the Oxford crew, on the authority of this gentleman,
that they have won so often that they could afford to
lose a little now, and that ' they ought to do it, but
they won't." Whereat there were roars of laughter.
And, so with the utmost possible good humour and
congenial merriment, the contest between Oxford and
Harvard has been struggled through, has been won
and lost, and the rival competitors, side by side, have
been feasted and congratulated together—the words
of commendation, that both crews have so nobly
earned, being pronounced befittingly enough by one
of a nature so genial, manly, keen-sighted, and large
hearted, as to render his name and his words accept-
able on both sides of the Atlantic as those of a typi-
cal Englishman.

THE disclosures made at the meeting of the Albert
Assurance Company, on Saturday, still leave much
of the dismal tale untold; but the facts already
known were materially supplemented. The outline
of this infamous history is now so far complete that
the officials will assuredly profit little in public
estimation by withholding the details which they
still do not care to tell. It has long been
clear that the Albert office has been brought
to bankruptcy by gross mismanagement. Who
profited by the long series of misdeeds, and why the
company was quietly carried on without change for
years after ruin had gathered round it, are queeions
which the outside public is now perfectly well able
to judge of for itself. Most people will find the profit
and loss account submitted by the directors to be
tolerably unintelligible ; but the very obscurity of
that amazing document tells its own story. It
informs us that from 1854 to 1861 the business of
the company was carried on at a small profit; and
that from the latter date down to the final collapse
a continuous and unvarying series of losses had to be
met. It is no doubt contrary to all modern commer-
cial rules to expect directors to make voluntary dis-
closures; but still it is well to note the fact that no pro-
fits have been made for some eight years, end that the
business has been carried on during that time without
any information being furnished to those most inte-
rested. In certain mercantile circles such a policy as
this is regarded as a matter of course ; but the un-
commercial mind is apt to look upon these transac-
tions as something worse than "clever financ-
ing." There may be occasions which require
such secrecy as this. It is not impossible that a corn -
pany which has met with losses at one time may
retrieve them at another, though the danger of
making confusion worse confounded is always ter-
ribly But in the case of an assurance com-
pany thera is practically no chance of retrieval
without sacrifice from shareholders orpolicy-holders,
and the sooner the worst is known, and a fresh start
made, the better. The Albert became more and
more involved ; but still the prudent and
the self-denying were invited to throw
away their savings. The real position of the com-
pany was not merely concealed, it was falsely repre-
sented to be flourishing. Dividends and bonuses
were distributed. Prospectuses, declaring that the
office was the best and safezt of its kind, were put
forth. Kindred proceedings would ordinarily be
stigmatised as infamous ; but when done in the
name of commerce, they are called "clever

financing."
The details of this profit and loss account are by
no means calculated to diminish the indignation
which its general tenour must excite. In 1855, it
states, the profits were rather more than £53,000;
from 1855 to 1858 the total gain amounted to only
£27,800 ; and from 1859 to 1861 £33,600 was
set down as profit. Then commenced the period of
loss. In the four years from 1862 to 1866 the busi-
ness done left £281,000 to the bad. In the years
1867 and 1868 the loss suddenly increased to
£1,016,000. It is impossible to accept such a
statement, except on the production of proof
which at present is wanting. This financial
exposition affirms that in twelve years the sum gained
amounted to £114,000, and the total loss to £281,000.
And yet in two years more above a million sterling
vanished, though the annual income of the company
is only R 350,000 ! But if the directors can show that
the statement is literally correct, their position can
hardly be improved; for even after this tremendous
downfall, the public were still informed that the
Albert Office was the safest deposit for the savings of
the prudent who wished to provide for the future
of those most dear to them. It was claimed
for the directors at the meeting that they
were " honourable men." Possibly the share-
holder who cried out, "Question," in reply to this
allegation, was a rash and imprudent person. But
how participation in this species of business can be
considered the work of honourable men remains lc
be explained ; and equally has it to be shewn what
the plea of ignorance can avail.

Some other information of considerable interest
was afforded at the meeting on Saturday. It is
noticeable that the period of amalgamation com-
menced almost at the same time as the period of loss.
The first office incorporated in the Albert Company
was the Beacon, and this union took place in 1856.