The Sun.
London, England, 1866-04-23 00:00:00

way.

The terrible list of shipwrecks and disasters at
sea, which has carried desolation to so many homes
during the past winter, has also served to direct

public attention very forcibly to the risks and con

tingencies to which marine interests are exposed
The insurance system, which is now so widely ex-

tended, undertakes, it is true, to guarantee the
holders of property against the malign influences of
the elements, and,marine insurance forms no less
important an item of our commercial affairs than
fire and life policies. It is, indeed, if report speaks
truly, an older branch of the business, though,

unlike the others, it did not originate in this
country. It is said that the Venetians first
practised it systematically, and this is not impro-
bable, considering the extent and the nature of their
marine enterprises, but at any rate it has been in
existence for three or four centuries, though not
introduced into England until the beginning of the
seventeenth century. It has been, as might be sup-
posed, remarkably successful in this country, where
the system commended itself to the natural pru-
dence of the people, and served in some measure to
counterbalance the heavy risks to which our mer-
chants and shipowners are exposed from the stormy
weather so frequent in these latitudes, and from the
exposed nature of our coasts.
A project has lately been set on foot to
diminish the risks and responsibilities attaching
to marine insurance, which are in some cases very
heavy. An underwriter, it is said, cannot rightly
estimate his profits by taking the ordinary average.
He must take the aggregate of two or three years,
so as to include the stormy seasons which are sure to
come occasionally, although irregularly. A stormy
season is generally expected every other year, but,
of course, there can be no certainty in the case, as
there may be a succession of storms, or a series of
mild winters. This last season has been a very
costly one to the underwriters, the losses of
the London, the Amalia, and other great
vessels, only representing a tithe of the mischief
done amongst our shipping. There are several
other considerations to be taken into account with
regard to marine insurance, which need not trouble

the assurer against fire. The construction and age
of the vessel, the skill and experience of the cap-
tain, the character of the owners, whether prudent
or speculative, the nature of the voyage to be
undertaken, the description of the cargo, the time of
the year, and, finally, the state of our political rela-
tions. In countries like England and America,

whose commerce affords EO tempting a field for the
enemy that it is almost certain to be one of the first
points of attack, the condition of foreign affairs
forms a very important item in the underwriter's
calculations. Since the opening of the Session Mr.
GRIFFITHS brought forward a motion to the effect.
that property ought to be free from capture by sea,
and praying Her MAJESTY would use her in-
fluence to make that exemption a maxim of
international maritime law. The general opinion
of the house was, however, adverse to the motion,
on the ground that hostilities would gain in dura-
tion what they lost in severity, so that there would
be little or no advantage. The Attorney-General
was of this opinion, and Mr. GRIFFITHS withdrew
his motion, so that the marine insurance companies
remain in the same position as heretofore.
Th
t
rretaisctuleeg: which
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are b
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munerative average, and yet the premiums are still
gradually declining. Whether this is due to exces-
sive competition or to the nature of the business
is not certain but at v.ny rate it is certain that in
this, as in all similar cases, the solvency of the com-

* "Marine in6urance.- The Builf9nA Apri.ll4,