The Sun.
London, England, 1861-07-26 00:00:00

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asdweinpeG.Hewett.
They received large amours
from the dock companies, b._
called upon for more than £lO, JO for losses in-
curred there. Heavy premiums were charged upon
spirits stored in the vaults ; but such precautions
had been taken in reference to that class of goods
that only one pre had occurred in the brandy vault,
and that was speedily extinguished.
The motion was then agreed to.
On the motion of Mr.WooLASTON, it was resolved
that the committee consist of the following gentle-
men,
v z Msre: sjs.Ar
Csr..t Ghciu.uril‘elkoC,ffaHapte.tl;,il‘r.iglmPei.
Peat,
Harrison,l.Vp.aFlmeeekr
John Humphery, jun., W. J, Hall, F.
h Anderson, John Corderoy, J. T.
1 er stnshi
Noakes,recuyyor,vSTejaitrinoe:

PRICE .41
STAMPED

ing 8-inch guns and one rifled pivot gun forward,
with a full crew. Two vessels have gone in search
of her.

'SOUTHAMPTON, JULY 25.

The Hamburg and American Company's steamer
Hammonia, Captain Schwensen, from New York
on the 13th inst., has arrived off Cowes. She brings
160 passengers for England, France, and Hamburg.
On the 14th inst. she spoke the Sasonia, bound
for New York; on the 18th, the English bark
Affiance, bound east ; on the 19th, the English bark
Toronto, same course ; and on the 25th, the English
ship Derwentwater, off Portland, bound west.
The news by the Hammonia has been antici-
pated.

NEW TARIFF OF RATES FOR FIRE

INS URANCE.'

Yesterday a highly important meeting of the
merchants of the City of London was held in the
Egyptian Hal], Mansion-house, to take into conside-
ration the new tariff of rates for fire insurance agreed
upon by the principal fire offices. In the absence of
the Lord Mayor, occasioned by official duties, Mr.
R. W. Crawford, M.P., took the caair. There were
also present, Mr. Moffatt, M.P., Mr. Hubbard, M.P.,
Mr. Love, Mr. John Humphery, Mr. Trowel., Mr.
Peek, Mr. Curling. Mr. Scovelt, Mr. Besley, &c.
The CHAIRMAN, in opening the proceedings of
the meeting, explained how it was he had been
called upon to preside at the meeting, and stated
that in consequence of the late calamitous fire
in Southwark the insurance offices had
considerably raised the rate of their premiums upon
fire risks, on the allegation that it was theiv wish
to secure a better management of the risks and an
improvement in the building of warehouses. The
public, upon the receipt of that intelligence, had
taken alarm, and considered the new rates greater
than the character of the risks warranted, and that
the offices were acting under a feeling of panic. If
the offices were able to accommodate matters to
their way of thinking, it was but right and pro-
per that the public should have an opportunity of
stating how far they concurred in it. It would,
therefore, be well if the meeting appointed a com-
mittee to communicate with the insurance compa-
nies. The present meeting was not originated in
any feeling of hostility to them; on the contrary,
the promoters of it wished that the business might
be so conducted as to lead to a continuance of har-
mony and good feeling between the offices and the
mercantile public.
Mr. MOFFATT, M.P., proposed the first resolution,
to the effect that, in the opinion of this meeting, the
proposed rates on merchandise and the depots thereof
as issued by the combined fire offices who virtually
form a monopoly are manifestly unjust and excessive,
and would, if submitted to, be the means of convert-
ing an unparalleled calamity into the basis of a per-
manent source of exorbitant profit. He said the
presence of so numerous and influential a meeting
justified the requisitionists in the course which they
had adopted. They felt that unless the proposed rates
of insurance were not altered the new tariff would
press considerably on the commerce of the port of
London. While they were willing to acknowledge
that the insurance offices had hitherto done their
business well, and had never captiously cavilled at
the claims sent in to them, still they could not
but regard the rates now proposed as impractic•
able and unsuited to the existing state of affairs.
They all sympathised with the offices upcin the
losses which they had sustained by reason of the
late calamitous fire, by which they themselves had
more or less suffered ; yet they felt that it would
be eminently unjust that the offices should out of
that make a large future gain. At present the
amount of duty paid by the fire insurance compa-
nies was £900,000 upon 600 millions worth of pro-
perty. Taking the estimated rate of loss at 3s. per
cent. they paid in claims £900,000 more, and tak-
ing the rates of profit on the same scale, their annual
net revenue was about £900,000 more. From this
calculation it would appear that they lost in the
fire a little more than one year's income. That he
was told was a low estimate of their income, but at
all events every additional ls. added to the present
rates was equivalent to a tax of £300,000 upon the
commerce of the country. Year after year they
were knocking at the House of Commons to have
the 3s. duty taken off, as it checked habits of pru-
dence among the people, but here they were them-
selves proposing to make a far greater increase to
the cost of insurance, and from what he had heard,
there are many merchants of the City who have
now come to the resolution for the future not to
insure their property.
Mr. ANDERSON, in seconding the motion, stated
that the new rates amounted to from 15 to 20 per
cent. in advance of those which had hitherto been
paid.
After a few words from Mr. BARNES,

Mr. NEWMARCH addressed the meeting. He
stated be had been delegated by the Globe Office to
attend and put the meeting in possession of the real
facts of the case. Insurance companies, like all
similar associations, went into business for the sake
of making profits. They wished to be able to make
as large dividends as they could. (Ironical cheers.)
He understood the meaning of that cheer, but they
had not allowed him to complete the sentence.
They desired, to make as large dividends as they
could, with every reasonable allowance for the con-
venience and welfare of their customers. The busi-
ness of fire insurance was thus conducted : the mil-
lions of risks were put into several large groups,
and the rates upon each of these groups were cor-
respondent with the average risks. Thus they had
mercantile risks, manufacturing risks, and seve-
ral other groups of risks. After deducting from
the gross amount a premiums upon each group
of risks the amount paid in claims and expenses,
they obtained the net profit upon that particular
group, but it could be shown that for the last ten
years they bad lost by mercantile insurance. With
respect to the rates, the rate of premium for goods
in the docks had hitherto been 3s. 6d. per cent., but
the offices, looking at the indiscriminate storage of
dangerous goods and the imperfect character of the
warehouses, had come to the resolution to raise
their rates, as 18 years ago they did in Liverpool
with the most beneficial results. The rates now pro-•
posed, however, would be only temporary, and a re-
mission to the extent of Is., the addition, would
take place the moment the two conditions he had
mentioned were complied with. In that case the
permanent rise upon goods in dock would be from
3s. 6d. to ss.—(No, no, it would be 9s.)—and where
the area of the policy was extended they would
charge is. per cent. more. The rate at the first-class
wharfs was at present 4s. 6d., and would after the
remission stand at 7s. He was glad, however, to
hear that it was the intention of the meeting to
appoint a committee to confer with the offices, for
he was sure they would receive them in an ami-
cable spirit, and make whatever concessions they
could safely make without sacrificing the interests
of their shareholders.
Mr. COCKBURN said the rates now proposed were
altogether exorbitant. They could not insure un-
less upon floating risks, and it was impossible they
could have any control over the storage of their
goods.
Mr. FORE supported the resolution, and consi-
dered the time was come when they ought to start
a new office for their own protection.
The motion was then agreed to.
Mr. LEIGHTON proposed the next resolution, to
the effect—" That this meeting is also of opinion
that if the proposed rates of insurance be esta-
blished, an inducement would be offered to incur
the hazard of non-insurance rather than submit to
an exorbitant impost, and that such a temptation
to imprudence would diminish the protection which
the caution of the mercantile community has hitherto
enabled them to secure for their property."
Mr. JOHN HUMPHERY seconded the motion, and
declared it had been altogether the fault
of
fthe
insurance companies that there had not been long
improvedagoi nt r odculcaesds betterof
warehouses.classifi
The resolution was then adoptedcation.
, ,of stores and an
Mr. RUSHTON then proposed That the
emwahrkiceh
Etas market
value Of the shares of the leading fire-offices,as suffered no material depreciation since the fire
in Southwark, proves that on the average the pre-
vious rates were amply sufficient ; and therefore
this meeting pledges itself to use all lawful means,
by the formation of a new company or otherwise,
to oppose the establishment of the proposed new
rates of insurance; and that a committee be ap-
pointed to consider the best course to be pursued
towards that end." He said the question was of
national importance. The excuse of the offices was
that they had lost upon one particular group of
lists, and therefore they were Justified in raising
the rates in reference to it. As well might a mer-
chant, who lost by speculation in one class of goods
but benefited by the others, endeavour to put
price upon them beyond that which
they carried ia
n
the market.

Mr. TROWER seconded the motion, and called
attention to the state of the share list, to show that
the value of the companies' shares had not declined
during the last ten years, Which would have been