The Sun.
London, England, 1844-05-17 00:00:00

ORLEANS, TOURS,• AND BORDEAUX
_ • RAILWAY.
41441 05,000,000 of Francs, in 130,000 Shares, of 500 Francs
• each (2,600,0001., in Shares of 20/.),
'A bleb 70.000 are subscribed in France, and the Deposit paid ;
theremaining 60,000 to be subscribed in England.
Deposit—One round ter Rare,
T. Provide the usual Caution.meney, or Deposit, req aired by she
:vetch-Government, and which will be returned, wit tout any c e-
duction whatsoever, but without interest, upon the production of
the Ranker's receipt, if this Company shall not become the Less, es
of the Railway, pursuant to a Law of the present f-ession of tt e
Pfenci Chambers.
EOUNLISIONAIRES OR DEMANDANTS Or TEE LEASE.
41M. ALPHONSE LAURENT, Banker, Blois ;
ANTOINE LUZARCHE, Chateau de Clavieres and Berry ;
, WILLIAM MACKENZIE, of Liverpool and Paris.
STANDING COUNSEL.
MI de Haut, Avocat of the Cour Royale, Chevalier of the Legion
of
Ronan?, late Chef de Cabinet to the Minister, and now
Standing Counsel for the Department of Public Works.
Li(The Directors in France will comprise some of the most dis-
ngnished Members of both branches of the Legislature, locally
"Mooted with the districts traversed by this Line, whets the law
shall have been voted by the Chambers.)
DIRECTORS ENGLAND. •
ar WILLIAM PLUNKET DE BATHE, Barthe, London;
THOMAS HOULDSWORTH, Esq., M.P., Blanchester;
:11/ILLI GLADSTONE, Esq., London;
ROBERT WILLIAM KENNARD, Esq., London;
LEWIN MOSLEY, Esq., Banker, Liverprol ;
RICHARD PATERSON, Esq., London.
SOLICITOR IN LONDON.
Vanheythuysen, Esq., John.street, Bedford-row.
BANKERS.
Denison, Heywood, Kennards, and Co., London;
ane
-MIT •
Id on Bank of London;
Barned and Co., Liverpool ;
it., Rank of Liverpool;
eurs• Cunliffes, Brookes, and Co., Manchester.
t()Rstrr
.Ttits consltrlON AND OBJECT OF THIS COMPANY.
111,, itn Tan_
rich /,,,,,,P°ll7 is founded on the law of the 11th of June, 184-0 ,
k TUn i°r the carrying out of an extensive system of
Railway in
private eerprise, and for granting
of the
Araen.., Railway to a Company, upon terrasto be agreed upon.
UN*. p:,_"l° Railways comprised in this law is the great Line
Atitoui-"' to the Spanish frontier, by Orleans, Tours, Poitiers,
.k,.ttee, and Bout Beaux, to Bayonne.
eede7 urn. section, from Paris to Orleans, has already been con.
t° a Company, who conatructcd it wholly with their own
-7,, It was opened to the public in May, 1843.
1.20 e original purpose of the present Company was to obtain the
Z.'.-Taeaf the second section comprised between Orleans and Tours;
.."'"4 baying obtained a larger amount of capital :than would be
ftliquired for that object, and encouraged by the terms offered by
toe Minister of Public Works, the present proposal of the Com-
"in> embraces the whole distance from Orleans to Bordeaux, 295
mile`'
Passing by the populous cities and towns of Blois, Amboise,
TG's. Chatellerou lt Poitiers , Angouleme, and Libourne, to
lardeaux.
• l'he to ,at the cost of State, o the per-
tio
1 --"recnworks Orleans andexecuted Tours, are already' so the
far advanced, that,
;1 the hands of this Company, that important extension of the
got metatt and Orleans Railway could be opened to the public in the
1/ of 1845, with an expenditure of not more than 54 per
Ste on the whole capital.
TbulenedPed,
:pis Companyof
rt is reconstituted for this purpose. The Statutes
peenand Rouen and the Rouen and Havre Companies have
so far as they are applicable to this Company.
I.o,_.The French portion of the Capital, 35,000,000 fumes, is all
bed, and the Depasit paid, in Paris and in the provinces.
Lo• the 30,000,000 francs reserved for England (1,200,000).), a
nsiderable portion is engaged by the Shareholders in the Orleans
d Tours Line of last year, who paid their deposits.
The Bard of Directors will consist of eight French and eight
"auglimb, two of the latter resident in France, as the represk ntatives
and guardians of the English interests in the administration of the
affairs of the Company.
There will
.be an Office in London for the registration and
transfer of Shares, :or which every facility will be afforded, imme-
trelY after the Company shall have obtained the authority of a
i,7Ya I Ordonnancc. Weekly reports will be transmitted to the
glssh Directors for the information of the Shareholders.
he staff of the Company will be composed of the most efficient
Pita)
os whose set v7ces can be obtained at the head of every de-
Potrlient requiring practical experience in the details of Railway
Management.
TER

GUARANTEE SOCIETY.
Established by Act of Parliament.
SECURITY GIVEN for the FIDELITY of PERSONS in
SITUATIONS of TRUST.
Particulars may he obtained daily, at the Society's Office, No. 28,
Poultry, between the hours of Nine and Five o'clock.
AGENTS.
Messrs. G. Edwards and Son.. —Bristol.
Messrs. J. H. and G. Ridsdale Leeds.
Messrs. Hughes and Ronald • • • • ....Liverpool.
Mr. Nathaniel Lea • • • • • • • • Birmingham.
Mr. Samuel Taylor . ...
Mr. H. Callender .• • • • • • • • • • • —Edinburgh.
By order, THOMAS DODGSON, Secretary.

To
IRONMONGERS.—A GOOD WHOLE.-
SALE and RETAIL GENERAL IRONMONGERY 1117 S-
I,
NESS, in a flourishing market town in the west of England, TO
BE
For particulars, apply to Mr. Etheredge, commission agent, Yeovil,
SotnersV.

DISEASED AND HIULTHV LIVES

ASSURED.

MEDICAL, INVALID. and GE 'CFR '‘.L LIFE
IV_IL OFFICE, 25, PALL-MALL, LONDON.

TRUSTEES.
Charles Hopkinson, Esq., Regent street.
Sir Thomas Phillips, Temple.
Alfred Waddilove, D.C.!, Doctors' Commons.
DIRECTORS.
Edward Doubleday, Esq., 249
Great Surrey-street.
George Gun Hay, Esq, 127,
Sloane street.
J. P,.rkinson, Esq., F 8.5., 80,
Cambridge. terrace, 11) de-par k.
Benjamin Phillips, Esq., 1.R.5.,
17, Wirnpole-street.

C. Richardson, Esq , 19, Bru-
ton-street, Berkeley.square.
Thomas Stevenson,E.q., F.S. A.,
37, Upper Grosvenor-street.
Robert Bentley Todd, M.D.,
F. R.S., 26 Parliament.street.
Alfred Waddilove, D.C. L.,

Doctors' Commons.

Atmr
John Pursord, Esq., 7, York- I
terrace, Regent's-park.
Joseph Radford, Esq., 27, I
Cambridge terrace, Hyde.
park.

(TORS.
IJ. Stirling Taylor, Esq
14, Upper Gloucester-place,
Dorset-square.
Martial L. Welch, Esq., Wynd-

ham place Bryanston.square.
STANDING Courtset.—John Shapter, Esq., Lincoln's Inn.
B►NKERS—Messrs. C. Hopkinson and Co., Regent-street.
SOLICITORS—Messrs. Richardson and Smith, 28, Golden.square.
DEPARTMENT OF MEDICAL STanwrtcs—William Farr, ESQ.,
General Register Office.
ACTUARY—F. G. P. NciAnn, Esq.

This Office is provided with very accurately constructed tables,
by which it can assure unsound lives on eqiiitable terms.
Similar tables enable the Society to grant increased annuities on
unsound lives, the amount varying with the particular disease.
Members of consemprive families assured at equitable rates.
Healthy lives are assured on lower terms than at most ether
offices.

-MS AND CONDITIONS OF THE LEASE.
The Minister of Public Works has demanded of the Chambers,
0" the prtsent Session, a vote of 54,000,000 of francs, to be spread
t::" a Period of fix years, for the construction of the works be-
D),eelt Tours and Bordeaux. Of this sum 4,000,00 n of francs will
aPplicable to the service of the present year, 1844, and
11.1,000,000 for that of 1845.
terms he Projet de Loi' Bill, for this purpise, and for defining tho
rilitted ax conditions of the Lease to be granted, has been sub-
befor the approval of the Chamber of Deputies, and is now
Coranlission, namely, in that stage which is termed in the
Palament, " in Committee on tne
Tae
folio •
9,lfig are the principal conditions proposed by the Mi-
itre74llnd eMbodied in this Bill. The obligations of the State
lett to ;10 by the Law of Ilth June, 1842; and there is good rea.
tete Pe that the conditions to be required of the Company, in
lion.' Will not be materially, if at asl, modified by the Commis-
-. liter in the subsequent discussion in the Cham,ers
bileeetoMinister of Public Works, in the name of the State, en-
eteettt Pay fur the land, and compensation to landowners ; to
Mute the earthwork, masonry, stations, workshops, police sta-
tthe atd buildings of every description ; in short, to make the
it e:,,and its dependencies, up to formation level, be the cost what
for;;Yi to Maintain the earthwork for one year, the masonry
{lllriap: Years, and the buildings for five years, after delivery to the
ny,
4 he co.,_
sentwo„„"PanY have only to provide, lay, and ballast the perma •
kliegs` "v femeigt-the Railway, supply the locanotive and cart..
their as Yrork the Line, and maintain it during the term o
To the
it Lelae f se alone their liability extends. .
entire capital "ha terns of years sufficient to liquidate the Company's
letPrOYed the °Paration of a sinking fund of one per cenentt.,
at co
the ter eVOUnd interest. if so improved, at four per c
Zet "'Glad be 41 y esaras d 16 days ; if at three per cent., it
eld extend to 46 ede324 days. The latter has been pro-
bytif b Gove Ministeyrear. The term commenc..s from the doerliksvel'i
tht e eretoent to the Company, of the whole of the w
entire Line to Bordeaux.
41 ntire e 1 Line is to be delivered to the Company in work.
such drrv....""^-say between first class stations, and two years after
Ptfisiie are allowed to the Company for the opening to the
,Thai lb
..
is to participate equally in the nett profits of the
Atieb4-1, after ten per cent. to the Shareholders upon the capital
Net. ea' namely nine per cent. dividend and one per cent. sinking
t'the e.
of eriseight of the State so to participate in the nett profits does
teliontthtil after the first five years of the opeping of the Line
-Ut to Bordeaux.
ittio *lll live to the Company about twelve years of undivided
.41114,44'41" the nett profits of the section between Orleans and
I. 110 cc.
• tiepebrinParlY are required to surrender the permanent way and
i borencleas at the expiration of the term, without compensa.
anal:ar.' i: are to be paid the actual value of their carrying stock,
''etse e arid stores, tither by the Government or the new
"ate.: Within three months after the term of their Lease shall
The-71)4w.
la* tarit Or l
Chand. rate of charge, for the transports of passengers and
/157.
extra vrito
se
tit to be the same as on the Paris and Orleans R
i Inman addition for third-class passengers,• to meet the
WhichtC lie of covered-in carriages, wills curtains at the sides,
, 4 Corapany will be bound to provide.
lGipre.
74-141:1 OBLIGATIONS OF SHAREHOLDERS.
Uracts from the Statutes of the Company.)
Tae IteeCer'eare represents a proportional part of the whole Capital
uhisti"s Company and will be issued at par.
tkit h--"titY of Shareholders is limited to the amount of the
euttely tehld by them—a "•Societe anonyme" in France, being pre;
• ''ellarld—e saates in this respect, as the Railway Company in
The
liabilitybyautbti of the original SubscriGers to the Company extends
three .tenths, or 6/. per share, of the amount of their
arithottlittae.
anat amount paid tip, the shares may be transferred
• %a% dhariction, and the liability of the original Subscr.ber
Tiu; •
tlirtritieeraoUnt of each Share shall be payable as foll rws ;—One-
tbe ee ten allotment ; one-twentieth within two months after
11" of the Le •se shall have been obtained ; the re-
-.Nis by tenths as the -
Directors may see requisite, but at in.
*bolter s'et lex; than fourmonths between each call, until the
0/, shah bare been paid up. a eslbibear .
Poll the interest, after the rate of 4 per cent. per annum,
latuotint called up, to date from the Royal Ordonnance
ling the Company a,nd half-y,arly, until the open.
Ohl thi.ieetion of the, Line betwspayable en Orleans and 'f ours, after
et; Pro Shareholders will be entitled to share, pro rata, in the
-7 divided half-yearly.
tioeoe*e!tres will be in the names of the proprietor by subscrip.
wiNrehase, until the whole amount shall have been paid up,
he es-htett the bearer
shall be deemed to be the proprietor, and
Ttshand to hand like Exchequer bills.
-64 a
- 7,,,5t0n of one or more Shot*, s carries with it all the
Mations of the original Shareholder.

The first Life Assurance Society commenced business in 1705,
and the principles of life contingencies, understood at that rinse to
a very limited extent only, have repeatedly undergone important
changes and improvements; but till the establishment of this So
ciety in le4l no attempt had ever been made to assure the lives of
persons who suffer from disease.
The science of statistics has only within a recent period been
successfully applied to the duration and mortality of disease, and
hence tables on the probability of these results could not have been
formed ; and it would evidently have been unsafe and hazardous
for any society to have undertaken the risk of assuring the lives of
persons afflicted with any particular malady. The statistical in.
formation, however, now collected, and in possession of this office,
is of so great an extent as fully to warrant the extension of life
assurance to such cases, and, in fact, to place the application of life
assurance on diseased lives on a more secure basis than even that
on healthy lives.
It is hoped that while kept clearly in view that this Society, in
common with other offices, will assure the lives of healthy persons,
it is as yet the only one established to assure the lives of persons
labouritig under disease ; and to this latter feature particular atten-
tion is directed.
In the first place, because it opens a larger field for business than
all other offices can have unitedly; and in the
Sec-nd place, because that branch of assurance must, from its
own nature, be less hazardous, and its principles rest on a more
permanent foundation.
There are two highly important facts, and we shall enter into an
explanation of each ; and first, as to the prevalence of disease.
The period of life most important to an assurance office is that be-
tween 15-60 years of age, and in the following remarks we refer
exclusively to this period of life.
It will be found that the deaths in the metropolis for the two
years preceding 1842 were, from all causes, 30,518 ; and from
consumption alone, 10,688 ; showing that more than one.third of
the total deaths in that period of life takes place from tie preys.
lence of a single disease; and it the same inquiry were instituted
with respect to other diseases, such as asthma, dropsy, diseases of
the head, heart, &c., it would be found that more than one-half
of the whole population would, on medical examination, be refused
admission into an assurance office. If the inquiry be carried to
the principal towns in England, like facts are elicited-1n Bir-
mingham, Liverpool and Manchester, the deaths from all causes,
per annum, are about 5,023, while those from consumption are
1,988, forming considerably more than one.third of' the whole. The
same thing will be found to hold good in the large townsinScot-
land, in six of which the deaths in a given period, from all causes,
amounted to 23,078, those from consumption alone to 6,359, and
from six important diseases, 9,754; in the latter case forming more
than 42 per cent. of the deaths from all causes. On reference to
the returns from the city of Glasgow for 1836-1840 It will be
found that the deaths in that period, from all causes, were 14,107,
from consumption 4,087, and a list of five diseases, 6,423, being
more than 45 per cent. of the deaths from all causes.
The diseases here alluded to are such as exist in general in a
chronic form, frequently for many years prior to death, but which,
en a strict medical examination, would effectually exclude the
persons so affected from the benefits of life assurance ; and since
it thus appears that a majority of the population is included in this
class, tie value and importance of the new feature of this society
cannot fail to be Justly appreciated.
The second poeit to be explained is the fact that there is
much less risk in assuring diseased lives. This is a feature of
paramount and vital importance to the interests of this society, and
deserves to be carefully considered.
The real risk incurred in all assurance transactions consists in
the chance to which an office is liable of experiencing a different
degree of mortality from that expected by the tabjes on which its
caculations are founded. This difference is termed the fluctuation
of mortality, and will be found to be much less among diseased
lives than over the general population, and among selected lives.
The deaths from consumption in the metropolis per annum are
sufficiently near the annual number which takes place in Glasgow,
from all causes, to admit of a comparison, and by reducing the
matter to figures it is found that while the fluctuation per annum
in the latter case is as high as 45 per cent., in the former it is only
9 per cent., or, in other words, the fluctuation of mortality in
consumption was only one-fifth of the other; and in Manchester,
Liverpool, and Birmingham, even with the disadvantage of
smaller numbers, the fluctuation does not exceed 3 per cent.,
showing a remarkable uniformity its the law which determines the
mortality of this disease, and that it is more positive and absolute
in its results than that which regulates the general population.
Consumption has here been selected, not because it was consi.
dered more favourable in its results, but simply on account of the
larger numbers affording a more satisfactory proof of the question
under consideration; hut the same test has been applied to a great
number of other diseases, and like results obtained. Among nine
diseases in the metropolis, including asthma, dropsy, rheumatism,
disease of the liver, of the heart, of the nervous system, &c. the
Pane --- --- - - fluctuation was only 71 per (Tee, and in five diseases in a different
sereAn, .L, district the fluctuation was about 7 per cent., while amosg eleven
• `'''' VALUE AS AN INVESTMENT FOR in another locality, and even with small numbers, the fluctuation
It te.
► CAPITAL. I did not exceed 6.2 per cent.; and taking the principal towns in
lin' f—erieb. laki dawn, as a general rule, that any Railway having England, including Manchester, Liverpool, Birmingham,. Leeds,
. 074tehid. owernebr.lrts termini cannot be otherwise than greed. Every Sheffield, &c., the fluctuation over eleven of the more important
tees betiie sin • the English Railways will readily see that the least diseases was 6'4 per cent.
....;tePtltee onrycirtiigst them would be so, if the dividends were to ba The remarkable uniformity in these results cannot fail to pro.
hi , feecin Pen the capital required for completing the upper
t, theh 1
duce a conviction of the positive character of the law of mortality
2, and stocking the Line. This is Precisely the case ion disease ; indeed, there seems to be nothing within the wo e
4'he French Railways-now before the Chambers.
let of result ee
tie e. the one year's experience (Mav 1844) after the open- ge of the doctrine of probabilities .so well defined as themor-
esthParis and 1 • , tality of diseased lives. The mortality of the general population
la._ 1 trafee _ Rouen, and the Paris and Orleans Lines, and, , has frequently been referred to by writers as an example of the cer-
but partially developed, on either, is conclu-
. t 1714 to the'. Yet show with
41:41,447;204ectiapritsirred
coooant value of tmheabFagreenrbchebßLailways, as an investment, tainty of common events, but the preceding remarks must
how much greater certainty the mortality of diseased lives can be
I depended on.
at B ----ur mil_ the Paris and Rouen Line, upon a length:of
gee, • The dividend , It is perhaps right to state, that, in applying the test of
es. ritsab • ee. for the month ending April 30th, 1844, were, i fluctuation to disease, it has not been confined to one place or
• esteem. currency 1
Y, 2,984/., or at the rate of 259,6621. per : class of lives, but has been extended to the principal towns i'n
, e'esinns ~,,5,711145 days) . -IRernbeg, ,_ actually paid from the 9th May to 30th . England and Scotland, as well as to many rural districts in Eng-
a2o '`A Ys) wax after the rate of eight per cent. per land, and included the experience of one or two large societies of
4, es. c' ire of a sinking fund. The present market price of
• The °are is 971
. los, select lives. This has afforded an opportunity of judging of the
• vat soi ttettelPts on the effects of locality and its sanatory condition on the duraticn of
24 bth • "t'arn Mil Paris and Orleans Railway, upon a length ' life, and a remarkable fact has thus been developed, viz.,
Tiiire.f. 71 ~. es, for the month ending April 30th, 1840, were
. ,
._ ed. or at the ' that the value of life generally is much greater in the coon-
' iht",..„.1 a cim'i,., rate of 312,7971. 13s. 2d. per annum. ' try districts than in large cities; but that of those persons
•ea -fo ".... of 50,000,000 of francs (2,000,0001.). to be who suffer from disease the value of life is nearly the same. As
4 ski," r' The present '
we_ tbe borne , market price of a 201. Share is 381. an example of this—the expectation at the age of 30 in the country
tieteal...
_ costnomf itnhde
ltahnadt:winorkthz
bc.asiledoinfgtztahndtheefses Ceeomm--
- 4.'
tbe whole' districts is 36.7 years; in cities (viz., Glasgow) 27.6 years—diffe-
rence 93 per cent. nearly ; but take the case of persons of that
In the !L was defrayed out of their own capital. age in whom the consumptive tendency is developed, and who will
Zaet sieouovs the Orleans, Tours, and Bordeaux Company, at ultimately hie of consumption, and their expect ati nof life in the
IYed by the sta.ehe most efficient working Condition, will be de-
. re_ ReihnZ
iP:rthaPs three.fifths, of the whole cost of the com- counties of Essex, Suffolk, and Norfolk, will be found to be 14'5,
•es elle dui. tI ' in cities (Glasgow) 14•4, and in the metropolis, Manchester, Bir-
t;ol.o„—`erenee mingham, 13•9 ; difference 017 per cent. (or 1.57 per cent.) It
44, y 0,00
‘. between the capital of the Paris and Orleans therefore appears that while the difference between country and
„,_!, Detdenn, be"„°l3l.) and that required for the Orleans, Tours, town life in the former case is about 33 per cent., that in the latter
zee weer. eea"waY (2,600,0001.) which is amply sufficient, is instance (consumption) the difference is almost nothing, and the
. ?nk of t ~.._ 1e: while the latter is nearly four times the results nearly uniform. The same thing holds good with some
"ttile, aee __!°.rrner, and traverses some of the richest most , other diseases, which have been it:vestigated in this manner. This
end Bouti7_losO POPulous regions of
,__een Prance. Western, South-W;stern, fg rail • understood, is only what might have
ct, although not gene )
that
theunPartance of this Railway , been expected by a careful consideration of the conclusion formerly
twente-flve d dd may be inferred from the fact ' arrived at -that the fluctuation of the law of mortality in disease
. !tett.
with
it,
departments traversed by, or collaterally con- is confined within a very narrow limit, and consequently little in.
rill_ .
oand eee,e,__ 28313/ . s aggregate population of 9,318,000 fluoneed by external circumstances..
~...• 4506-. 06.petz:•_sv_ cities and towns, with a population of s on in the mortality of diseased
It hence appears that the fluctuation
.I'4l a erin be ~_ 'l° hom the advantages of railway communi. lives is than g se'ect lives and the population gene-
s The ,___ ...sus afforded,
much less among .
title'•r Cum., thus
Possess the rally, and therefore the risk of assuring diseased lives must also be
ee_ • -kesesg to the t most complete body of statistics ex- liss
"vonSt4ed 11„, m raffle of every description The details *this conclusion to the affairs of an assurance office, it
are • Oft... t....,71•• thncial documents, obtained from* the To apply'
Government the number of lives in a society,
. siti-lzk;.; f.ersas and the local authorities in may be stated, that supposing
fat Pi Deyal s) the provinces, under the taking only select lives, was such that the table of mortality would
0 we, - ~_ . rdonnance. The Tables are '
• 11P0n--" P'''"ued YMt Robert complied upon indicate 100 deaths per annum, Woe
. the tbee,thece from Par' Stephenson, in hisable Report 145 deaths •
always sufficient funds at immediate command to meet ,
ii-....netu.-u trulle onl IS to the Belgian frontier. They exhibit •on the other hand, an office assuring only diseased lives need not
471 ta be' char ed. 7, computed at rates under the Tariff autho.. provide for more than 109 deaths per annum; that is to say, the
A.Shareho Vert' They will be communicated in due time to risklives isthat of average lives as 9to 45,
~ --ePli"of assuring diseased
eezi cations for the remaining Sh ar • •
• . or only one fifth: This fact Is highly important to the interests of
C/fliceebed' rime •he "lade to Mr. w. eps,and only in she printed form tits Society, and establishes beyend doubt the safety and correctness
Rt. - the Cos ,Watt 27 P.
Needham, at the Temporary of the principles oil which it is founded.
~ tie' i... 1,.., „ , Y. . Austin.friars, London, of whom, amid /
Foy, o..""wPanrs 'Dankars • ie. the countr P I e ' '
For rural r informa•ion reference is made to tbe prospeetuses
Li.‘.: APplieation for Shares may Y, pspectuses and tie and other published documents of the Soei , ety which may be ob.
-71.494. 10th may a 844 be obtained. - taMed, en application at the Society's offices. •
. s •
F. 0. P. NEISON, Actuary.