The North-Carolina standard., 1849-02-07

Inc dtldlIS Oh Joint STOCK nave Sdlu
require caution but they conducted in secret sc
far those insured by it are concerned If misman
aged to such degree as to bring loss or endangel
its capital fund, such disclosure is suddenly made
and at time too late to be remedied as to aid the
unfortunate sufferer by FIRE. Such, however, need
be the condition of this company, and It Will
not become so, unless its members or majority OF
them, either choose not to inquire into Its condition.
or seeing instances of its mismanagement, or what
is wanting to keep its affairs in safe condition,
shall neglect to interfere and provide proper reme-
dy against errors until it is too ate do not pres
ent those circumstances by which any and every sur
plus of collections, and beyond the payment of
the expenses and losses can be so managed as to be
made to yield profit to the company; that, though
desirable, is not here insisted on; simply here In
sst that the state of he fund out of which the losses
&c. is to be paid, shall be made and kept secure and
in state that shall be satisfactory to every contrlbu-
tor to 1t. e..
Upon looking into the state of the premium notes
we found that the rules prescribed for securing them
have not been uniformly followed, and whenever in
stances of failure to observe them occurred, we
have brought such the notice of the Directors and
may say (were it not for the danger incurred by
the nraction of rule given to direct Its business
operations, and that where discretion is, by rule,
taken away, it should not be exerclscd,) In most
cases. these notes can be relied on, in their present
state. When the difficulty attending the com
mencement and first progress OF such an lnsttu-
ton as this is considered and also that its founders
have by their unpaid labor and attention to
fault blame should be, or is here Intended to
be, imputed but this companys business has of late,
increased to such degree that uses and requires
not only labor and attention. but leisure, capacity,
and skill conducts its affairs with ability and ef-
cheney. The amendment to its charter granted by
the last Legislature and accepted by the compa-
ny, will enable it, without any undue or harsh meas
ures to maintain each and every premium note IN
solvent condition.
In relation to the risks that this company should
take, notion very generally prevails that every de-
scription of property, or what may probably be so
Called however cobustibe may be its condition for
lack of repairs the bad quality of the materials of
which il is composed; or whatever may be its expo
to destruction by fire, can and ought to be
insured by this company, at some rate OF premium or
other. 1t is said by many that this company was
chartered and has been established for this purpose,
and in of its refusal take any and every risk
offered at rate, it fails to extend that protection
from FIRE and indemnity against casualties to which
from this cause property is liable, that 1t was con-
templated would be realized by its organization In
deed, some loose expressions occurring In this COM
pany's circular, as we'll as some unguarded ones in
the directions to its agents, found In certain OF Its
pages have given countenance and prevalence to this
unfounded proposition. 1t is time that this company
should make declaration of its rule upon this sub
ject in manner not liable to misnterpretation or
mistake, so that its agents and directors may know
how to act in future, and to relieve such from the inn
porunites and unreasonable solicitations of designing
persons urging them to take improper risks. We
safe risks for such a company ours and by refer
ence to the applications from the towns upon file, 1t
will be seen, that sundry risks have been taken,
which if these restrictive rules adopted, must
be in future refused. We have to remark also that
in most cases, except those where wooden buildings
are jammed up to or each other, the of
fusal by the company can be remedied, at compar-
ativey small cost to the owner of the property, and
will, ought to be, to place them in insu-
rable condition. There is consideration motive
hal IDdn n q had and IVad
to more improved and workmanlke condition of
buildings, that to be adopted in their
construction and their keeping, which tends to pre-
vent such from being destroyed or injured by FIRE,
urgent and etecual as the rejection of all such from
the benefit of insurance. as are deficient in such
tiers as insurers know to be calculated to prevent fires
from originating, or to aid in stopping them, when they
do occur. An insurance company at the same time
thatit excludes one from the prudent and profta-
Bile nSe OF his property, must refuse to accept every
pile of combustibe materials that is attempted be
made charge upon it; and as il has yet
dertaken to insure things against spontaneous COM
buson, so it should not such things seem to be
fXed that it is a wonder to the beholder that they
have been so long unchanged by fire.
In conclusion, your committee grati6ed to be
able to say, that the of the premium notes that
solvent and the state of the risks liable to exhaust
the fund provided for losses happen are such that
those relying for indemnity from that fund.- safely
rely upon it, in any of loss by fire that will
ordinarily occur. But they also say that such is the
state of this fund that assessment to pay loss
cannot be made and collected rateaby from all the
premium notes that the remedy for this is a call
for security upon the notes at present. and regular
and periodical examination into their condition in
future.
We are also of opinion that the risks lately taken
are, in general, such a company like this may
prudenty take but there some risks which ought
not in future to be accepted instances of which and
objections to them stated, as guide in case
such objections be deemed valid for the future. All
which is respectfully submitted. -
MATTHEW SHAW.
J. c. PARTRIDGE.
Office of the N. C. NJ. l. Co.
RaleiGh Feb ID IS4o {