New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1859-07-16
FROM BOS TON
r,onor Or, C1r.esp saett.


BosToS, July -. 1850.
The Ir.nranee Commissioners Tbs State, con
,istinr Of Elizur Wr;.bt and George w. Sargent
have been engaged in oyerhaulug The affairs Of the
International Life Assurance Company OF London,
a concern which has dOne very large Amount OF
business in New-York and Massachusetts, and
which has on i,s list Of managers and officers some
very high. sounding English names, and TIE Amerl'
can Local Board connected with which Consists,
uDquestionsbly If most respectable aGd responsible
men. who PROBABLY are, or have been TIL recently,
unscquantei with tie real financial condition. Of the
concern. Mr.. Wright, the Commissioner who has
been looking into this subject Is man of great
learning as mathematician, and is Particularly
well yersed in matters of life assurance, a1d hIs
statements may be confidently relied upon. He Will
make special report on the subject oi ms Com
papy az the Iext session Of tie Legislature. IL
appears that tbs international Life Assurance
Company was chartered in 1881, witt 5 guarantee
capital Of $500 coo 80, coo shares Only ESQ 600
however, were paid in. by the " deed of settle
ment," copy of which ! have seen, It appears
that tie part es 10 the deed were Sir Burgess
Camac Of Pail Mall East, IN the County of Middle
rex. Knight and Colonel in her Msjsstys Army;
John Elliotson of Conlui; street Fellow OF the
ROYAL College of Physicians, and also Of the Royal
Society: Charles Farebri ther, no Alderman o! the
City Of London; Hunter Gordon, BirTisteF'at-
Law: Robert Holland. esq o: Pal-Hall: George
Luneley Of Bedford; Kenneth Fralcs Hslop
Mackenzie. London merchant; John Rtw-On Of
Ash Grove, County York; Joseph Thompson,
Cheapside; and Thomas LAME Murrsy-MUrray
beng Chairman of The Directors. The Company
seems 10 have been got up specially iJr Murrdys
benefit. Beside fat salary. and rs. per share oA
the capital stock subscribed. i've per cent oil tAe
net profits was settled UpOn him for y years, or
during his life should be live longer than > years.
His NEE me was some $4,000 or 1000 year, and
probably much more. He resigned his Office IN
Isj2, and, though deliberately whitewashed by a
Committee, it MSS not probably convenient Tor hlm
10 remsin in Office. Among the other d.stIngu she'd
persons connected with the Company were Charles
Wbeatston OF Kings College who wss Au1ltor;
W. 5. b. WoohOuse, who vas Actuary; Wright
a Co.. who were Bankers; William NlOourne
James. who was Counsel; and Nicholas Sidier
and John Sadlier Of Dublin who were Solicitors
in Ireland Most Of these gentlemen are no doubt
very respectable men: but the name of Sader,
think. is connected with some unpleasant reminls-
cences in the financial line
But not To speak at too great lengts fprelmn.
any matters, LET ne come to the actual condition OF
the Company which Is as follows:
Number Of policies, 4 f53; amount, > Bio;
net value, S1il3,3-6 90 ADnuities. 327 amount,
S44. OS2: net value, $3.50 so -. The assets are
S-7l, 6I7. Deduct guarantee capital, 22j, 3c2 %,
aud other debts AMI losses due, $500 %: total.
sos 9S5 ~: and the net assets are S6OI ,63l %.
The net liabilities upon policies and annuties be-
iug : O-3, 256 OF, The balance against the Com-
psDy is 81 O75 GA 10, SO 1t has only about 80
upon 500. The American Companies generally
c.t.- 4 IL Ia l-.k n rs mi
having SOB. TIE sum of - esq .2JG, say the In.
surapce Commissioners is the lowest sum which
the Company ought to have on hand: and no honest
Company can eysde this law for long time With
out bankruptcy. 1t is altogether probable how
ever, that the Company may pay It's losses some
time longer. 1t has probably made considerable
sums BY forfeiture of policies and this trpost may
cause more forfeitures, and consequent enhance
mept of TIE Company's means. But this Is
small comfort 10 the assured parties.
they forfeit their policies, they make present
loss: if they hold on, their loss becomes more
certain, and greater the longer they live. How
ever. things are not desperate. The shareholders
are personally liable To the last tarthlng, and are,
10 doubt atundaDtly able to make whole all the
policy holders. Our Commissioners suggest that
the Company is composed of honest men, but that
they are mised by the representations OF the exec
utiye officers. One of the statements of Mr..
NOOlnOuse, LIE acluhI!, is cAHhihcu, anu !" 10
shown that his representations are grossly efro.
neous. and that there was q basnce Of -4,UO0
against the Company when by his figures the bal
ance was tll3 600 in its favor. The American
Local Board consists OF good men, ard IT is hoped
that they will exert their Influence with the parent
Company TO have matters arranged by an equitable
surTeLder or re insurance, or IN some other way.
Holders of policies, especially of yaiu,be policies,
ought not to forfeit them ill it is BnowG with GER
tainty that they will not be made whole.
The PIET's PEAK DIGGISGs.-We have before US
a business letter from a gentleman IN Denver City,
Il. I.r.I. r:t.r