The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-01-31

Claims against the government Of Great Britain
Tor losses arising out OF the depredations of
Stock Of the Columbian Insurance Company pur.
chased by the company .................... 342500
Total. 1856. 500
Without wishing TO enter into any speculative dis
as 70 the probable Or possible value at any future
called surplus is not composed Of such assets as were
an idle attempt without any chance Of were any
effort made towards galvanzing the company into exist
ence on any such basis II the company Is ever to be
resuscitated must be- In tho judgment Of your COM
mttee only upon such assets will inspire confidence
and offer to insurers reasonable security that any claims
against the company can and will be promptly paid
Upon other state Of facts be expected that any
favor whatever will be restored to the company.
In the opinion Of your committee therefore, the nan
cai Affairs Of the company not in any such Condition
Is to warrant an application for legislative interference
facts disclosed to them claim that there is respect
able amount OF assets on hand but they would have TO
ing tho statement made out ana submitted % tSem
the whole capital Of the company will hardly suffice 70
meet It's liabilities This is dsagreeable conclusion to
i!.a.s they return tho confidence reposed In
them BY any less candid declaration.
course adopted by Mes Tslfar and May touching the
1000 600 Of unearned premiums Il has been argued
with some pausbiity, that these were valuable pro-
vded the company prosecuted its business as
ana that their unearned premiums or . part Of them
should therefore be deemed assets
Independently Of the obvious objection that the com.
pany being already nsolvent and In the hands Of re.
ccivess the same rules could be applied that would
obtain In the case Of solvent corporation was sum.
Gent Tor your committee that the aduscs based their
action In this particular the advice Of counsel But
even admitting that these considerations are not con.
trolling and that the unearned premiums are OF tho Same
value under the circumstances thoy fully counter
balanced IN the minds Of your committee by the unad
lussed ic1cs On earned premiums This item, II Is
sh0agnt Dy the Adtnseers viii b large.
but fair TO add, before closing this report that the
estimate placed By the accountants upon the assets and
naoites OIL the company deemed by some Of It's on
Gers 70 present the Affairs In tho worst possible lieht
and that these gentlemen claim that much moro fayora
bio exhibit can be made without doing violence 10 the
truth Your committee however do not consider Il in
cumbent upon them to discriminate between those va.
nous views but have been saed 70 act solely upon the
report submitted to them by persons whose akin and
Harness they have no reason to doubt They have sug.
geseds however that counter statement be prepared
ior YOU IN order that may be possessed OF every.
tning necessary TO form correct Judgment a. 70 the
Your committee have entered into these details DEEM
ing proper to give their for not carrying out
the intention with which they appointed-vx an
immediate application 70 the legislature
Trusting them that you will be satisfied that they have
NOT peen dencient in zeal or In disposition TO carry out
your wishes they submit this report with request that
you Will discharge them from tho trust with which Won
honored them al your last meeting
W. NJ VERMILYE.
NEW YoRx, Jan: 30, 1896 +. x. COUDERT
Inc pres dent OF the company, Mr.. Morrison, asked
permission 10 read the following statement Is prepared
by the secretary, which he did,
:, APPROXIMATE STATEMENT FOR fHE YEAR 1865.