Marine Insurance.
The Times, 1824-11-11T00:00:00

rADVEDtTISIEMEXT.1 Gentlemen,-i observe in the rapers ot thin day, an at5vertise. mnent headed " Alliance Com,ny,!" in which my name is brought forward bh means of certain questions put bY one of the proprle- tars, evidently preconcerted, and with a view to make it appear that I alone, with the exception ef two other geatlemen, hbag ob. jected to the Alliatice Company in engaging m tlfe A-arine' In. s:arance. I wish it to be kilown; that so far from bavjng cakern the Directors by surprise, I explicitly stated to Ihlr. Rothschild the course r intended to pursue, even before the act iepktlimgtbei 6th of George I. had passed the Houses of ParIlamcnt, if it Wag in-i tended to embark in AMaxine Insurance. It is true that . instituted the proceedings in Chancery origitdyll` in my own name; but that a very large proportion of the Proprielorc approved of my opposition, was proved to demonstratiosn dutring the progress of the suit, by the affidavit of Mr. Pearce, solitor to the Coampany, fromn whice it appears, that on the I3ch of September, OUt of 60,v00 shares, the holders of only 22,400 shares 7id signed the deed; and it must be remembered, rhat the large proportion al; lo'ted to the President, Directors, and other offisers, lhad tended evidently to increase the signatures. At present 1 shall content mny_ self by requecting you to read the following observations of the Lord. Chancellor, drawn up by his own hand, witls the attention hlis Lord_ ship always comm,ands. They expose his enrightened vi ews of thn case in so clear and distinct a manner, that I doubt not they will cause you to acknowrledge my interference as a real benefit. I aen, Gentlemen, yoar humble serrant, St. Swithin's-lane, Nov. 9, 1824. RI F. NATLSCH8 "It may be taken that the principle that 'would apply to the partnership of six, will apply to this par.nership ot t00i or 700; ?40 have executed In respect of not quite half the numiler ef shares, tlaere probablv may be therefore eiOO or 70 members 'T' those who have not had occsion to observe thebbold ness of speculation, it may seem astonisling that persons, andi so many in number, shoald' have engaged themselres in a specula- tion so little explained, and undertake to execute deeds, of the con.. tents of which they had so little information. To those who know the difficulty of applying the rules of law and equity to soceties cona stituted of such numbers of persons nat incorporated, it is not met- ter of surprise that persons ignorant of those difficulLiesb should be- co:ne members off such societies: it may be matter of surprise to thetn, that persons who kn.w the difficulty of applying tlios rules should become members, even where the naterve of the spec4tious is clearly explained, and full information id giWe of the contents of the deeds to be executed. IAuch has been done with respect to the difficulty alluded to by provisions, how those wLoi have demAnds upon such societies are to sue, and how such societiesare to br sued , much rem.tins to be done, and particularly as to renderi3g simple anid effecrual the rernedies of the nsembets of such societies ugainst each other. It is observed, that the members of tlhis society urnier. writing will be each liable to the bankrupt laws that jependsupoer tbe act of Parliament, which is to take effect in Mlay ne,t. Shares may dlevolve to feme coverts, infants, &c. " But wvhatever are the difficulties, Courtsmust struggle tu remedy them, and to prevent particular members of those bodies fromr en- gaging other members in projects in wlich tbey have not consented to be engaged, or the engsging in which they have not encouraged assented to, empowered, or acquiesced in, expressly or tacitly, soan to nake it not equitable that thev should seek tO restrain thsem. The principles which a Court would act upon in the case of a partnership of six, must, as fa- as the nature of tisings will admit, be applied to a paTtnership Of' 600." The formatinn of a new company, occqior.ea bv the injunctiorn against the Alliance, does not proceed so well as was antidpated by its sanguine projectors. In consequence, various reliorts hate been put in circulation; and amongst others, tbat no loss has befallen to whatmaLv be termed its parent stock, since itundertook marine busi- ness. 'ihose who hI;I it in contemplation to take shares in this new concern would do well to insqvuire whether a policy to the amoutnr. of 5,0001., per the MfinrvEa, captured bv a Colombian privateer, on a voyage from Gibraltar to lnimu, wa-s not effected at the Alliance; and an insurance on a vessel from Scotland to the Baltic, also or' anotber from Archangel. both lately wrecked; and some otheers which could be alluded to. Thsese are ratlier hearv iosses for an establish- ment in its inihncy; and partiedlarly when the magnitudce of the risks stilloutstanding, theexpenisesof management, and legalcharges already incurred, (which are to no trifling aseuat), are taken itito consideration. [Advertisemient.1 -A Third Edition of Lord Byron's Canverxse tions is published this day, printed uniformi5e with his Lordsliip'n works, in 8vo. _ .MARINE INSURANCB. To THE PROPRIETORS O THE ALLIANUB ZRI-TiS1 AND FOREIGN FIRE A1D LIFE INSURANCECOMPANY.