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gravel is played upon by hydraulic power it is of Diary,” “Eunice's Diary," and so on. The theory which broken up, and carried by the force of the water through Mr. Collins applies himself to illustrate in this story, is the long paved channels, in the bottom of which is quick- transmission of mental or moral qualities from parent to silver, in which the gold is caught and retained, while child ; and he has taken an extreme case by selecting as his the gravel is swept on by the water. Nothing could well heroine the daughter of a woman who is hanged for the be simpler, surer, or cheaper than this process, and so, by murder of her husband while her child is yet an infant in its means, it is quite possible to make a handsome profit arms. The opening scenes between the mother, condemned out of a mine which could only in the ordinary way be to death, the governor of the prison, the doctor, and a worked at a loss. All that is wanted is a gravel deposit, noble-minded minister, the Rev. Abel Gracedieu, is full of a steep gradient to carry away the gravel after the gold is dramatic power and deepest pathos; and the subsequent deposited, and a plentiful supply of water.”

story of the life of Mr. Gracedieu and his daughters, Helena “Then, in your opinion, the mines of Colombia fulfil all and Eunice-about the identity of whom a mystery is these conditions ?”

cleverly kept up-is told with great felicity and force. A “Undoubtedly, and you will see that those who have delightful old maid, Miss Gillgall, a treacherous, dangerous shared my faith in them will have no reason to repent of it, masseuse, Mrs. Tenbruggen, a whimsical old bibliopole, and and that within a comparatively short time. Anything else

his handsome, wavering son, Philip Dunbogue, are all I can tell you ?”

drawn with lifelike fidelity, and the interest of the reader is “Yes. I should be glad if you would acquaint me with sustained unbroken from the first page to the last. The your views upon the proposed new Mining Exchange.' physiological and psychological part of The Legacy of Cain

“Those you will find stated pretty fully in the last issue is somewhat superficial, but perhaps, if it were deeper it of my Circular. Briefly, they are that a Mining Exchange might develop a tendency to bore the reader, who will is almost, if not quite, a necessity, alike for the protection certainly find in the book, as it stands, a thoroughly inof the public and the outside brokers. The so-called out- teresting and enjoyable example of the delightful art of one side brokers do an enormous business, and upon terms which of the few really great tellers of stories left to us in these must be more advantageous to the public than are those degenerate and superfine days of novels" with a purpose of the “House ;' but they are hustled about the streets in other than to honestly interest and amuse all who turn to the neighbourhood of the Exchange as if they they were them in the hope of being taken for a while out of themso many loafing ne'er-do-wells. They have accordingly selves into the pleasant country to which pure fiction determined upon making an Exchange of their own. It is should invariably transport its devotees. not intended to raise up any opposition to the “House," Books received :— Investment Hints. By Maurice C. Hime, but to work in harmony with it. The terms of admission LL.D. (Dublin : Hodges, Figges and Co. ; (London : Simpwill be published shortly, and for the present it must suffice kin, Marshall and Co.); Herbert Severance. By M. French to say, guarantees for the respectability of members will be Sheldon. (Saxon and Co.). a sine qua non. There will be a strong Committee, and guarantees given to the public for the safe conduct of their business such as, I believe, are not at present afforded by the Stock Exchange. Among others, the public will be

INSURANCE. invited to complain to the Committee of the New Mining Exchange in the event of transactions not being carried out to their satisfaction, and the press will be admitted during

Some Offices receive so little new blood certain hours. I may add, the rooms for the New Exchange

Westminster and; have already been taken, the necessary alterations are being


‘in the way of new business, and are so small

and comparatively young in themselves, that made, and it is hoped everything will be in working order it is a matter of wonderment how they manage to keep in within the next fortnight or so. All the most respectable the swim and afloat, year after year. The same principles members of the outside market are affording their cordial applied to any other business would mean putting up the support, and I may say that the Committee will be one shutters; but the wise precaution of basing premiums upon such as will command the confidence both of the public

the assumption that no new lives need be assured to ensure and the dealers.”

the permanency of an Office, has saved many of them from “Thank you, Mr. Thompson; I think you have now seeking the wall. Of course, policy-holders have to pay for told me almost more than I could have expected.”

the luxury of supporting such Offices, but then, as a rule, “ Not a bit of it.

I am delighted to find you so in- they don't know it, and so n'importe. To such a class terested in a subject which, I freely confess, is the most belongs the Westminster and General, that now for the interesting thing to me in the world.” And with a cordial

weary length of fifty-three years has slowly dragged its life grip of the hand, Mr. Thompson returned to his Colons and along. During the last five years, ending Dec. 31, 1888, other pet protégés, and I left the auriferous neighbourhood its new business has averaged but £115,679 yearly. This of Angel Court, a wiser, but by no means a sadder man. is pitiable. No amount of sophistry can make presentable

this miserable showing. The average premium income on

this new business for the same period has been £3,914 UNDER THE PUMP.

annually. The average expenses of management have been £8,763 for each corresponding year. From this it will be

seen that this new business, mean as it is in amount, has The Legacy of Cain. By Wilkie not been got without an expenditure, and a large one at Collins. Three vols. (London : that. After allowing 71 per cent. on Renewal premiums, it Chatto and Windus).—Despite ad- has cost over 139 per cent. of the new premium income vancing age and long spells of earned by it, to obtain it. Such expenditure as this is wearying, illness, Mr. Wilkie Collins excessively high, and unwarranted. As it really comes out remains one of the most vigorous of the policy-holders' pockets, however, they are the ones and fascinating story-tellers of our to be pitied, and one almost might say to be blamed, for time. A cleverly-woven plot, an casting in their lot where such things exist. abundance of bright and natural The natural sequel to a small new business is a corredialogue, a sprinkling of shrewd wit sponding heavy death-rate, and there is no exception to the and epigrammatic humour, need general rule in the experience of this Office. In 1884, the never be sought in vain in his


death claims and endowments amounted to £33,133 ; and over them all is cast the glamour there has been almost a steady increase since then. In of a style which is as pleasant as it 1887, we find they were £55,505, or over £7,000 more is peculiarly the author's own. In than the total premium income; and in 1888, the mortality

his latest story, The Legacy of Cain, was but £2,100 less than that, and again exceeded the Mr. Collins adopts, to a large extent, his favourite plan of total premium income; this time, by nearly £3,300. In letting his dramatis personæ tell their part of the story of addition to such expenses, and such amounts of claims, their lives in their own way and their own words ; hence it appears that, during the five years mentioned, the we find the familiar form of extracts from “Helena's sum of £31,186 was paid out in dividends and bonuses to


shareholders and “other outgo.” This means an average

This Office is doing a work of magnitude and beneficence of £6,235 a year in this direction. As the shareholders' The Premium Income in toto for the past year was within a actual paid-up capital amounts to but £5,000, this would comparatively small amount of £500,000. As the great seem a fairly good return on the money invested.

bulk of this came from the Industrial Branch, it simply One might naturally say, if the policy-holders of these means that this vast sum has been rescued from being Offices are satisfied, the general public and assurance press wasted, and is held in trust and disbursed, as claims come ought also to feel satisfaction, and let well enough alone. in, to meet the exigencies of death and sickness. The But then, one must bear in mind that this pseudo satisfac- Actuary reports that the “Company is wisely extending tion is only a case of "ignorance and bliss," and is only its operations, and is in a sound and highly-prosperous due to the fact that the want of dissemination of accurate condition.” information has brought it about.

Directors' Reports

There is a tendency, and a natural one, for Life assurance premiums are based upon

"Directors to give their annual reports a Senility of Life an assumption which, if applied to any other

couleur de rose. Offices,

Weak points are carefully garnished over, business, would be scouted as imbecile. And and those that are able to bear the “lily painting,” as a rule, that is, an Office can close its doors, at any time, against get it. Directors are responsible for the state in which a new entrants. In fact discontinue active business, and Company may be at the close of each fiscal year; and it gradually die a natural death, finally expiring itself with the would be almost too much to expect of human nature for death of the last policy-holder ; and yet pay each successive them to come forward and cry peccavimus. Even when affairs claim, as it occurs, and also current expenses of manage- are far from being right, they prefer to delude themselves ment. Such an idea in ordinary business would not be into the belief that there is nothing radically wrong, nothing entertained for an instant, for it simply means placing a but what time will rectify. Then again, they may know premium upon indolence and inactivity, when once the very little of the true state of affairs, as is lamentably too membership has swelled to a good figure, and the Life often the case, and depend for their knowledge and informaFunds have accumulated up to the millions. When men tion upon the statements made by Secretaries, Actuaries, grow old, and the vigour of youth and manhood is past; and Managers, and, under such circumstances, are liable to when the down grade of life towards the grave has begun, bé perennially deceived by them, as was the case in the the desire for the struggle and activity

of business fades Medical and Briton. The Sovereign Life is a very good with declining years, and is supplanted by a wish for retire- instance of the Micawber-like faith that gentlemen of this ment and repose. Hence it is that many Offices, after they ilk have in the turning up of something that will miraculously have passed a period of existence that ages the officials in put all things right. This Office continued to do business, connection with them, feel the reflex of that senility in their and receive the public's money, ten years after it was hopemanagement and business. Unreasonable conservatism lessly insolvent. grows with old age, and an antagonism to innovations Directors' Reports in this country must always be taken creeps on with increasing years. With all due respect to with the prescribed pinch of salt, for they are not checked over our seniors, old-fogyism is an incontrovertible fact, and by Government authorities, nor sworn to," as is the case clogs the wheels of progress ; for, with a lowering action of in the United State We believe that all, or nearly all the the heart, courage fails, and caution supersedes all other Reports of this naturę, are issued in good faith, and that the qualities.

Directors themselves have utter confidence, as a rule, in the The temptation, therefore, to those who have grown old truth of these statements; but as they have to depend for their in harness, to be satisfied with results already achieved knowledge upon those who are brought in practical daily and to rest on their oars—when they are aware that the contact with the working of an Office, and as these men are contingency of no new business, of non-progression, is not liable to point out their own errors, but rather to gloss amply provided for—is great. Those .who dwell within them over, their exact knowledge is often of the most the inner circle of information of a Life Office, know what meagre description. the experience of that Office has been in regard to lapsed The only conclusion to be formed, then, is that, notwithor discontinued policies. They also know that the pre- standing the high personnel of a Directorate, its Report mium is calculated upon the assumption that makes no cannot always be received as a statement of verity, for the allowance for the element of lapse; and also that no new reason that the Directors, having been deceived themselves, contracts need be secured in order that the Office may cannot avoid deceiving the public in their turn. remain valid, always providing its funds have not been Another reason for Government supervision. depreciated by injudicious investment, or frittered away

At the close of 1888 the amount of funds in extravagant expenses of management. With the posses- Equity and Lawof this Society stood at £2,160,339, which sion of this knowledge comes also the inclination to be

Life Assurance embodied an increase of £48,476 during the

Society. satisfied, a status of affairs that will last their time, and to

year. The total net premium income this cause may be traced the non-progression and lethargic amounted to £165,581, whilst the total net death claims state of many existing Life Offices.

were less than £115,000. Income from interest, dividends, Notwithstanding the unwarranted villifying &c., and other sources, equalled £ 95,130 in amount. For Refuge this Office has undergone during the past eight years past the new business of this Office has averaged Assurance Company.

year, at the hands of that portion of the but £450,000 annually, which from a comparative stand. Insurance Press that offers its goods for sale point is exceedingly small

. For instance, the new business to the highest bidder, success, marked and noted, has secured by the Prudential (Ordinary Branch) in 1888 was attended it, and the report which was given at the recent within £31 of £4,400,000. The burning question, howannual meeting is the best vindication of the Company that ever, is not in regard to the relative amounts of new can be offered. Whenever an Office is found to be pro- businesses, but as to what disposition will eventually be gressive in the face of opposition and the detrimental made of funds that, despite small new businesses, despite reports of its enemies, no better endorsement can be given death claims which we are told are in amount about the it, for the reason that all sorts of adverse matter has first expectation, continue to grow and increase year after year. to be overcome, before business can result; and those who When we find the premium income is sufficient to pay the give their allegiance to it, do so after they have waded cost of mortality at the forty-fourth year of existence of a through a mass of matter, true and untrue, that, irrespec- Society, and then leave a margin that would pay nearly 50 tive of merit, must have an unsettling effect upon the mind per cent. heavier mortality than experienced, though it was of a proposer. Under such circumstances, it is pleasing to up to tabulated expectation, we feel convinced that the note that not only does the Industrial Branch of this grow. charge is higher than is required for the purposes of pure ing Company show increased and increasing business, but assurance. the Ordinary Branch has sprung into vigorous life in the The Equity and Law is only one among the many whose first year of its existence. In issuing policies as small as experience evinces this truth; and it is noteworthy that £25 under Ordinary Insurance premiums, this Office is wherever you find an Office that is honestly and econotaking a step in the proper direction, and one that cannot mically managed, there you will find excess of funds for the but be highly appreciated by that great mass of the people actual practical requirements of assurance. We are aware who are thristily inclined, but who are debarred from saving that some of the excess is returned to policy-holders in the their money except in small sums.

way of bonus, and in the case in point the amount so added

was £29,600. It is, however, a moot question whether it is

more in the interests of policy-holders to give them assurance at a cheaper rate or to add to their policies a certain profit after years of membership.

It must be borne in mind that of the £2,160,000 represented in the funds, the paid-up share capital is but £60,000. Consequently, over £2,000,000 has been paid by and accumulated out of policy-holders' money. Cui bono.

We ourselves believe that the reform is a wise one, and that the Law Society of Ireland, basing their influence upon the whole country, and in particular upon the great cities of the north and south, will secure increased weight and influence from the change, while the whole profession will obtain the benefits proverbially arising from unity of action.-Irish Law Times.


The Continental uncertainty to which reference was made AFTER working under their charter of 1852 for more in this article last week, if it continues at all, is certainly of than a quarter of a century, the Law Society of Ireland a less chronic and irritating nature. For one thing, the have found it advisable to apply to the Crown for a sup- French scare, which has been agitated and artificially proplemental grant, making important changes in their consti- voked by certain financial writers in London, is comparatution.

tively dead. That failures on the Paris Bourse are imminent The alteration has not been made without notice. We is certain, but the amount of the liabilities of these unforbelieve that so far back as 1885 complaints were made at tunates is fairly well discounted both in Paris and London, the general meetings, that the council did not adequately and it is now known that speculators, if they have to deal represent the country members of the Society, and it was only with report, are perfectly safe in continuing operations. urged that a change in the constitution was advisable in the It is this more hopeful aspect of affairs which has- not interests of the profession.

produced new business, because in the face of the settleThese complaints were from time to time renewed, and ment which commences to-night that would be impossible in 1887, the council in their annual report advised an appli- - but has studied the present markets and prevented falls cation for a supplemental charter, and brought forward at which appeared certain to ensue. the November general meeting of the Society a resolution

These have, in accordance with my notes to apply for it, which was passed, practically unanimously. Home Rails. of last week, considerably improved, and It is hardly necessary here to allude in detail to the

that improvement is likely to continue is evienormous alterations which have been made in legal pro- dent from traffic returns, seeing that these go on increasing, cedure since 1852. Great as have been the changes in spite of bad weather or a falling off in the passenger effected by the Common Law Procedure Act, the Chancery receipts. The fact is, trade is reviving, reviving in every Regulation Act, the various Land Acts, and the Judicature direction, and, as a consequence, the carrying powers of Act, all of them together have not had so much influence railway companies have been taxed to an extent greater upon the solicitors' profession as the extension of County than for some years past. In southern lines, there have Court jurisdiction. It has effected a revolution, alike in been notable increases in the receipts of the Brighton and procedure and in the profession. When the charter of 1852 South-Western, whilst even South-Eastern and Chathams was obtained, the vast bulk of the legal business of the mark a considerable advance. In regard to the last two country was concentrated at the Four Courts, and the mentioned lines, there can be no question that receipts will solicitors of the capital practically represented the profes- be materially assisted by the opening of the Paris Exhibision. A single fact shows the difference now: it appears tion, and as a consequence dividends will be augmerted. by the Law Society's own report for 1888, that of the 1205 Whether the very optimistic views of some of my brother solicitors in Ireland, only 561 pay the Dublin duty, and writers are going to be realised is another matter, perhaps of these 89 practise in Dublin and elsewhere, leaving only really this is not so; but it would seem clear that there must 472 whose business is confined to Dublin.

be benefit to be derived from an event of the importance of Side by side with the increase of the country solicitors, the coming exhibition. In the case of Great Easterns, it has been the growth of legal business in the capitals of would seem as if prices were as high as they could well go; Munster and Ulster. Belfast has a large contingent of but Caledonians, in the face of a tremendous bear account, solicitors, upwards of a hundred ; Cork, in proportion to upon the next settlement, are not at all unlikely to make all its size, has even more; and both of them long since the improvement their best friends could wish them. established law societies of their own, with practically the North British and North-Westerns are immensely firm, and same objects as that in Dublin-but between the three it would seem almost impossible to put further prices on there was no connection and comparatively little communi- them. cation, so that there have been three isolated bodies acting

It will be remembered that I have for three to the best of their ability in the interests of the profession,

Canadian Rails. weeks been religiously writing up Canadian but without the strength that arises from unity of action.

Pacific Rails. I pointed out that they had The cause of weakness did not escape the attention of reached the points when absolute lowest must be called; the Dublin reformers, who had originally suggested a this was in my article of March 20, when those shares change in the constitution of the council. The new char- actually scored as low as 49. The price is an absurd one, ter, which has just been obtained, has evidently been framed and how astute purchasers of sound guaranteed stock and with the express purpose of securing upon the council the shares ever permitted them to get at this figure is a question representation not only of the country solicitors but of the not easy of solution. They have assuredly found absolute Northern Law Society and the Southern Law Association. bottom price at 49. I know of no investment offering it A delegate from each province will specially represent his on a such absolute security for money, or having such an brethren, while five members from the Belfast council and immense future before them, as Canadian Pacifics, and five from that of Cork will secure the adequate representa- though they have somewhat recovered the depressed contion of the north and south, who thus obtain what they had dition in which they appeared last week, having dropped to not previously enjoyed-recognition by Royal charter. 49, I still think at their better price, 51, they are a good

The change may not be altogether pleasant for the purchase. There is no reason why Canadian Pacifics Dublin council, but if they have lost a little of their isolated should be a fraction lower than 60, and I maintain there dignity, they have acquired additional strength by the is little question that they will run up to that price before the alliance; and as they acted voluntarily in the matter, we end of the coming summer. With regard to Grand Trunks, can only conclude that they weighed the pros and cons and whilst not wishing in any way to cry down the line, there made their decision accordingly.

is no doubt that the Pacific route will always command The change must necessarily affect the position of country traffic and freight, even when the Trunk has proved itself solicitors, as they will now have the opportunity of having to be all its friends have represented it. The Trunk may their complaints and suggestions considered by those who someday pay its way as a railway company; but I must have themselves experienced the difficulties of which they confess I quite expect to see, if I ever see one or the complain, and the Law Society of Ireland and its council other, Canadian Pacific shareholders drawing ten per cent. will, therefore, have an additional claim on their support. dividends before the Trunks get three.

The fact that New York has turned buyer American Rails.

The Mining

The fact that to-day commences the settleof these shares has given a big list to the


ment has led to a general stagnation of all market, and many of the speculative lines so used for gam

classes of securities in the market. Copper bling have much improved. The Pacific routes are naturally has become firm, and if a lower price than I forecast it favourites, though, perhaps, Norfolks are as much fancied would settle down at, still the bottom has unquestionably as anything else just now. Readings are easy, but are a good been reached. Paris is very glum with regard to this compurchase. There are many things more unlikely than a big modity, and it is only on rare occasions that she opens her advance in these shares. Eries shares and Preference have mouth at all through her London representatives. When, been well bought during the last twenty-four hours, and however, the approaching French account is closed and appear likely to continue the upward movement, seeing that speculators are allowed more breathing room, I am of the some very astute folks are manipulating the markets on their opinion that Tintos will make a fresh start, not to go up behalf

. Lake Shores, though fluctuating, are again firm set again to 28; this they never do, but I do expect that they at fair, and, judging by appearances, may very readily make will become firm at something like 15 or 16. It is between up the ground lost during the past three months.

these prices and those now holding where I expect the The week has been somewhat uneventful buyers at the present moment to come in. When the Foreign Railways.

in connection with these securities, but what present account is concluded and French affairs become

changes have taken place have been in adjusted, as they will be next week, we may hope for a favour of stronger rates. Nitrate Rails are steadily recover- substantial rise in Copper securities. The market for ing their lost ground, or rather, I ought to say their lost South African Mines has been quiet in the extreme, fractions, seeing that, in spite of a big bear account running, but this quietude is such as speculators have by this the depreciation has been of the most fractional character, time become accustomed to. Even at the time though at the moment of writing I do not know the making: when

when speculation in Witwatersrand was most brisk, up price, and I am disposed to think shares will make up the approach of the fortnightly settlement was used as a a little stronger than at the last account. Mexican Rails lever for putting prices down. Those shares in this field of are steady, and, an unusual state of affairs in this which I wrote last week have not advanced. I did not security, should show little variation from last settlement. expect they would do so, but I shall be greatly deceived if Uruguays, after being largely dealt in, now show some slight they do not take a huge rise in the course of the coming depreciation, and yesterday the falling off was as much it; week. Modderfontein's present a particularly healthy a portion of this has, however, been recovered to-day. appearance, and, though no decided upward movement has Matters are not evidently quite couleur de rose with Buenos been made with them, I anticipate such a movement in the Ayres investments, and, judging by the speculations in rails near future. The returns from the mine are everything that in this part of the world, I should say some unpleasant could be wished, and what is more to the point is that news has been received during the past twenty-four hours. important discoveries have been made, which indicate All rails are down-particularly the Northern route of this further accession of wealth to the proprietors of the mine. series, which, commencing with a drop of 11 yesterday, I expect to see these-Modderfonteins-St. Augustines and followed up with a further fall of 1 to-day. Hitherto, Dornkops show a profit during the next account, and those Buenos Ayres lines have been very strong and much who buy now will have much the best of the deal. sought after by followers of sound securities. I do not Esmeraldas are stronger, but not nearly so strong as they say there is anything specially wrong now, and only draw will go. New Emmas are quiet, but may at any moment attention to the importance of all those securities dropping jump; they are worth buying at present price. away at one and the same moment.






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NEW BUSINESS. 1,783 Policies issued for ..

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In beautiful finished brass. English make. Will never tarnish

Either pattern, 215. the pair.



Extracts from the FORTIETH ANNUAL REPORT for the Year ending 31st Dec., 1888.

ORDINARY BRANCH. The number of Policies issued during the year was 42,475, assuring the sum of £4,399,769, and producing a New Annual Premium Income of £235,487.

The Premiums received during the year were £718,848, being an increase of £183,717 over the year 1837.
The Claims of the year amounted to £210,056.
The number of Policies in orce was 146,966.

The Premiums received during the year were £3,256,346, being an increase of £197,845.
The Claims of the year amounted to £1,231,186. The number of Deaths was 142,751.
The expenses are one-and-a-quarter per cent. lower than those of the previous year

It is a source of much satisfaction to the Directors to be able to state that their efforts to promote the stability of Industrial Policies continue to be most successful, for, notwithstanding the enormous increase in this Branch during the past two years, the average duration of the 8,063,293 policies in force on 31st December last is now no less than six years.

Upwards of 40,000 Free Policies have been granted during the year to those policy-holders of five years' standing who have desired to discontinue their payments. The total Assets of the Company have been raised during the year from £7,867,103 to £9,302,007, being an increase of £1,434,904.


The last Reports can be obtained upon application to the Secretary.

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