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Article THE GENERAL ASSURANCE ADVOCATE. ← Page 3 of 7 →
Note: This text has been automatically extracted via Optical Character Recognition (OCR) software.
The General Assurance Advocate.
Railway Assurance appears to be making way , but the undigested data upon which it rests , do not seem to us to justify a positive opinion upon the matter . The Era alludes to a young office having boldly extended its operations in the face of the cholera , and states that the result was satisfactory . We have reason to believe that many other offices during the prevalence
of that awful visitation , shrunk within their own fears , and limited their business to a very insignificant amount . Dr . George Johnson , ( no mean authority , ) at a public meeting of the young office alluded to , remarked that it was a subject of congratulation that , notwithstanding the destructive spread of the epidemic , the number of deaths among members of the society had been under an average . This he attributed
to the fact , that to some extent , more or less liability to disease depends upon the state of the mind ; and it may well be supposed that the man who had performed the duty of providing for his family , would face the danger of contagion with a bolder spirit and a lighter heart , and have his chances of escape thereby increased .
The Times in its article of the 26 th of October , entered into an investigation of the government return . The article is rather lengthy , but as it is very important , we give it entire . " A return , which has just been published , of the names , objects , and balance-sheets of the various assurance offices established under the act of 1844 for the regulation of joint-stock companies has attracted much
attention among persons connected with these establishments , although it is calculated not to give clear information regarding them , but rather to suggest inquiries and to show the utter want of any satisfactory knowledge of their affairs . The present return relates to sixty-two offices , being all that have been established since the passing of the act in question . It was required by this act that each company should send regular copies
of their balance-sheets to the registrar of joint-stock companies , but it appears that nineteen out of the sixty-two have disregarded the provision to that effect , or have been established too recently for a balance-sheet to have been circulated , while in the case of the remainder the statements given are made out in such careless and singular modes , and with such an entire absence of uniformity , as to render them in the majority of
instances almost worthless , except in so far as they indicate in their vagueness the necessity of further examination on the part of any persons who may propose to have dealings with the offices by whom they have been issued . In the greater portioii of the reiurns it is seen that the amount of capital with which each company has commenced operations has been little more than what was just enough to cover the preliminary expenses—frequently amounting to 2 , 000 / , or 3 , 000 / . —and in some it VOL . VII . 3 u
Note: This text has been automatically extracted via Optical Character Recognition (OCR) software.
The General Assurance Advocate.
Railway Assurance appears to be making way , but the undigested data upon which it rests , do not seem to us to justify a positive opinion upon the matter . The Era alludes to a young office having boldly extended its operations in the face of the cholera , and states that the result was satisfactory . We have reason to believe that many other offices during the prevalence
of that awful visitation , shrunk within their own fears , and limited their business to a very insignificant amount . Dr . George Johnson , ( no mean authority , ) at a public meeting of the young office alluded to , remarked that it was a subject of congratulation that , notwithstanding the destructive spread of the epidemic , the number of deaths among members of the society had been under an average . This he attributed
to the fact , that to some extent , more or less liability to disease depends upon the state of the mind ; and it may well be supposed that the man who had performed the duty of providing for his family , would face the danger of contagion with a bolder spirit and a lighter heart , and have his chances of escape thereby increased .
The Times in its article of the 26 th of October , entered into an investigation of the government return . The article is rather lengthy , but as it is very important , we give it entire . " A return , which has just been published , of the names , objects , and balance-sheets of the various assurance offices established under the act of 1844 for the regulation of joint-stock companies has attracted much
attention among persons connected with these establishments , although it is calculated not to give clear information regarding them , but rather to suggest inquiries and to show the utter want of any satisfactory knowledge of their affairs . The present return relates to sixty-two offices , being all that have been established since the passing of the act in question . It was required by this act that each company should send regular copies
of their balance-sheets to the registrar of joint-stock companies , but it appears that nineteen out of the sixty-two have disregarded the provision to that effect , or have been established too recently for a balance-sheet to have been circulated , while in the case of the remainder the statements given are made out in such careless and singular modes , and with such an entire absence of uniformity , as to render them in the majority of
instances almost worthless , except in so far as they indicate in their vagueness the necessity of further examination on the part of any persons who may propose to have dealings with the offices by whom they have been issued . In the greater portioii of the reiurns it is seen that the amount of capital with which each company has commenced operations has been little more than what was just enough to cover the preliminary expenses—frequently amounting to 2 , 000 / , or 3 , 000 / . —and in some it VOL . VII . 3 u