following summary of liabilities and assets in bankruptcies, liquidations, and compositions with creditors:

Out of 232 bankrupt estates closed in 1871, no fewer than 93 were closed without any dividend being paid to the creditors, and the rates of dividend in the other 139 were as follows:-Not exceeding Is. in the £, 25; exceeding Is., and not exceeding 2s. 6d., 35; exceeding 2s. 6d., and not exceeding 5s., 37; exceeding 5s., and not exceeding 7s. 6d., 11; exceeding 7s. 6d., and not exceeding 10s., 19; 10s. and not exceeding 15s., 6; 15s. and under 205., 3; at 20s. 3. In the 93 estates closed in 1871 without dividends, the law costs swallowed up 518 p.c. of the assets; other working expenses 304 p.c. (of which 13 represents the remuneration of trustees); bankrupts' allowances, 1; "extraordinary outlay," 4; and the claims of preferential creditors the balance.

We record these facts for the benefit of any future commercial credit ins. asso. [BANKRUPTCY.] [BARGAINS.] [PROFITS, INS. OF.] COMMERCIAL CREDIT MUT. Assu. So., founded in 1852, with an authorized cap. of £50,000, in 5000 shares of £10. The prosp. stated that the Co. was estab. on the principle of mutual indemnity, for the guarantee of debts, rents, bills of exchange, promissory notes, bonds, and other monetary risks, and also for the guarantee and liquidation of dividends and compositions upon bankrupt and insolvent estates.

We have already given a complete outline of its principal operations under COMMERCIAL CREDIT INS. The Co. passed out of existence in 1856. COMMERCIAL DEBT INS. SO., projected in 1850, with a proposed cap. of £500,000, in 25,000 shares of £20. Power was taken to increase the cap. to £2,000,000. We have given a full detail of the project in our art. COMMERCIAL CREDIT INS. The Co. never matured; and the name of its projector did not transpire.

COMMERCIAL FIRE INS. Co., founded in Dublin in 1836. It returned for F. ins. duty in 1837 the sum of £419; and then appears to have discontinued bus.

COMMERCIAL AND GENERAL LIFE ASSU., ANNU., FAMILY ENDOWMENT, AND LOAN ASSOCIATION, founded in 1841, with an authorized cap of £500,000, in 50,000 shares of 10. The prospectus said:

The immense success which has up to the present moment attended life offices in general has incontestably proved the substantial advantages they have offered to the assured, not only in money, but in a moral point of view: inculcating prudence and economy, with a becoming desire to provide, to the best of their ability, for that offspring with which the Almighty has been pleased to bless them. Yet although the value and importance of L. assu. is so continually set before the public, it is surprising how small a per-centage of the pop. of this vast metropolis has hitherto availed itself of its advantages, comforts, and security.

It must be remembered that the system of L. assu. is especially beneficial to every one dependent upon his own exertions for his income, and to all who have only a life interest in their properties. It is valuable in an eminent degree to every member of the community, by affording unerring means for providing for families after death. It enables individuals with fixed incomes, from whatever source they are derived, whether from Gov. or other situations, from pensions or annuities on their lives, to perpetuate them to their representatives-offers entire indemnity to creditors against loss by the demise of debtors-points out a ready mode by which trustees may, with perfect security to themselves, make advances under marriage settlements-secures the continuance of leases terminable upon lives and renewable by fine-attaches responsibility to personal security, thereby assisting individuals to obtain loans and guar. repayment-anticipates and altogether provides against the inconvenience and injury often occasioned by the withdrawal of cap. from bus., or the death or retirement of a partner. In short, it is available to persons in every profession, trade, office, or circumstance, under all the modifications and constantly occurring varieties of contingent interests dependent upon the duration of life.

The first Sec. of the Co. was Mr. Frederick Lawrence. He was succeeded in 1848 by Mr. James Daniel. In 1853 the bus. of the Co. was trans. to the Lond. Assu. Corp. COMMERCIAL INDEMNITY CORP. OF GT. BRIT., LIM., founded in 1868, with an authorized cap. of £250,000, in 100,000 shares of £2 10S. The Co. was worked in connexion with the Progress Ins. Co. Its peculiar bus. was to insure by way of indemnity against the Loss of the Profits or Gains, Income, "or other equitable bus. of merchants, manufacturers, brokers, traders, etc., whose interests would suffer by the sudden calamity of fire, explosions, etc." We shall give a full detail of its bus. under PROFITS (TRADE), INS. OF. In 1869 the Co. was re-regis. for the purpose of enabling it to carry on the bus. of ordinary fire ins. In 1870 it passed into liq.

COMMERCIAL INS. CO. OF DUBLIN, founded in Dub. in 1799, for the purpose of F., L. and M. Ins. We have very few details concerning its hist. In 1808 it obtained a special Act. of Parl. 48 Geo. III. c. 96-An Act to enable the Commercial Ins. Co. of Dublin to sue and be sued in the name of their Sec. The preamble of this Act sets forth:

Whereas several persons have formed themselves into a so. or partnership in the city of Dublin, under the name of the Commercial Ins. Co., and have subs. or raised considerable sums, in order to effect ins. in Ireland upon ships and merchandize against the perils and dangers of the seas, and also against fire and on lives, and to grant and purchase annu.: and whereas the public hath been greatly benefitted by the formation of such So. or partnership, with a competent cap. to carry on the same, and a considerable revenue is derived to His Majesty therefrom: and whereas difficulties have arisen,

grow due to

and may from time to time arise, as well in recovering debts which are, or shall or mbezzle the pro

the said so. or partnership, called, etc., as in prosecuting persons who may steal or

perty of, or who may commit or be guilty of any other offence against, or with the intent to injure or defraud the said so. or partnership, as, by law, all the several members, partners, or proprietors of and in such so, or partnership for the time being, must in such cases sue and prosecute by their several and distinct names and descriptions: wherefore, for avoiding and removing such difficulties, and for more easily carrying into execution the several undertakings hereinbefore mentioned; may it please Your Majesty, etc.

It was therefore and thereby enacted that actions might be brought in the name of the Sec.; but this was not to incorp. the said partnership, nor relieve the members thereof from liability.

The bus. and connexions of the Co. (very small) were trans. to the Guardian in 1827. COMMERCIAL LIFE AND ANNU. Co., founded in Glasgow in 1821. We have no details concerning this Co. except that Mr. John Tennent was its Sec.

COMMERCIAL LIFE ASSU. Co., founded in 1856, with an authorized cap. of £250,000. The prosp. said:

Although the great principles of mut, assu. have been more rapidly developed during the last ten years than they had been for a century before, and the majority of the educated classes have acknowledged them to be the unfailing means of providing against the numerous casualties of life to which all ranks of society are alike liable, it is nevertheless true that the proportion of those who have availed themselves of these advantages is infinitely small in comparison with the pop. It may, perhaps, be difficult to trace the causes which have operated to prevent their more universal adoption, but it is certainly necessary that a L. assu. office should not only combine the most salient features of the system as hitherto employed, but endeavour to unite the interest of the assured with those for whose benefit the assurance is effected, in such a manner as to develop these principles in all their comprehensive and benevolent capabilities. This the directors of the Commercial L. Assu. Co. have endeavoured to accomplish, not merely for the purpose of increasing its bus., but in the hope that they may more widely extend the blessings of L. assu. by adapting their operations to the necessities of every class. The prudent and provident will at once admit the moral obligation resting upon them to secure for themselves and their families the advantages of L. assu.; but it is urged upon such that they should not be content with availing themselves of these benefits, but that they should lose no opportunity of impressing upon others their importance and advantage.

Non

Eighty p.c. of the profits were to be divided among the insured, 70 p.c. by way of bonus, and 10 p. c. carried to benevolent fund. First division to be in 1857. Funds invested, £10,000. forfeiture pol. Pol. indisputable, "except in cases of personation or proved fraud." Diseased lives. Half credit. Partnership ins. Annuities. Endowments. The Co. also had a T. for securing "fixed sums " of money at given periods, irrespective of L. ins., of which the annexed is an abstract :

Loans.

ANN. PREMS. TO ASSU. £100 CERTAIN

AT THE END OF A FIXED TERM.

417433o

Annual
Premium.

Lo 17 10
I 1 8
6 7

No. of
Years.

Annual
Premium.

No. of
Years.

100

£0 3 4

50

3 11

45

40

I

85

334567∞ O

3 14

EXAMPLE.-Ann. prem. to insure £1000 payable at the end of 99 years, £1 14s. 2d.; 75 years, £3 14s. 2d.; 50 years, £8 18s. 4d.

Mr. Alfred T. Jay was Man. of the Co., and Mr. A. W. Ray "Country Man." The Co. on its formation took over the bus. of the English and Cambrian. In 1857 it took over the General Indemnity.

The Co. had various branches, viz. the East of England branch at Norwich, Mr. Orlando D. Ray, Man.; the North of England branch at Sheffield, Mr. Henry Back, Man.; the West of England branch at Exeter, Mr. George Risdon, Man.

In 1858 the bus. of the Co. was trans. to the English Widows Fund. This last-named co. was, in 1860, trans. to the Brit. Nation, and that co. afterwards being united with the European, the affairs of the Commercial have now to be finally closed under the European Arbitration Act.

COMMERCIAL LIFE INS. CO. OF SCOTLAND, founded in Glasgow in 1840, with an authorized cap. of £500,000. The Co. was conducted on the proprietary principle. It was sometimes called in its prosp. "The Commercial Life Ins. Annu. and Family Endowment Co." In the orig. prosp it was stated that to judge from the advertising columns of the newspapers alone, one might be led to conclude that there was no room left for competition in this department of bus. ; but that all who had paid attention to the subject-even those who might have the deepest interest in existing concerns-were fully aware that many sources of profitable bus. were still unexplored, and that there was still a wide field open for the exertions of an influential directory, a large and respectable proprietary, and an efficient management. Mr. William Hunter was Man. of the Co.

In 1846 the bus. of the Co., which was not large, was trans. to the Standard. COMMERCIAL TRAVELLERS.-The British Alliance, 1868, had a scheme of ins. purporting to be specially framed for this important body. We have given full details in our hist. of that co. The accident ins. cos. meet the requirements of this class in a very special manner.

COMMERCIAL UNION ASSU. Co., founded in 1861, with a subs. cap. of £2,500, coo, in 50,000 shares of £50-£250,000 paid up. Power to increase cap. to £5,000,000.

V- VOL. II.

2

This Co. originated out of the circumstances which followed the great fire in Tooley Street in that year, and which will be recounted in detail in our hist. of FIRE INS. It will be sufficient to state here that the fire occurring on the 22nd June, the associated fire offices took immediate steps for increasing (in some cases very considerably) the prems. on mercantile risks, and also demanded certain conditions regarding stowage of goods, etc., to be observed. The merchants of Lond. signed a requisition to the Lord Mayor to convene a meeting at the Mansion House to consider the subject. The meeting was convened, and held 25th July, and a committee was appointed to consult with the fire offices, and endeavour to promote a readjustment of the points in dispute. The next step of which the public became cognizant was the issuing of the prosp. of this Co., which tells its own tale as follows:

The committee of merchants, brokers, and others, appointed at a public meeting held at the Mansion House, on the 25th July, 1861, to consult with the combined F. ins, offices relative to the readjustment of their greatly increased rates of ins., have decided upon the estab, of an independent co. Powerful support has been already obtained from the various interests represented at that meeting, and a provisional board has been formed from leading commercial houses and others, who by their influence and extensive connexions at once secure to this Co. a large amount of profitable bus.

The first principles of the Co. will be the estab. of an equitable classification of risks, as regards both merchandize and warehouses, and more liberal arrangements than are now attainable upon floating and short-time pol. A scale of rates will be adopted, which, while fully remunerative, shall be sufficiently moderate to encourage a universal habit of ins. It is intended to reserve a per-centage of profits for periodical division amongst insurers.

The Co. will undertake the ins. of houses and their contents at equitable rates—this class of bus. having long proved a large source of profit to the existing offices.

The Co. will be strictly independent in its operations, and in pursuance of the comprehensive principle on which the board has been constituted, will address itself to every class of insurers.

The principle of limited liability will be extended to all insurances effected with the Co., by the introduction of the usual clause limiting the amount of each shareholder's responsibility.

Power will be taken in the D. of Sett. (with the consent of a meeting of shareholders) to extend the operations of the Co. to life and marine bus., should it hereafter be thought desirable to do so. The Co. was prov. regis. under its present name on the 13th August, 1861. Very shortly after that there was a rumour (which we believe had some foundation) that a negociation was on foot to merge the new enterprise into the Liverpool and London Co.; but this project went off.

The D. of Sett. of the Co. is dated 28th Sept. following, and recites :

Whereas the subs. have agreed to form themselves into a joint-stock co., for the carrying on for gain and profit the bus. of ins. against loss or damage by fire, storm, or tempest, and matters connected therewith, and all other bus. of a F. ins. office, and the doing of all things which the Co, may think incidental or conducive thereto; and if and when the Co. shall think proper the carrying on of the bus. of assu. on lives and survivorships and matters connected therewith, and all other bus. of a L. assu. office; and also if and when the Co. think proper the carrying on of the bus. of ins. against loss or damage at sea to ships, goods, and merchandize, and matters connected therewith, and all other bus. of a marine ins. office.

By the 14th art. it is provided that "every pol. of ins. of the Co. shall refer to these art. of asso., and shall contain a condition or special contract for limiting the liability of every shareholder to the amount of his shares from time to time not paid up." The condition or special contract to be contained in every pol. of ins. shall be in such form as the directors may from time to time be advised by counsel learned in the law to be effectual for securing the limitation of the liability of the shareholders. Art. 15. "Unless and until the directors be otherwise advised, the following shall be the form of the condition or special contract":

Provided always that in accordance with the D. of Sett. of the Co., this pol. and the other pol. of the Co. are granted on this condition, and it is hereby especially agreed, that the Co. under all their pol. of ins. shall be liable in the whole only to the extent of so much of their corporate assets as from time to time shall be duly applicable for the satisfaction of their corporate liabilities thereunder: and with regard to the particular branch of their bus., that is to say, fire, life, or marine, in respect to which this pol. and such other pol. may respectively relate, and the particular funds set apart and appropriated to answer claims arising from such pol. respectively, those assets, including the amount of their cap. from time to time subs. but not paid up, and the whole of those assets being regarded as applicable in a due course of administration to the satisfaction of the whole of their corp. liabilities. And also that no present or future shareholder of the Co., his heirs, executors, or administrators, shall in respect of all or any of the liabilities of the Co. be subject to any proceedings at law or in equity or otherwise as to any other liability whatsoever, except only such proceeding as, in accordance with their art. of asso., the Co. may from time to time lawfully take, in order to compel the payment by such shareholder, his heirs, executors, or administrators, of calls made by the Co., in accordance with their art. of asso., in respect of shares held by him; and also that no present or future shareholder of the Co., his executors, or administrators, shall in any way, directly or indirectly, by means of such calls or otherwise, be liable to pay to or for the Co., or in respect of any pol. of ins., or of any liability of the Co., or otherwise howsoever, any sum exceeding the amount from time to time not paid up on shares held by him; but that every present and future shareholder of the Co., his heirs, executors, and administrators, shall in all respects have the like protection against all the liabilities of the Co. as if the Co. were incorp. by Act of Parl., enacting that the only liability of any shareholder therein, or of his heirs, executors, or administrators, should be his or their liability to pay to the Co. such part, if any, of the amount from time to time not paid up of the shares held by him as should, in accordance with the art. of asso. of the Co., be called up by them and made payable during the time of his being a holder of the same; and also enacting that the liability of himself, as the holder of any share, and of his executors and administrators, except only as regarded calls duly so made and payable in respect of such share and then in arrear, should absolutely cease on his and their trans. such share in accordance with the art. of asso. of the Co.

Any cap. raised by new shares "shall, except so far as the Co. on the creation thereof

may otherwise determine, be considered as part of the orig. cap., and shall be subject to the same provisions in all respects, whether with reference to the payment of calls or otherwise, as if it had been part of the orig. cap." (art. 37). "The amount from time to time of the new cap. shall, except so far as the Co. on the creation thereof may otherwise determine, be divided, so as to allow the amount to be apportioned among the then existing shareholders" (38). New shares not so taken up may be offered to other persons (39). Shares may be consolidated into smaller number or increased into larger number, or be reduced in nominal amount (41). The Co. may by special resolution agree (1) that the bus. of the Co., or any branch of it, may be sold and disposed of; (2) that the cap. may be increased beyond five millions; (3) alter and make new provisions "in lieu of or in add. to any of the regulations of the Co: for the time being in force"; and (4) extend, alter, or vary "all or any of the objects for which the Co. has been estab., and may also adopt any other objects, and whether or not similar or of a like nature to all or any of the former objects of the Co." This last extraordinary power is thus qualified: "Provided that such extension, alteration, variation, or adoption be such as could be legally effected if the consent of every individual shareholder were obtained thereto" (art. 67). A resolution shall be deemed special whenever the same has been passed by three-fourths in number and value of such shareholders entitled to vote as may be present in person or by proxy at any general meeting, of which notice specifying the intention to propose such resolution has been duly given (68).

The authority of general meetings, by special resolution, to alter and make new provisions not to apply to such regulations of the Co. as (1) provided for the limitation of the liability of shareholders; (2) for the proportional equality of the liability of the shareholders; and (3) their interests in the profits of the Co., "which excepted regulations shall accordingly be deemed the only fundamental and unalterable regulations of the Co.' (70). "On every question to be decided by ballot every shareholder present thereat in person or by proxy and qualified to vote, shall have one vote for every share held by him" (78). The number of directors not to be less than 9 nor more than 30 (89). Qualification for director 100 shares (90). Board, with consent of extraordinary gen. meeting, to determine what proportion (if any) of the profits of the Co. in respect of each or any of the several funds (if any) which may be estab. and kept distinct, shall be divided amongst and between the holders of pol. secured upon such funds; and the manner of appropri ation (116). All dividends on shares to be declared by a gen. meeting, "and shall be made only out of the clear profits of the Co." (158) [This provision modified in 1870.] All calls in respect of shares shall be made at the discretion of the directors, so that one month's notice at least be given of each call (164). Board have full power to place Co. under any limited liability law thereafter passed (189). Co. to be dissolved whenever one half of the actual subs. cap., whether paid up or not, shall be lost" (192). Whenever an extraordinary meeting is called for the purpose of dissolution, notice to be given not only to shareholders but to holders of L. pol. of £500 and upwards (195).

The first Fire prosp. said:

The tariff for Lond. mercantile bus. has been adjusted on the principle of classification, thus adopting the plan that each class of goods should be charged a prem. proportionate to the risk.

The directors, in deciding upon this tariff, have endeavoured faithfully to fulfil the wishes of the mercantile community, expressed at the influential meeting held at the Mansion House, on the 25th July last, and trust that they will receive such support as will enable them to carry out the system of rating on a classification of goods.

The directors will, at the expiration of five years, return to insurers a per-centage of profits on the prems. paid.

The Fire Man. selected by the promoters was Mr. Henry Thomson. It would prob. have been found impossible to select any one better or so well qualified for the task in view. At an extraordinary gen. meeting held 20th Jan., 1862, certain alterations were made in the regulations of the Co.; but as these were again altered by other special resolutions at the next meeting, we need not further notice them. It was resolved at this meeting to commence Marine ins. Mr. J. Carr Saunders was appointed underwriter. The profits of this branch have contributed very largely to the success of the Co.

At another extraordinary gen. meeting held 30th Dec., 1862, various further alterations were made. In view of estab. foreign and colonial agencies, certain alterations were made in regard to the sealing of pol. Next, in view of commencing life bus., the following special resolutions were passed:

6. That in pursuance of the 42nd art. of the art. of asso. of this Co., the board of directors shall from time to time specifically appropriate so much of the accumulations, to be from time to time made, of the moneys of the Co. as may appear to them to have fairly arisen from the L. ins. bus. of the Co., as a fund to be called the life fund, and that such fund, and the accumulations thereof, shall be a primary fund for the security of the holders of L. policies of the Co.

7. That the proportion of the costs, charges, and expenses to be from time to time paid or incurred in carrying on the bus. of the Co. to be charged to the L. ins. bus. of the Co. shall not (exclusive of commission) exceed 10 p.c. on the ann, income derived from the payment to the Co. of the prems. of the L. pol. of the Co.

Other resolutions in relation to the L. bus. were adopted. Eighty p.c. of profits to be given to parti. pol.-holders every 5 years. First distribution as from 31st Dec., 1867. Mr. W. P. Pattison was appointed Act. of the Co.

In the latter part of 1863-after two years' experience the Co. abandoned its orig. principle of independent action, and joined the associated tariff offices.

In 1865 an attempt was made to unite the bus. of the Argus L. with this Co.; but Parl. refused to sanction the proposed arrangement. [ARGUS LIFE.]

At the close of 1867 the first actuarial investigation into the bus. of the L. department took place. The rep. of the Act. says:

The first pol. was granted by the L. branch on the 1st day of May, 1862, and up to the 31st of the Dec. of that year the office had issued 180 pol., assuring a cap. sum of £171,300, and producing in yearly prems. £5245. As, however, several of the pol. were for a large amount, £798 had to be paid away in prems. for re-assu.; so that at the end of the first eight months the net amount of prems. received by the office was £4447.

In 1863 the bus. began to grow more rapidly, and has continued to do so. The pol. on the books at the close of 1870 were 1970, ins. £1,642,908. Of these pol. 1547 were parti., and 423 non-parti.; 469 pol. had lapsed. The life funds invested amounted to £169,623. The surplus shown was £43,807. Of this £41,000 was distributed-fourfifths to pol.-holders, one-fifth to shareholders. The bonus to pol.-holders averaged £2 25. p.c. p.a. on sum ins. The following note was appended to valuation balancesheet:-"The margin of prems. above the sums required to provide for the risks has not been included in this valuation, but has been set aside to form what is often termed a 'surplus fund.' The present value of this margin amounts to £118,936." The life rates of the Co. are deduced from the Carlisle T. The valuation was made by the Experience T. (No. 1). This was said to be adopted as a measure of extra precaution.

By other special resolutions adopted 8th March, 1870, the directors are empowered to declare interim half-yearly dividends, at a rate not exceeding 5 p.c p.a.

The bus. prosp. of the Co. says, "The funds of the L. department are kept perfectly distinct from those of the other departments, and are invested in the names of separate trustees." [COMPLEX INS. Asso.] Surrender value allowed on parti. pol. of 3 years' standing, "at least 40 p.c. of prems. paid"; on non-par. pol. 33 p.c. Loans granted on pol. up to surrender value to keep them in force. Whole-world licenses granted "at a small extra prem. from 5s. p.c. p.a. on the sum assu., charged according to circumstances." Credit system of L. prems. adopted. The investigation for surplus, as from the 31st Dec., 1872, is now in hand. Mr. T. E. Young is now Man, of the L. department. The Co. has branches in various parts of the world. It commenced bus. in the U.S. in 1870. Its losses at the Chicago fire in 1871 were only about £15,000; at the Boston fire, Nov. 1872, its losses were returned as under £60,000.

The first Sec. of the Co. was Mr. Ghinn; Mr. Alex. Sutherland now occupies that position. COMMERCIAL WORLD, THE.-Founded in 1869, and edited by Mr Buckle. It is not devoted entirely to ins. topics, but some very well written articles on ins. subjects from time to time appear in its pages.

COMMISSION, AGENCY.-Under AGENCY COMMISSION we have dealt with this subject in chief. A few more notes may be added here.

Among the offices paying no agency commission should have been included the Clergy Mut. [printed in error as the Mutual]; also the National Life.

1819-The European (No. 1) allowed only 2 p.c. commission to its agents. 1839-The Ark (No. 1) announced in its prosp.: "A return of 5 p.c. will be made on the first payment of prem., and upon each subsequent payment, made on or before the day appointed; such returns to be made to the party paying, whether principal or agent.' This was, as to insurers, a simple reduction of the prems. 5 p.c. for prompt payment. In 1849 Mr. Samuel Brown pub. A Few Thoughts on Commission, etc. He was of opinion that purely proprietary offices might pay agency commissions without injury to any one. He continues:

.

In a partly proprietary office [mixed] the general body of assurers suffer for the increased advantage of a few; in a purely mut. office they sacrifice the whole sum paid away in commission unless it can be shown that-first, some extraordinary advantage arises from the increase of numbers, though à priori, each member is supposed to produce the profits which he receives back; or secondly, what is a more common case, that there are some classes in the so. sharing in peculiar advantages at the expense of less favoured individuals: and who, by payment of commission from the common fund, charge the deduction to others, and take the profits to themselves. It is a system which is easy to introduce, but from which we, as yet, know of no instance of a so, extricating itself. In a paper by Mr. Jellicoe, read before the Inst. of Act. in 1850 [but which was not printed in the Journal until 1863, vol. x. p. 328], On the Methods Pursued in Valuing the Risks of Life Assu, Cos., and on the Division of Surplus, there occurs the following passage: This charge [agents' commission], as is well known, instead of being regulated, as it ought evidently to be, by the amount assured only, is always in proportion to the prem., and therefore it will be proper to take this circumstance so far into consideration as to make a separate add. to the prem. on account of it. It will be found that in a T. so formed the abnormal and distorted features so frequently presenting themselves in the rates for assu. put forward from time to time are no longer to be met with.

1869-At a Court of the Equitable So. held 2nd Sept. 1869, the Chairman on the occasion said that during the century of its existence the So., in consequence of paying no commission, had distributed among its deceased members the sum of £1,840,000 more than they would otherwise have received. It can only be said in reply that the whole circumstances of that So. have been exceptional from the beginning, and can hardly constitute a precedent for other offices.