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The classification of risks and rates of prem. were as follows:

Common Ins.-Merchants, manufacturers of the staple commodities of the kingdom, wharfingers and large wholesale dealers of every description-20s. p.c. p.a. on the average amount of running credit. Hazardous Ins.-Manufacturers of small articles, haberdashers, hosiers, woollen drapers and traders of similar description, retail dealers, and all traders giving extensive country credits-30s. p.c. p.a. on the average amount of running credits. Doubly Hazardous Ins.-Manufacturers of and dealers in all kinds of fancy articles-40s. p.c. p.a. on the average amount of running credits. The conditions of ins. were as follows:

1. Statement of running credits, upon the average of three years last past, to be supplied; which average to be the amount on which ins. to be made. Any false description to vitiate pol.

2. Insured not to recover upon any debt of bankrupt or insolvent debtors, unless he shall prove that at the respective times of credit being given the debtor was in good credit; nor in case of fraud and collusion between debtor and creditor.

3. If the insured extend his credits beyond the average of the preceding three years, Co. not liable for add. losses unless add. prem. be paid,

4. Co. will not ins. debts contracted by loan of money, nor upon bills of exchange and notes of hand, except when taken in payment of goods, nor upon any incompleted contract, nor for any debt contracted before date of policy, and only for net price in any case.

5. Upon death of insured, his representatives may continue ins. by indorsement on policy.

6. Insured to give notice to office within 7 days of bankruptcy or insolvency of his debtor, if within bills of mort. or near an agency of the Co., or within 15 days elsewhere; and furnish full particulars of claim.

7. Insured to legally estab. his claim, and then assign same to the Co., and within 3 months Co. to pay insured 15s. in the £; and afterwards all dividends beyond 5s., so that creditor may in the whole receive up to 20s. in the £, but no more.

Then there is the following:

N.B.-The plan of ins. from losses in trade being entirely new, it is necessary, in order to secure the confidence of the public, to state that it is founded upon solid principles, derived from extensive inquiry, instituted for the purpose of discovering the proportion which losses bear to trade; which, after much research, has been accurately ascertained, both as regards the whole kingdom and each of the trading towns therein particularly; and it has been clearly estab. that ins. may be effected with perfect safety and certain profit to the Co., and at the same time with liberality to the public, on the terms proposed.

We believe the Co. never actually carried on this branch of its proposed bus.

In 1844 some statistics bearing upon our subject were collected. There were in that year 1500 cases of bankruptcy, upon which about £1,200,000 was paid in dividends. Assuming the average dividend to be about 3s. in the , which was then considered a very fair estimate, the total of the debts in these bankruptcies was £8,000,000, of which £6,800,000 was lost.

About 1845 the Commercial Casualty Mut. Assu. and Indemnity So. was projected. The So. was to be founded on the mut. plan, with a guarantee fund of £100,000; profits to be divided every three years among the assured; and a benevolent fund to be estab. for the benefit of subs. and their families, as already stated in our brief notice of the asso. The preliminary prosp. set out the scheme very fully. We here give a condensation of its main features. Its preamble was as follows:

It is a fallacy to suppose that people's misfortunes always originate with themselves. Doubtless many failures in bus. result from fraud, culpable neglect, and a gross disregard of caution: but so long as the organization of men's minds is as varied as the features that distinguish them from one another, so long must diversity of opinion exist as to the boundaries which should confine the spirit of commerce. Trade is at all times hazardous from the beginning, and every day furnishes instances where persons of high probity, great intellect, and capacity for their peculiar pursuits, have been reduced to poverty by the dishonesty or mismanagement of others.

It must be admitted that the tendency of the Bankrupt Laws would be still further promoted, and their character improved, were some certain provisions made for those individuals who, without discredit to themselves, are compelled to seek their protection. Now the scientific application of the principles of assu., founded on sufficient data, has long been esteemed by the intelligent portion of the community as the only true and effectual remedy for the pecuniary inconveniences contingent on the varied reverses of fortune, and the uncertainty of human life: and, holding these views, the promoters of the Commercial Casualty Mut. Assu, and Indemnity So,, who are in possession of an extensive set of tables carefully calculated on an elaborate collection of statistical facts bearing directly on the subject, do not hesitate to place before the public a well-matured scheme for the alleviation of the evils inseparable from a state of bankruptcy.

It was therefore proposed-1. That the provision be in the form of an ins.; the Co. undertaking to grant pol. of ins. for sums not exceeding £5000, to be paid upon the production of a 3rd class certificate in bankruptcy, provided no suspension thereof be ordered by the Commissioner; and that add. of 25 and 50 p.c. respectively be made to such pol. on the production of 2nd and 1st class certificates. 2. That the prems. paid subsequently to the ascertained date of solvency be returned by the Co. to the bankrupt's estate; and that similar returns be made in the event of the insured compounding with his creditors. 3. That 3 years must elapse from the date of the ins. before any pol. could become a claim, when the amount should revert to three trustees appointed by the So. for that purpose, to be paid over by them to the nominee of the insured, such nomination to be made at the time of effecting the ins. 4. Those only to be eligible for ins. who had been estab. in any bus. or trade subjected to the Bankruptcy Laws for the space of two years prior to the date of their application. 5. That the So. should grant ins. of the kind described to be secured as marriage settlements; and also in all cases where the insured may propose to afford a guarantee of indemnification to others. The pol. to hold good only in those instances where no suspension of certificate should occur; and in cases of suspension the prem. only to be insured, the directors "reserving a discretionary power as to the payment of the whole pol.

The following is the scale of prems. "as prepared by the Act. of the So.," viz. ann. prem. required to ins. in the event of bankruptcy £100 on a 3rd class certificate; £125 on a 2nd class certificate; and £150 on a 1st class certificate; and subject to conditions already stated.

I. Attorneys, Architects, Engineers, Printers and Pub., Underwriters, Dentists. 2. Cheesemongers, Chandlers, Fishmongers, Grocers, Butchers, Bakers, Cowkeepers, Chemists and Druggists, Poulterers, Tobacconists

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3. Eating and Coffee-housekeepers, Innkeepers, Lodging and Boardinghousekeepers

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4. Hatters, Hosiers and Haberdashers, Milliners, Boot-makers, Furriers,
Saddlers, Tailors, Upholsterers, Hairdressers, Silk-mercers, Undertakers,
Bookbinders, Ironmongers, Oil and Colourmen, Painters and Glaziers,
Pewterers, Paper-Stainers, Curriers, Callenderers, Dyers, Carvers and
Gilders, Cutlers, Statuary Masons, Glass-cutters, Glass-silverers, Tin and
Iron Workers, Tanners, Slaters, Importers, Manufacturers and General
Dealers
5. Brewers, Beer-retailers, Victuallers, Booksellers, Lithographers, Music-
sellers, Newsvendors.

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6. Contractors, Builders, Ship-builders, Coach-builders, Coachsmiths, Coopers, Carpenters, Gasfitters, Smiths, Shipwrights, Wheelwrights, Coach-platers 7. Agents and Auctioneers, Brokers, Factors, Master Mariners, Warehousemen, Shipowners, Saw-mill proprietors...

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The principles above explained have exclusive reference to bankruptcy; but the promoters deem it essential to the utility and well-being of the So., that the field of their operations be extended so as to combine with bankruptcy, in one pol., assu. of various kinds, more particularly such as are connected with the duration of human life. It is therefore proposed-1. To grant pol. of assu. payable in the event of bankruptcy or death. 2. To grant deferred annu. after a certain period to such subs. as shall not have been bankrupts during the interval. 3. To grant deferred annu. to commence immediately subsequent to bankruptcy. 4. To grant annu. to wives or widows in the event of death or bankruptcy. 5. To grant annu. to children for educational purposes and apprentice fees. 6. And to embrace all the usual features of the best-estab. L. assu. asso.

It is also proposed that the So. shall grant pol. assuring the creditor against the bankruptcy or insolvency of a debtor, in respect of any account amounting to £50 and upwards for goods sold and delivered, the debt having been not more than 28 days contracted, and to continue the pol. to that

amount ann.

The Consulting Act. was Mr. R. Thompson Jopling; indeed no other name appeared on the prosp. save and except Mr. Philip Roberts, the proposed solicitor to the proposed Co. The Co. did not get beyond prov. regis. at this period, but it was in point of fact the nucleus of the Solvency Mut., founded in 1852.

It seems prob. that the practice of Commercial Credit Ins. was adopted in France about this period, 1846-48. A few years later there were three asso. for this purpose in existence, viz. L'Union du Commerce; La Société Mutuelle; and La Sécurité Commerciale, founded 1848. These we shall have occasion to speak of in relation to their bus. results as we proceed.

In 1848 Mr. Robert Watt pub, a pamph., The Principle of Ins. applied to Mercantile Debts, which attracted a good deal of attention. We can only give a brief outline of it here:- Mr. Watt, looking at the various modes in which the principle of ins. had been brought to bear, not only as a protection against shipwreck and fire, but also against disease and death of cattle, the destruction of crops by hail, the dishonesty of persons in situations of trust, etc.; and recognizing at the same time the calamities to which even the most prudent trader is always more or less liable from the occurrence of losses by unforeseen failures, was disposed to believe that the latter class of misfortune might also come within the scope of a similar mode of precaution. As bus. was then conducted, a man with a sound trade but a small cap. might be swept away during the first year or two of his efforts by an almost accidental loss; when, if he could have spread that loss over a given period, he might have gone on to eventual prosperity. And even when the cap. of a trader was what was termed ample, he could never, let his caution be what it might, escape the anxiety that attends the possibility of a severe blow from some unlookedfor combination of circumstances.

The Times of 20th April, 1848, reviewed the proposal very fully, remarking: "The suggestion is one that contains a useful germ, and may set some minds to work towards a practical result." The writer suggested some modifications.

The House of Lords Committee on Bankruptcy, which sat in 1848, elicited evidence which threw some light upon this subject. One witness said :-"The Bankruptcy Tax [meaning the general effect of losses by bad debts] amounts to 15 p.c. on my net profits. It amounts to a tax of 21 p.c. on the commodities I deal in. I have obtained a return from a person engaged in a different trade. The similarity is very remarkable: the loss by bankruptcy and insolvency on his returns is 24 p.c. It amounts to 25 p.c. on his net profits. Another witness said:

I had a return of 48 consecutive cases furnished to me from the Court of Bankruptcy by a

Commissioner, in which the amount distributed was £41,000, upon a gross amount proved of £154,000. Of that £41,000 only £23,000 was distributed as dividends; the remainder, £18,000, having been applied to the payment of preference debts, payments to the court, payments to solicitors, payments to official assignees, etc. The gross amount of liabilities was £190,000; the property sold realized £28,280; and the debts collected, 1389 in number, amounted to £13,545, or an average of £9 15s. each. The charge of the official assignee for collecting and distributing this sum was £1786, or 1 p.c.

In 1849 the inst. L'Union du Commerce was in full operation in Paris. The total amount of pol. opened and subs. in that year in the Department of the Seine alone was £2,527,240. The actual mercantile transactions entered upon or declared under these pol. amounted to £1,223,205, and on this sum alone the premiums were charged. Such prems. amounted to £7169. From this, however, had to be deducted the share of the risk which the insurers themselves bore in the transaction. This amounted to £2061 of the prems.-leaving a net sum applicable to the casualties of the year of £4617. Against this the claims for losses incurred by subscribers amounted to £2251-leaving a bal. for the reserved fund of £2365. Further, a sum of £675 was expected to be recovered from bankrupts' estates: thus making a total reserve for the year of £3041— equal to 135 p. c. on the claims on losses indemnified,

In 1849 also there was a meeting of La Société Mutuelle in Paris. No bal.-sheet had been circulated, but from a para. in the ann. report it appeared that the So. was in a high state of prosperity, since, "but for some disagreement between the ex-director and the executive, the whole of the contributions due for 1849 would not have been required— that indeed one-half would have sufficed."

In 1850 we find some important details regarding La Sécurité Commerciale, which had then been in operation for two years. The total insurances granted had reached the large sum of £31,537,291. At the end of 1850 the number of members was 1216. In that year the premiums amounted to £19,745, while the losses notified were 311 in number, amounting to £6780. The asso. had been able to grant to the ins. "payment of the largest proportion of actual losses which was permitted by the constitution and laws of the So., viz. 90 p.c.," and beyond this a sum of £3842 was carried to the reserved fund. In 1851 the operations were not so favourable-the year had been distinguished by numerous failures. The insured were reimbursed only about 80 p.c. of their losses. The bus, of the So. had assumed considerable proportions. At the end of 1851 there were 1868 members, who were insured for ann. bus. transactions amounting in the aggregate to £16,102,400, and the losses during the year were nearly £100,000, of which, as we have seen, it was believed about £80,000, that is 80 p. c., would be made good to the members— 90 p.c. being the maximum of indemnity allowed to the members by the regulations of the So. It was pointed out that in this class of bus. difficulties would always be experienced in obtaining a proper classification of the insured. Thus many of those who were described as wholesale merchants were found to be in some degree retail dealers, and instead of paying a prem. of 1⁄2 p.c. in the former capacity, ought to have paid 34 p.c. in the latter. It was a feature of the So. to collect information by its agents of the relative credit of merchants and traders in different towns in France-this not only to facilitate the safe operations of commerce, but as a means of securing its own success by encouraging caution in its members. In 1851 no less than 28,517 inquiries were answered; while in the preceding year the number had only been 7573-"showing the utility and practical value of such a Co. in commercial enterprises."

In 1850 there was pub.: A Review and Synopsis of the Mercantile Guarantee Sos. estab. on the Continent, practically applying the principle of Ins. to Commercial Transactions. From this we have already quoted.

In 1850 the Commercial Debt Ins. Co. was projected, with a proposed cap. of £500,000 [power to increase to 2 millions]. The outline of the scheme was as follows:

The directors proposed to issue pol. of indemnity to traders against a moiety of the loss arising from the failure of their debtors, on such ordinary commercial risks as the directors might deem eligible, and at rates of prem. commensurate with the several risks, with the view of ultimately extending ins. to entire debts, as the bus. and prospects of the Co. might progress and circumstances justify. The arrangements for effecting this contract were to be, both with insurers and insured, “ simple and expeditious as the ordinary routine of a banking account, or any other form of ins." Mercantile and Manufacturing Houses in every branch of trade might have the floating balances of their accounts current, including bills of exchange, as well as open accounts, protected by the guarantee of this Co., to an extent equal to their own risk:

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Retail Dealers desirous of opening or continuing accounts current with wholesale houses of first-class respectability would find themselves thus enabled to purchase from the best markets to much greater advantage, by being enabled to furnish a guarantee for a proportion of the liability incurred.

Pol. were to be granted, either for single transactions, or for specific sums, and fixed periods, to cover to the extent specified the bona fide transactions of the debtor with his creditor.

Claims arising under these pol. were to be settled for at the periods, and on the conditions stipulated and every facility was to be afforded for prompt settlements.

Rates of prem. had been already fixed on a graduated scale, on such terms as would "give satisfaction to the public, and afford ample remuneration to the Co."

Bills of Exchange-It was to form no part of the ordin. bus, of this Co. to guarantee a B. of exchange per se, for the purpose of facilitating its discount-"such a process might have the effect of creating artificial paper "-it would therefore be sufficient for this purpose to secure the transactions on which the B. of exchange were founded, "thus rendering these documents more secure in the hands of the moneyed interest.'

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The directors further proposed to purchase reversions of dividends arising on debts which had been proved at the Courts of Bankruptcy, and of those which had been admitted under deeds of composition, inspection, and assignment, as well as to grant guarantees to debtors, for the purpose of winding up their estates under offers of composition.

Creditors who had had the misfortune to become claimants on bankrupt estates might procure from this office forms of affidavit for proof of debt, and may receive for their claim, when proved, a present payment in exchange for an assignment of their future dividend.

Debtors, whose state of affairs and bal.-sheets were completed, and whose creditors had assented to an offer of composition, might have their composition guaranteed by this office in exchange for an assignment of their whole assets.

No inst. at present existed by which temporary embarrassments may be relieved or prevented by timely assistance of this description.

These were all the leading features. Temporary offices were opened at 2, Royal Exchange Buildings, E.C.; but the project did not mature. No names of the parties promoting the Co. were published.

In

Notwithstanding the variety and ingenuity of the several projects already noted, the bus. of Commercial Credit Ins. or Guarantee had not at the commencement of 1852, so far as we are aware, been brought into actual practice in Gt. Brit. ; but the time had now arrived when the bus. was to take form and shape, at least by way of experiment. that year two projects were set on foot, each of which became actually estab. These were: (1) Commercial Credit Mut. Assu. Asso.; (2) Solvency Mut. Guarantee. Each of these asso. we propose to pass in review in some detail. It will be again noted that two projects were simultaneously set on foot.

The scheme of the Commercial Credit Mut. is drawn from its prosp. but condensed where possible. The objects of the asso. were-1. To reimburse to the assured commercial losses sustained by them in consequence of non-payment by debtors who are traders. 2. To give immediate assistance in recovering debts due to them, and generally on their behalf to save time, trouble, and expense in the investigation or winding up of the estates of debtors, whether bankrupts or otherwise, and to effect the speedy payment of dividends. 3. To make to the assured advances, where losses have occurred, with a view to prevent immediate embarrassment, or ultimate failure. 4. To afford information to the assured respecting the commercial stability of traders, to whom they may propose to give credit.

The Asso. proposed to accomplish these objects by uniting its members in a system of mut. assu. against the misfortune, bad faith, undue speculation, or fraud of others. The principles of assu. are now well understood, but had never previously, in this country, been brought to bear upon commercial losses of which the ann. amount is such as urgently to call for some remedy.

The statistics relating to commercial transactions may be as safely relied upon as those relating to fire and life, with which we have been so long familiar. The commercial losses sustained in any number of years bear a given proportion to the gross returns, or amount of bus. done. "An average per-centage of loss may be thus ascertained, and a prem. upon those returns would create a fund from which the assu. might be reimbursed such losses." A closer analysis would indicate the proportion borne by the various different trades, or occupations, and so modify, in similar proportions, the prem. to be paid. "There is, therefore, no practical difficulty in applying the principles of assu. to the primary object of this So."

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The general rules of the So. would provide-1. That the prems. paid by the assu., and all debts recovered, shall be exclusively devoted to the payment of claims for losses, which claims will be subject to the decision of a council of reference, annually chosen by the assu. 2. That the assu. shall pay, on account of the expenses, a fixed limited sum ann., to be designated the management commission in return for which, the shareholders covenant in their deed, to provide an efficient man., accountant, clerks, and offices in which to transact all the bus. of the So., and to defray all the expenses attending the same. 3. The prem. fund, and the reserved fund to be accumulated from it, are thus secured from any depreciation by careless management, or diminution by reckless expenditure; and the immense and very complete machinery of the So. will be at the disposal of the assu.

After payment of the losses of the year, one moiety of any surplus of the year's prem. to be applied rateably in reduction of the next year's prem. of such of the assu. whose losses have not amounted in such year to the prem. paid by them; and the other moiety to be applied to create a reserved fund, "from which to afford to the assu., at a limited rate of int., such assistance as, in the time of commercial pressure, their council may approve." When this reserved fund reaches a limited amount, all the surplus of the year's prem. to be applied in reduction of the next year's prem., as before mentioned; and at the end of each term of 5 years, if the reserved fund exceed such limit, all the excess to be divided among the assu. in the same proportion as the prems. paid by them exceed the losses admitted on each pol. during such 5 years. Thus would be secured to each assu. the benefit of his individual prudence by rendering the prem. payable by him virtually dependent upon a self-adjusting sliding scale regulated by his own losses.

The rules had been framed with a view:

1. To prevent all fraud or improper speculation on the part of the assured.

2. To afford to the assured the utmost possible convenience, and require from them the least possible

sacrifice, by allowing the prems. to be paid by half-yearly instalments, at the end of each six months, instead of being paid in advance,-by requiring no payment from the assured whose previously-admitted losses equal or exceed the amount of the prem.,-by paying to them at the end of the first half-year an instalment not exceeding 40 p.c. of any admitted loss, the remainder of which will be paid at the end of the year,-by providing that any sum received from a debtor of the assured shall immediately be handed to him, in part payment of any claim made by him in reference to such debtor, and by limiting the liability of the assured to the payment of the prem. and man. commission only.

3. As between the assured themselves, to restrict individual rights only so far as may be essential to promote the mutual advantage of all, with which view it is provided that the assu., on making any claim, shall give the So. full power, in his name, to act against the debtor. That such power shall be acted upon, for the exclusive benefit of the funds of the assu. That the assu. shall not take any proceedings to affect the commercial credit of the debtor, without the sanction of the So. That no claim for less than £5 be sent in. That 10 p.c. of all admitted claims be retained and added to the reserved fund for the time being. And to prevent the waste of funds by needless litigation, the assured will be bound in all matters by the decision of the Council, whom they themselves appoint. 4. To afford to the assured, whenever desired, the full advantage of the information that will be acquired by the So. as to the commercial stability of traders throughout the U.K.

The great consolidation of credit effected through the agency of this So. the directors considered would not only promote the security of the assured, but in time beneficially affect the whole trading community; on the one hand, by averting with timely assistance the wide-spread calamities arising from unforeseen and unavoidable individual misfortune; and on the other, by subjecting fraudulent traders to an amount of exposure and legal pressure, which could seldom, if ever, be accomplished by individual creditors. "A so., founded in Paris in 1848, with the same objects, and upon the same principle, has already achieved the most remarkable success, and been productive of extensive advantages to the commercial community,―the leading mercantile houses in France being enrolled upon the list of its assured."

The rates of prem. to be paid by the ins. are shown in the following T. of classes: 1st Class ... 25. to 8. p. c. on returns 2nd Class ... 2s. 6d. to 10s. p. c.

For merchants selling to manufacturers, and manufacturers selling to wholesale houses. For wholesale houses selling to wholesale houses.

ditto.

3rd Class

...

35. to 14s. p.c.

ditto.

3s. 6d. to 16s. p.c.

ditto.

...

4s. to 16s. p.c.

ditto.

5s. to 20s. p. c.

ditto.

6s. to 25s. p.c.

ditto.

For wholesale houses and manufacturers selling to retail shopkeepers.

ditto.

4th Class 5th Class 6th Class 7th Class 8th Class

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9th Class ...

75. to 30s. p. c.

25. and upwards p.c. ditto.

10th Class ...10s. and upwards p. c. ditto.

For assurances effected on average losses, under Art. 34, Rules.

For all persons not assured in any of the previous classes.

N.B.-The higher rate of prem. in each class will be chargeable up to the 31st of Dec. in the year in which the policy is made, and the assured will be classified according to the terms of credit and the nature of business. Such rate of prem. is subject to diminution upon the principles herein before mentioned.

By art. 34 of rules, the assured who declares for £50,000 and upwards, may, by special arrangement, pay an ann.. prem. amounting to 10 p. c. less than the average of his annual losses for the previous five years.

The above rates had been certified by Mr. Alex. Glen Finlaison as sufficient for the purpose in view.

The rate of management commission was to be 15s. upon every £1000 declared, up to the sum of £25,000, and 12s. 6d. for every £1000 beyond that sum and up to £50,000; and 5s. for every £1000 beyond such last-mentioned sum up to £500,000; and 2s. 6d. for every £1000 beyond such last-mentioned sum; provided always that for the first year the rate of the man. commis. should be 20s, upon every £1000 declared, up to £50,000. The Solvency Mutual (1852) set forth the following details in its prosp.: An extensive analysis of the statistics of bankruptcy and insolvency has demonstrated that the principles of assu., which have been applied with perfect success to the contingencies affecting life and health-to fire and marine calamities-to agricultural and animal casualties-to accidents to the person - and to the guarantee of fidelity, may, with equal advantage and safety, be extended to the reimbursement of losses resulting from insolvency. These losses are estimated to amount annually to the enormous average of £65,000,000, presenting a vast field for the application of the proposed guarantee of solvency.

The immense advantages attending the assu. of debts will be the more apparent, when we consider that a first loss occasions many others, destroying that confidence and credit which are essential to the interests of commerce, and involving even the most prosperous and prudent traders.

The objects of this Co. are no novelty in continental countries, where the assu. of debts, bills of exchange, etc., has been long and successfully practised by bankers and others; and since the present Co. was projected here, three institutions for the same purpose have been put into active operation in Paris, which, although started upon mut. principles, without cap. or other monetary guarantee, have prospered through the late scarcely to be paralleled series of commercial calamities, and social and political revolutions; and while they have proved of the greatest benefit in the suppression of fraudulent trading, and by

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