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Leader (1850-1860), 12th November 1859, Edition 2 of 2, Page 20, MONEY MARKET &J3TO0K EXCHANGE. JYMay ICv...

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      Miss Avavvrx Thomson.—A 1'Aris Correspon...

      that he had received many munificent offers from English managers which he did not think in justice to himself he could disregard ; besides , lie was anxious to pay a short visit to his family . However , having made up his mind to live and die in -A-tistralia , he promised to-return ' as speedily as possible . He is now 'playingat Sydney .

      1256 The Leabk-B [Mo. 503. Nov. ]2y 185q...

      1256 THE LEABK-B [ Mo . 503 . NoV . ] 2 y 185 Q .

      Crystal Palacje. The Schiller Festival-—...

      CRYSTAL PALACJE . The Schiller Festival- —The proceedings in connexion with this centenary festival at the Crystal Palace came off yesterday with-considerable eclat-The early part of the forenoon was dull and foggy , but about midday the sun broke out , . and at one o ' clock it was-roughly calculated that , there were upwards of 20 , 000 persons within the grounds . After a performance on the calliope or steam orchestra in the centre transept , and after" Several pieces of music had been executed by Mr . James Goward on the Handel Festival organ , the performance proceeded according to the programme . with a march , entitled " Schiller , " by Carl Gross , succeeded by an overture

      By Rossini . The execution of the latter was weak in effect , arid it was very imperfectly heard . The large area in front of the orchestra in . the centre transept was by this time densely crowded , and among the jostling crowd on the outskirts of the assembly , for whom no sitting accomodation vas available , exclamations in guttural German were more frequent than in English . After the conclusion of the overture Dr . Einkel stepped , forward in front of the orchesta , and delivered an eloquent oration on the genius of Schiller , which notwithstanding his efforts to extend his voice , was heard by a very limited number . The cantalo written by Preilegrath for the occasion as a tribute to the memory of

      Schiller , with music by Herr Pauer , was next perfdrmed . with brilliant effect , and was loudly applauded . Among the vocalists were Mademoiselle Jenny Bauer , Mademoiselle De "Villar , Mademoiselle Behren , Mr . Wilbye Cooper , Mr . Isaacs , Mr . Hartmari , & c , with chorus by the Vocal Association , conducted by M . M . Benedict and Manns . During the performance of the cantata , the colossal bust of Schiller by Grass , which occupied the centre of . the orchestra , was unveiled amid loud plaudits . The bust was adorned with evergreens , and supported on each side by two large allegorical figures supporting a tyre . Both by expression and attitude the sculptor has endeavoured to convey the idea of

      thought ; the brows are knit , and the head is turned towards the left , as if the attention was fixed or the mind engaged . A solo on the violin was next executed by Herr Wieniawski , after which a German song , " Traume und Gesang , " was sung by the German Glee Association , to which succeeded the performance of " The Song of the Bell , " with Itomberg ' s music , to which ample justice , both in effect and in execution , was done by the powerful choir of about 1 , 000 male and female voices . This concluded the principal part of the musical entertainment , and all were now on the qiu vive to witness the torchlight procession which the programme stated would next take pluce in the grounds . The upptii- terrace and open corridors as the evening set in were crowded , and shortly after a few straggling torches w « re

      seen at the bottom of the grounds . Soon they opened out in view through the avenues ' until tho spot looked as if on fire ; gradually , however , they assumed some order , and moved in a circular form around the basin of one of the large fountains , each torch having to the eye of the distant beholder its counterpart in the water , while at length the fountains burst into play , and blue and other vnriegMe'l lights were placed around them , contrasting . wl ( h the dusky jjlare of tho torches . The lupon also , lidded not a- little in enhancing tlie beauty and effect of the scene , which altogether was somewhat imposing . After the procession had made a detour from right to left anil proceeded along in front of tho Palatie , tho principal features of the Schiller Centenary Festival , ais with those of him to whom this tribute of admivallpi ) wus paid , hud yiuscd from view .

      The Follovviitg Fubhionablcjj Have Honou...

      The follovviitg fubhionablcjj have honoured tho St . James ' s Theatre with tht'ir presence during 1 tlio past wuolc : —ICui'I of MouuUiushol , Sir O . Wombwoll , Lord Clinton , Lady i ' anmuro , lion . G . Knox , — Humo M . P ., Colonel' IToloy , Lady Moux , Buron Greene , Captain Sinoluir , Captain Gough , Sir W Anstruther , Sir F . Roe , Mr . ami Mrs . Biwsott , ' Hon . — Bathurot , Mr . ScqUoII , Captain Parko , Lord Lincoln , CttPtoin Carlton , Sir . AY . Dq Bathe , Horace Claggot , Major Lyons ,, Eurl of Munster , " Hon . W . F . Campbell , Mr . Kobarte , Lad / Junlcinn , Sir Kalph and Lady Howard , Captain Bernard , Lh \ Hastings , T . Burjng , Lord Vane Tempest , IJLon . Mr . Tolor , Colonel Uhnrlton , Hon . T . Stoner , Colonel IT . Soymour , Sir B . T . l ^ liUllps , Cglonol Townson . i , Admiral Courtney , Hon . Mr . Blythe , Ut . Oathcurt , & o , & o .

      Commercial. _. ' -Lfe-

      COMMERCIAL . _ . ' -lfe-

      Stood In The Way; That In Certain Rich A...

      stood in the way ; that in certain rich and retired bankers , with influence more in pr-oportioii to their wealth than their knowledge , there were indomitable prejudices against banking companies and free banking—that certain political economists , considered great as authorities , perhaps , because they had generally been behind the facts of the age , and like the late Sir R . Peel , changed their opinions wlien it was necessary or advantageous , had pronounced against free banking and free insurance , as they had pronounced against perfectly free trade in corn . We know that nien iii office , ' , | ; ¦

      both , cap . 12 . The present time is favourable for the establishment of such a company , in thu present year the underwriters . have not obtained their usual advantaged . The losses ut sea Jiavo been greater than the average . There will he a tendency , in consequence , to require higher premiums—certainty , no immediate tendency to lower thornand the company will have at starling the advantage of this tendency . There will bo little immediate chance of any competition to reduce the rates becoming excessive and ruinous to

      underwriters . Since 1825 no new maritime insurance company has been formed , though since then tho trade of the country has increased nearly ihrceloW . Underwriting by individual * lias koptjmce witn the incruiiHu , hut tho large profits nimJo uy the companion show that this is a business PV " airly , adapted to companies in which the public can have confidence ; und the one now jM'onoried , therefore , wo repent , if honestly and skilfully lnanngeci , is likely to JL > o successful . W

      to make what tliey consider fair bargains for assuring their-fehips , in part or in . total , independent of all old usages and regulation's founded on them . In every art and every branch of society , improvements are continually going on—in none are improvements greater than in shipbuilding and navigation , and most of them tend to the preservation of lif ' e nml property at poo . Those , thovei . oiv , who have ships and cargoes to ; L .-oiue t >! iould take all these circumstances into consideration , and regulate their business by them instead of by the laws of the Isle of Oleron , the us . iges of the time of ltichard IE ., or even the Act 4 ^ 5 of

      Elizafairty proportionate to the risk run . It may be further noticed , top , that at present shipowners complain of some unfairness as to special and general average , and their advocates even put forth these eircmnstances us hardships on them . Whatever may be the law as to assurance , it is competent for persons assuring property to make their own bargains . It is as much a contract for buying and selling as the rate of freight or the price per ton " for building a ship . JSTow , therefore ^ that a new maritime assurance company is to be started , it will be for the aggrieved shipowners

      sivc . Only from increased competition to « et hold of the larger profits made by underwriting than by other business , can the premiums b * e reduced to a fair amount . The insuring merchants and shipowners are so certain to recover from the consumer the amount of the general rale of insurauce that there is not amongst them , however much individuals may try to reduce the premiums they pay , a very keen competition to keep down tbe general rate . We are disposed , therefore * to conclude that an additional maritime- assurance •¦ company , or even more than one , would in the end be of great general and public utility . It will lower the premiums of insurance to a sum

      for the risk run by the assurers . From ascertaming this fact many new life assurance companies were started : the market , indeed ^ was then overdone , and inore were started than were successful . It appears how that a similar fact is true of maritime assurance . In spite of the outcry made about losses at sea—rand certainly those losses particulai-ly of valuable lives , cannot be guarded ' against witfy || po much care—the use of * steam , and other improvements in navigation , have led as was expected tbey would lead , to a diminution of losses at sea , and the premiums calculated on former losses ' - hare now in general become

      exces" ? , \ jj t % I ; j MARITIMB ASSFRANCE . A NEW Maritime Assurance Company , to he called the Ocean , is announced . It is to he formed on the principle of limited liability , but must wait to be registered till the Bill introduced last session , to enable persons to form assurance companies on this principle , shall be reintroduced and become a law . Why persons should have been rendered unable to form insurance and banking companies on this principle we never professed to understand . We know that the presumed interests of monopolies and old companies

      the existence of whose power depends on maintaining tlfe conviction that society will go to the dogs unless they manipulate and fashion it according to their ideas , more greedily ready to follow out the suggestions of the retired bankers and economists , and continue restrictions on banking and insurance , had been , by the force of circumstances , compelled to remove from other businesses . But all these thinars are anionirst'the shabbiest , the

      meanest , and most disgraceful motives for making laws which bind a whole community , that can be imagined , and the Legislature , which was weak enough , after being warned both by facts and teaching , to allow itself to be influenced by them , becomes dishonoured : and discredited by being obliged , after two or three sessions of vacillation and inefficient opposition , to carry out the principle it has before ut once acknowledged and contravened . We have no doubt thnt individuals -ivill ' -K . : il ! . i \ wil .

      to form insurance comj ;> nuics on the principle of limited liability , and none whatever that tho time is not remote when it . will be impossible for the already discredited Legislature—lor discredited it is , whatever the Chancellor of the Kxchequer may say- —to continue its present absurd restrictions as to banking . Kvery step it takes in the direction of freedom carries with it a logical and moral necc . sity , from making it manifest that all its restrictions are evils ,, to move on in the same direction . The annouueed design of forming a new maritime assurance company on the principle of limited liability will help forward

      the progress Such companies have of late been much wanted , and have been formed abroad , and already carry off some of the insurance business which might come to London . We believe them , therefore , to be needed here , and if the announced company bo honestly and skilfully managed we have no doubt it will be successful . At present tho Alliance , the Indemnity , the London , the Marino , and the lloyal Exchange , which are marine insurance companies , seem to pay well . Tho value of the shares of all is much greater than the sum paid on them , as is thus set forth hi the prospectus of the new

      Company—Tuus , the value of a Bhuru . Tho " AUianco " .. ' . X . \ ta paid .. la about # 00 „ " Indemnity , "' £ o r . \ a . od , , l paid ; increased by bonuscH „ " JUmdon" . AM 106 . .. „ Aiii „ "Murtno , " ;« 15 puidj Inoroauod liy bonus to .- £ 18 „ .. „ . 4 i 110 For the shares to bo at such prices tho profits of the insurance companies must bo gront . Further competition , therefore , free trade in insurance , as in other things , is required for tho protection of tho assured , us well us thu fair gains of the assurers . The high value of the sharoa , and tho largo profits , show as tlio general fact that premiums at present are somewhat too high . Not many years have elapsed since it was fully AHccrtiiined that tho promiuing on life assurance wore fixed too high . They had beon settled by old tables of mortality , and as tho general health of tho community increased , ana proportionate mortality decreased , the ussured paid more than was a fan equivalent

      Money Market &J3to0k Exchange. Jymay Icv...

      MONEY MARKET & J 3 TO 0 K EXCHANGE . JYMay ICveiiing , Turn money market is without alteration . It may bu a Bhudo easier , but it is certain ly hut n aiue , more stringent to justify the expectations vi www who have anticipated a rise in tho bank rate or a e count . Thoro is no longer any largo domain ! o nuio part of tho uioraantllo interest for silver to aonuw India , and , therefore , it > a concluded thut tho bow coming in witl nraply supply our wants , ami vu no rvaaon to autlulnuto a much iucreusoa vuluo oi Our own bank returns show no grout olinngoa , tho returns of tho JJank of franco for Novomboi , n » compared with October , show a loss « 1 bull on to ww extent of £ 750 , 000 , and an increase of bills i . 1 soo »« to the amount of Xl , L 80 , 000-r-a proof " UU U ncn activity in tho trwdo of Franco , which lin » »«¦» already announeoa . With this exception tlwio »

  • Citation
    • Leader (1850-1860), Nov. 12, 1859, page 20, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/cld_12111859/page/20/