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Leader (1850-1860), 12th November 1859, Edition 1 of 2, Page 1256

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    • COMMERCIAL.
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      Untitled Article

      that he had received many munificent offers from English managers ¦ wh ich he did not think in justice to himself he could disregard ; besides , he was anxious to pay a short visit to his family . However , haying made up his mind to live and die in Australia , he promised to return as speedily as possible . He is now playing at Sydney .

      Untitled Article

      CRYSTAL PALACE . The Schjxlbb 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 Go ward on the Handel Festival organ , the perforaiance 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 , and 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 aceomodation was available , exclamations in guttural German were more frequent than in English . After the conclusion of the overture Dr . Kinkel stepped forward in front of the orchesta , and delivered an eloquent oration on the genius of Schiller , which notwithstanding his efforts to exteud his voice , was heard by a very limited number . The cantato written by Freilegrath for the occasion as a tribute to the memory of Schiller , with music by Herr Pauer , was next

      performed / 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 . Hartman , &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 ceptre 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 lyre . Both by expression and aLtitudc 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 ft German song , " Triiunie und Gesang , " was sung by the German Glee Association , to which succeeded the performance of "The Song of the Bell , " with Romberg ' s music , to -which ample justice , both in effect and in execution , was done by tho 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 qui vive to witness the torchlight proees .-ion which the programme stated would next take placein the grounds . The upper terrace and open corridors t \ s the evening set in were crowded , and shortly after a few straggling torches were seen at the bottom of the grounds . Soon they ened out in iew

      op v through the ¦ av enues until the spot looked aa if on fire ; gradually , however , they assumed some prder , and . moved in u circular form around the basiu of one of the large , fountains , each torch having to the eye of the distant beholder its counterpart in tlie water , while , « t length the fountains burst into flay , and blue and other variegated lights were placed around them , contrasting with the dusky fclare of the torches . The moon aho added not a little in enhancing tho beauty and effect of the scene , which altogether was somewhat imposing . After the-procession had made a detour "from right to left and proceeded along in front of the Palace , tho principal f eatures of the Suhiller Centenary Festival , ns with those of him to whom this tribute of admiration was paid , had passed from view .

      Untitled Article

      Tho following fashionables have honoured the St . James ' s Theatre with their presence during tho past week : ~ -Eiul of Mountcashel , Sir G . Wombwell , Lord Clinton , Lady Panmuro , Hod . G . Knox , — Hume , M . P ., Colonel Foley , Lady Meux , Baron Greene , Captain Sinclair , Captain Goiujh , Sir \ V , Anetruthor , Sir ! ' . Roo , Mr . and Mrs . Biwsotfc , Hon . — Bathurat , Mr . Scobell , Captain Parko , Lord Lincoln , Captain Ourlton , Sir W . De Bathe , Horace Claggot , Major Lyons , Earl of Munstor , Hon . W . F . Campbell , Mr . Kobarts , Lady Jenkins , Sir Ralph ««* dXauy Howard , Captain , Bernard , Dr . Hastings , T , Baring . Lord Vano Tempest , Hon . Mr . Toler , Colonel Oharlton , Hon . T . Stonor , Colonel F . Soym ?^« Sto B . T , PlxllUps , Colonel TowmenJ , Admiral Courtney' Hon . Mr . Blythe , Mr . Oathcart , &a &c . *

      Untitled Article

      MARITIME ASSURANCE . A NEW Maritime Assurance Company , to be called the Ocean , is announced . It is to be 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

      stood in the way ; that in certain rich arid retired bankers , with influence more in proportion to their wealth than their knowledge , there were indomitable prejudices against banking companies and free banking— -thatcertain 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 when 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 men in office ,

      the existence of whose power depends on maintaining the 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 things are amongst 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 at once acknowledged and contravened . We Lave no doubt that individuals will jc * : i ! L > v . - (_ i 1

      to form insurance companies on the principle of limited liability , and none whatever that the time is not remote when it will be impossible for the already discredited Legislature—for discredited it is , whatever the Chancellor of the Exchequer may say—to continue its present absurd restrictions as" to banking . Every step it takes in tlie direction of freedom carries with it a logical and moral neee .-sity , from making it manifest that all its restrictions are evils , to move

      on in the same direction . The announced design of forming a new maritime assurance conipany on the principle of limited liability will help forward the progress . Such companies have of late been much -wanted ^ and have bee n fovmed abroad , and already carry off some of tlie insurance business which might come to London . We believe them , therefore , to be needed here , and if the announced company be honestly and skilfully managed we have no doubt it will be successful .

      At present the Alliance , the Indemnity , London , the Marino , and the Royal Kxchange , which are marine insurance companies , seem to pay well . The value of the shares of all is . much greater than the sum paid on them , as is thus set forth . " in the prospectus of ' the new Company—Thus , tho value of a share in Tho AlUano ' o " £ 23 paid .. Is about £ 00 „ "Indemnity , " ;« o . l ; iu . od . piuu ; increased by bonuses „ ^ aoii ; .-::::::::::: ; :: ^^ : :: ;; . * J 8 „ " Marino , " MG pnid | inorcaHed b y bonus to ,. £ 18 „ .. „ £ lio „ ' * Koyftl Iflxohaugo" ( utook ) jeiOO „ .. £ « oo

      Tor the shares to bo at such prices the profits of tho insurance companies must be great . Further competition , therefore , fr < jo trade in insurance , as in other things , is required for the protection of the assured , an well as tho / air gains of tlio assurers . Tho Iiigh value of tho flharos , arfd the largo profits , show aa the general fact that premiums at present are somewhat too high . Not many years have elapsed since , it was fully nscortaiaed that tho premiums on life assuvawoo wore fixed too high . They had been eottled by old tablus of mortality , and as tho general health of tho community inoreftsed , and proportionate mortality decreased , the assured paid more than was a iUir equivalent

      for the risk run by the assurers . From ascertaining this fact many new life assurance companies were started : the market , indeed , was then overdone , and more were started than were tmo cessful . It appears now that a similar fact is true of maritime assurance . In spite of the outcry made about losses at sea—and certainly those losses particularl y of valuable lives , cannot be guarded against with too much care—the use of steam , and other improvements in * navigation , have as was expected they would lead , to a diminution of losses at sea , and the premiums calculated on former losses have now in general become excessive . Only from increased competition to » et

      hold of tlie Jargor profits made by underwriting than by other business , can the premiums lie reduced to a fair amount . The insuring merchants and shipowners are so certain to recover from . the ' consumer the amount of the general rate of insurance that there is not amongst thorn , however much individuals may try to reduce the premiums they pay , a very keen competition to keep down the 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 fairly proportionate to the risk run .

      It may be further noticed , too , that at present shipowners complain of some unfairness as to special and general average , and their advocates even put forth these circumstances as hardships i > n 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 . Now , therefore , that a new maritime assurance company is

      to be started , it wuT be for the aggrieved shipowners to make what they consider fair bai-gains . for assuring their ships , in part or in total , independent of all old usages and regulations founded on them . In every art and every branch of . society , improvements are continually going on—An none are improvements greater than in shipbuilding and navigation , and most of them tend to the preservation of life and property nt sen . Thnsc \ therefore , who iiavu ships and cargoes to u ^ uiy : should take all these circumstances into consideration ,

      and regulate their business by them instead of by the laws of the Isle ; of Olcron , the usages of the time of Richard II ., or even the Act 43 of Elizabeth , cap . 12 . The present time is favourable for the establishment of Such a company . In the present year the underwriters have not obtained their' usual advantages . The losses at sea have been greater than the average . There will be a -tendency , in consequence , to require higher premiums—certainly , no immediate tendency to lower themand the company will have at " starting the advantage of this tendency . There will bo little immediate cliaifce of any competition to reduce the rates becoming excessive ; and ruinous to underwriters .

      Since 18-25 no new maritime assurance company has boon formed , though siuco then the trade of the country lma increased nearly threefold . Underwriting by individuals has kept puco with tho incrca . su , but the large profits made by the companies show that this is a business peculiarly adaptod to companies in whiuhtbc public can have confidence ; and tile one now proposed , therefore , we repeat , if honestly und skilfully nmnageu , is likely to bo successful .

      Untitled Article

      Friday Evening . Thk money market is without alteration . U ni | lV bo ii shade easier , but it is certainly but n » UIUIC ' more stringtmt to justify tho expectations of tiiosa wh part of tho mercantile interest for silver to houu io India , and , tlioroforo , it is oonoludud that Uw B "" coming in will n in ply supply our wunts , ana iuivb no reason to unileipiito a much inorcuwod value oi money . . Our own bunk returns ahow no great changes . i »« returns of the Bank of Franco for Novumbur , «» compared with October , show * loss of bullion toiuv extent of £ 760 , 000 , and an increase of bills ulBcounwa to tho amount of 4 ? 1 , 180 , 000—a proof ot Inoroastu activity in tho trade of Ifrance , which h « 8- »«« already announced . With thie exooption tlicic »

      Commercial.

      COMMERCIAL .

      Untitled Article

      MONEY MARKET & STOCK EXCHANGE .

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      1256 THE LEADER [ J ^ o . 503 , Nov . ] 2 ^ 1859 .

  • Citation
    • Leader (1850-1860), Nov. 12, 1859, page 1256, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/vm2-ncseproduct2320/page/20/