JOURNAL OF INSURANCE.

LIFE INSURANCE LAWS OF NEW YORK.

The following are the provisions of "An Act to amend an act entitled 'an act to provide for the incorporation of life and health insurance companies, and in relation to agencies of such companies,' passed June twenty-four, eighteen hundred and fifty-three." Passed April 12, 1860 :-

The people of the State of New York represented in Senate and Assembly, do enact as follows:

SECTION 1. Section one of the act entitled "An act to amend an act entitled 'An act to provide for the incorporation of life and health insurance companies, and in relation to agencies of such companies,' passed June twenty-four, eighteen hundred and fifty-three," passed July eighteen, eighteen hundred and fifty-three, is hereby amended so as to read as follows:

No company shall be organized under this act, for the purposes mentioned in the first department, with a less capital than one hundred thousand dollars, and no company shall be organized, for the purposes mentioned in the second department, with a less capital than twenty-five thousand dollars. The whole capital of such company shall, before proceeding to business, be paid in and invested in stocks of the United States or of the State of New York, the market value of which shall be at the time at or above par, or in bonds and mortgages on improved unencumbered real estate within the State of New York, worth seventy-five per cent more than the amount loaned thereon, (but in such valuation farm buildings shall not be estimated.) or in such stocks or securities as now are or may hereafter be receivable by the banking department. And it shall be lawful for any company organized under this act, to change and re-invest its capital, or any part thereof, at any time they may desire, in the stocks or bonds and mortgages or securities aforesaid No company organized for the purposes mentioned in the first department, shall commence business until they have deposited with the superintendent of the insurance department of this State the sun of one hundred thousand dollars, invested as herein before provided for the investment of the capital of such company; and no company organized for the purposes named in the second department shall commence business until they have deposited with the superintendent of the insurance department of this State, the sum of twentyfive thousand dollars, invested as hereinbefore provided for the investment of the capital of such company. The superintendent of the insurance department shall hold such securities as security for policy holders in said companies, but so long as any company so depositing shall continue solvent, may permit such company to collect the interest or dividends on its securities so deposited, and from time to time to withdraw any of such securities, on depositing with the said superintendent such other securities of like value as those withdrawn, and of the same character as those above mentioned.

SEC. 2. Section eight of the act entitled "An act to provide for the incorporation of life and health insurance companies, and in relation to the agencies of such companies," passed June twenty-four, eighteen hundred and fifty-three, is hereby amended so as to read as follows:

It shall be lawful for any company organized under this act to invest its funds or accumulations in bonds and mortgages on unencumbered real estate within the State of New York, worth fifty per cent more than the sum so loaned thereon, on* in stocks of the United States, stocks of this State, or of any incorporated city of this State, if at or above par, and to lend the same or any part thereof on the security of such bonds and mortgages, and upon the pledge of such stocks; provided that the current market value of such stocks shall be at least ten per cent more than the sum so loaned thereon.

* So in original.

SEC. 3. Any company organized under the acts to which this is an amendment, having first obtained the consent of the superintendent of the insurance depart ment thereto in writing, may, by a vote of a majority of their directors, accept the provisions of this act, or any of them, and amend their charter to conform with the same.

SEC. 4. This act shall take effect immediately.

TOWN INSURANCE LAWS OF NEW YORK.

AN ACT TO AMEND AN ACT ENTITLED "AN ACT TO AUTHORIZE THE FORMATION OF TOWN INSURANCE COMPANIES," PASSED APRIL SEVENTEENTH, EIGHTEEN HUNDRED AND FIFTYSEVEN. PASSED APRIL 8, 1860.

The people of the State of New York, represented in Senate and Assembly, do enact as follows:

SECTION 1. So much of section five, of the act entitled "An act to authorize the formation of town insurance companies," passed April seventeenth, eighteen hundred and fifty-seven, as relates to the filing of undertakings therein specified, within five days, is hereby amended so as to read as follows:

Every such undertaking shall, within thirty days after the execution thereof, be filed by the secretary of such company in the office of the clerk of the town in which the office of said company is located.

CINCINNATI FIRES-PAID DEPARTMENT.

The following shows the number of fires, burning chimneys, false alarms, &c., from the commencement of the paid fire department, (April 1st, 1853,) up to the present time, (April 1st, 1860.) a period of seven years :—

Burning False Burning

:

Loss over insurance.

Fires. chimneys. alarins. beds. Total.

Loss.

Insurance. $330,079

$350,817

LIFE INSURANCE.

A convention of life insurance companies was recently held in New York city. In reference to the rate of interest, the committee reported in favor of four per cent, as the safest for the next hundred years. The funds now held in trust by the life insurance companies of this country amount to $22,000,000, the sums insured for are $180,000,000, and the number of lives about 160,000. Over $2,000,000 are paid out every year by the falling in of claims, mostly to widows and orphans.

COMMERCIAL REGULATIONS.

DUTY ON WOOL IN FRANCE.

The Echo Agricole shows that the abolition of the import duty on foreign wool will not injure the French farmer, and that the French producer need feel no alarm at the proposed measure. From the beginning of the century up to 1823 foreign wool entered France free of duty, but in the last named year the price of wool underwent a heavy decline in all the markets of Europe. A certain description of merinos, for example, which were worth in France 4 f. to 4 f. 50 c. the kilogramme, fell successively to about 2 f., and has since remained on an average at 2 f. to 2 f. 50 c. Protection was in fashion in those days, and an import duty of 33 per cent ad valorem was imposed on wool. But this duty though, so to speak, prohibitive, did not cause a rise in price. From 1823 to 1834 the average price was 2 f. 20 c. the kilogramme, the lowest being 1 f. 70 c., and the highest 2 f. 80 c. In 1834 the duty was reduced to 22 per cent, including what is called the dixieme; and that duty was maintained up to 1855, a period of 20 years, during which the price varied according to the abundance of the crops and the manufacturing and commercial situation, from 1 f. 40 c. (in 1848) to 2 f. 50 c. (in 1855.)

In 1856 the duty was reduced to 15 c. the kilogramme; and from that year up to 1859 the price of wool in France was, notwithstanding commercial and financial crises, 2 f. 40 c. to 2 f. 50 c. the kilogramme. It will be seen that under the most moderate duty, that which now exists, the price of wool has not fallen, and the reason is this-a reduction of duty has always for effect to maintain prices in foreign markets, and the wool of France being the best, if not the finest, of all wools, our manufacturers, influenced by the firmness of foreign markets, hasten to lay in stocks of French wool, which is the quality that suits them best. During the last ten years the importation of foreign wool has been on the increase; in 1850 and in preceding years it was 20,000,000 kilogrammes, and since 1852 it has been, on an average, 35,000,000. How is it that with such an importation the price of wool in France does not decline? The answer is, 1. Because the price of wool in France must be on a level with the price of wool abroad. 2. Because the consumption of woolen fabrics in France is constantly on the increase. 3. Because the export of French woolen fabrics abroad increases considerably every year. On this subject the customs returns present some curious results. It is known that the French manufacturers of woolen goods cannot compete with foreigners, except on the condition that the Custom house

shall restore to them, on the export of their fabrics, the duties which were paid on the import of the raw material.

This is what is called drawback. For so many kilogrammes of tissues exported the Custom-house reimburses the duty paid on the import of so many kilogrammes of wool. Proportionate rates are established for that purpose according to the sort of tissues exported. In 1856 the Board of Customs thus reimbursed as drawback 9,379,000 f. to French exporters, though in that year it only received on the import of wool 8,571,000 f. In 1857 the duties levied on the importation of wool were 7,900,000 f., and the drawback reimbursed was 6,183,000 f. In 1858 the duties levied on imports were 7,600,000 f., and the drawback reimbursed was 5,500,000 f. It will be seen that in France very little foreign wool remains in the form of tissues, since the export takes away almost all that is brought in, and this explains why at one period the exporting manufacturers of Elbeuf supported a demand for the maintenance of the duty of 33 per cent on foreign wool. The higher this duty was the greater was the advantage derived by them from the premiums paid to them on the export of woven goods. French agriculture would therefore gain nothing by the maintenance of this customs machinery, which is entirely to the advantage of exporters. This machinery will be suppressed at the same time as the duty on wool.

EXTRACTS FROM THE PORT REGULATIONS OF HAVANA.

No one will be allowed to disembark on the island without a passport, except in case of inevitable loss of papers by shipwreck, capture, or other similar cause, and the presentation of a bondsman, who will answer to the authorities for the term of one year, and present him should he be demanded.

Passengers from foreign ports should have their passports certified by the Spanish consul.

No master of a vessel will receive on board any passenger, to convey from one point to another, without a passport, under penalty of twenty-five dollars.

Any person that receives a slave on board any vessel, to be conveyed from one point to another, without permission from the master of the slave, shall incur a penalty of fifty dollars, without prejudice to any action at law that may be brought against him therefor.

No master of a vessel will receive on board any deserting soldier or sailor, under the pains and penalties prescribed in the military code.

All colored persons, slaves or free, that arrive from foreign countries, shall be sent immediately to a deposit, prepared by the government for that purpose, were they shall remain until the moment of leaving the island. Or they can remain on board the vessel, provided the consignee will give a bond for one thousand dollars, to be forfeited in case they leave her, which bond will not be canceled until the return of the boarding officer on the departure of the vessel.

Purchases made from slaves or servants shall be forfeited, and the purchaser punished as he may deserve. The same is understood of purchases from soldiers, unless it be some article of their own manufacture, or made with the intervention of an officer.

No person shall make, sell, purchase, or carry, under the penalties assigned by law, any of the following weapons:-Pistols of all classes--muskets or carbines less than four palms in the barrel--guns or pistol canes of any kind-sword canes nor any cane with a concealed blade of any kind-dirks or daggers of any kind less than four hands in the blade--knives with spring backs, or any other contrivance to fix the blade when open--bayonet without the gun--nor any pointed knife, great or small, of any kind.

Much complaint having been made of the injury sustained from the owners of eating and liquor shops, who, together with their assistants, insidiously entice

and entrap the crews of foreign vessels, on the plea of being their countrymen, and the identity of language, which induces them to join their meetings, where they suggest to them the idea of leaving their vessels, as also of claiming the wages they suppose due, holding out to them the prospect of new and more lucrative voyages; these inveiglers having no other interest than to make the sailors pass the night at their houses, causing them a daily expense on trust, which is increased by fraud and intoxication, in order to be claimed afterwards of the masters or consignees of the vessels to which they belong; it is ordered that the owners of such establishments and boarding-house keepers, shall not admit them into their houses, nor give them anything on trust, much less allow them to pass the night there, without written consent of the masters of their respective vessels, under pain of forfeiture of what they may supply them, and all damages that may arise from the concealment and detentions of mariners.

This law has been amended by the imposition of a fine of twenty-four dollars. on any boarding-house keeper that shall keep a sailor over night, without permission, over and above the forfeiture above named.

NAUTICAL INTELLIGENCE.

LIGHT IN PORT FAIRY, AUSTRALIA.

With reference to Notice to Mariners, No. 47, dated 20th October, 1859, the Department of Trade and Customs at Melbourne, Victoria, has given the following additional information relative to the light exhibited on and after the 1st day of September, 1859, at Port Fairy, on the south coast of Australia:

FIXED AND FLASHING LIGHT IN PORT FAIRY.

The light is a fixed red light, varied by a bright flash every three minutes, and is visible seaward from a vessel when bearing between N. E. E. and S. by E. E. The light is elevated 41 feet above the mean level of the sea, and in clear weather should be visible from a distance of 9 miles. At the distance of 6 miles and upwards it will appear as a steady light for a space of one minute and forty seconds, be suddenly eclipsed thirty-four seconds, then exhibit a bright flash for twelve seconds, and be again eclipsed for thirty-four seconds, when the steady light will reappear. When within 3 miles of the light the eclipses will be scarcely observable, a continued fixed light being at that distance, in clear weather, visible between the intervals of the bright flashes. The illuminating apparatus is dioptric or by lenses of the fourth order. The lighthouse is circular, built of stone, and colored red. It stands on the southeastern part of Rabbit Island, about 5 yards from high water mark, and its approximate position is latitude 38° 24′ S., longitude 142° 20' east of Greenwich. From the lighthouse, the south end of Julia Percy Island bears W. by SS., distant about 13 miles; the S. S. E. extreme of reef off Dusty Miller Island S. by W. W., three quarters of a mile; the northeast extreme of Rabbit Island reef N. E. by E., 1 cables' lengths; and the outer mooring anchor buoy N. by E. ↑ E., three quarters of a

mile.

CAUTION. The mariner is particularly requested to note the distinctive feature between the Port Fairy light and the Cape Otway light, the latter being white, and varied by a flash every minute. No stranger should attempt to pick up the Port Fairy light in thick weather, nor enter the port at night. When working in shore to the westward of the port, be careful not to bring the light to bear to the eastward of E. N. E.; nor should the light be approached nearer than a mile until it bears W. by S., when a N. W. by W. course may be steered for the roadstead. When it bears S. by W. W., anchor in 6 or 7 fathoms water; do not bring the light to the southward of this bearing, to avoid fouling the moorings. The bearings are magnetic. Variation in Port Fairy 7° 50′ E. in 1859. By command of their lordships,

LONDON, November 14, 1859.

JOHN WASHINGTON, Hydrographer,