called an adjusted Carlisle. Of the rules now generally adopted for governing the business of Life Insurance, it is that which is safest for the company. There is not the slightest probability that future observations will show the propriety of changing this rule till there occurs some radical social change affecting the general tenure of life; and that change, it is to be hoped, will not render this rule less safe. To determine how the affairs of a company should be exhibited, and what should appear on each side of the balance sheet, let us suppose a case of one which has been in business some time and is free from outstanding claims. Its resources for meeting its engagements consist of actual cash assets and premiums that will hereafter accrue, according to an assumed rate of mortality, on the policies in force. Its liabilities are for the payment of claims under the policies, as they will terminate by death, according to the same ratio of mortality, and the unavoidable expenses of conducting the business. Let us represent the assets by A; the present value of the future premiums, as discounted at the assumed rates of interest and mortality. by P; the present value of the future claims, or sums assured, discounted at the same rates, by S; and the present value of future probable expenses, &c, by E. If there be any surplus to divide, let it be represented by D. Then A+ P=S+E+D. This equation, the first member of which is the credit and the second the debit side of the balance, is commonly offered to the public annually by the British offices as a statement of their affairs. But it is not so lucid as it might be. The discounted sum of the future pre miums, P, is larger than that of the net premiums that are required by the assumed rates of interest and mortality by a sum which is precisely equal to E. Or letting p represent the present value of the net premiums, P=p+ E. Substituting this value of P in the above equation, A +p+È=S+E+ D. Subtracting p+ E from both sides, A S-PD. Now S p, or the difference between the present value of the sums assured and the present value of the net premiums upon the policies, is the same as the sum of the value of the policies at the present time. In other words, it is the reinsurance, or what the company in equity would have to pay to be released from its engagements. Of course it is the true measure, according to the assumed standard of mortality, of what the company should reserve from dividend. The balance of its assets it may divide. It is therefore as needless as it is embarrassing to lumber the balance sheet with a valuation of loaded premiums, to be offset by the value of the loading on the other side, or to leave the real liability to be arrived at by subtracting the present value of the future premiums from the present value of the amount insured." - LIFE INSURANCE COMPANIES. In these companies a wife can insure the life of her husband, and receive the amount of the policy if she survives his death, free from the claims of the representatives of her husband or of any of his creditors. A creditor may insure the life of his debtor; a young man may procure capital by getting an insurance on his life, and assigning the policy as collateral security for a loan. Dividends are added to the prin cipal, or go to the reduction of annual premiums, at the option of the insured party. A congregation can insure the life of their pastors, and thereby provide for their sur viving families. Parties who do not feel that their circumstances will warrant their engaging to pay a specified annual sum during life, may take an accumulative policy, by paying from time to time any small sum, which insures a certain amount to their families at death In case of sickness or casualty, the party can draw any part of the money paid in, by which he will only reduce the amount insured, and therefore as available to the poor man and more advantageous than a savings bank. We quote the following from McCulloch's Commercial Dictionary in favor of life insurance : The relief from anxiety afforded by life insurance very frequently contributes to prolong the life of the insured, at the same time that it materially augments the comfort and well being of those dependent upon him. It has also an obvious tendency to strengthen habits of accumulation. Having thus been led to contract a habit of saving to a certain extent, it is most probable that the habit will acquire additional strength, and that he will insure an additional sum, or privately accumulate. COMMERCIAL REGULATIONS. FRENCH TARIFF ALTERATIONS. The Moniteur of the 23d October, contains a decree which abolishes the law of the 17th December, 1814, and the decree of the 8th September, in 1852, relative to the customs duties on certain articles in the French tariff, and for which the undermentioned duties are in future to be charged : Dyestuffs are to be entirely freed from duty when brought direct from the place of production in French bottoms, and when coming from bonding warehouses in Europe, or brought in foreign vessels, to be subjected to differential duties calculated to afford sufficient protection to the French flag. Vanilla from the Island of Reunion, which now pays one franc the kilogramme, is to be admitted free. Beet-root, which has hitherto been classified under the head of fresh vegetables, and as such pays a duty of fifty centimes the one hundred kilogrammes, is to be reduced to thirty centimes. The duty on bamboos, reeds, and odoriferous woods to be suppressed when imported in French vessels, and proportionately reduced when brought in foreign bottoms. Potash is to be reduced two-thirds when brought from foreign countries, and one-half when coming from any part of Europe; and the duty on marble is to be made the same for importations by land as by sea: from bonding warehouses. by foreign vessels...... Bamboos and foreign reeds, by French vessels from for eign countries........ Exempt. bonding warehouses 888888 00 100 00 100 Exempt. 100 100 Exempt. 00 100 4 00 100 Exotic rosins, by French vessels from foreign countries... Dyestuffs, by French vessels from foreign countries... by foreign vessels... Galinuts, by French vessels from foreign countries..... Marbles, imported by land....... Iron ore, imported by foreign vessels.... Paving or other large stones, imported by land or by Charcoal and stalks of hemp peeled, by land or by French Potash, by French vessels from French colonies. 00 100 Same duty as by French vessels. 0 25 100 EMIGRATION AND THE MARINE HOSPITAL. The following act of the State of New York to amend the several acts relating to the powers and duties of the Commissioners of Emigration, and for the regulation of the Marine Hospital, was passed April 13th, 1853, and is now in force :- 1. The time allowed by the second section, of chapter three hundred and thirtynine, of the laws of eighteen hundred and fifty, to any owner or owners, consignee or consignees of any ship or vessel bringing emigrants or passengers to the city of New York, for giving the bond or bonds first mentioned in said section, or paying the money, also therein mentioned, shall henceforth be twenty-four hours instead of three days, from the landing of said passengers, and the time allowed by the said section to the said owner or owners, consignee or consignees of any such ship or vessel, for giving other bond or bonds mentioned in said section shall be twenty-four hours instead of six days from the making of the requirement for such last-mentioned bond or bonds. 2. The said commissioners of emigration are and each of them is hereby vested with the same powers in regard to the administering oaths of office to employees, and to the binding out of children with the consent of parents or next of kin, actually chargeable upon them, and also in regard to persons in the institution, or any of them under the charge of said commissioners for the prevention or punishment of an infraction or violation of the rules or orders and regulation of such commissioners or their officers in regard to such institutions as are possessed by the governors of the almshouse in the city of New York, or any of them for the same purposes. 3. The commissioners of emigration shall annually, on or before the first day of February in each year, report to the legislature the amount of moneys received, under the provisions of this act, during the preceding year, and the manner in which the same have been appropriated; stating particularly in detail the sum of each appropriation, and the purposes for which the same bave been made. 4. The office of physician of marine hospital as constituted by section seventeen of chapter three hundred and fifty of the laws of eighteen hundred and forty-nine, is hereby restored, together with the duties and compensation of the same as specified in sections eighteen and twenty of said chapter three hundred and fifty of the laws of eighteen hundred and forty-nine. 5. The physician of marine hospital shall have power to select and appoint, subject to the approval of the commissioners of emigration, such and so many assistant phy. sicians, graduates in medicine, as may be found necessary for the proper medical treatment of the inmates of the marine hospital, and to suspend or remove any of the same; but the number and rate of pay of said assistant physicians shall be regulated and determined by the commissioners of emigration. The physician of marine hospital shall have power to select, appoint and dismiss at pleasure, such and so many nurses and orderlies for the departments of such marine hospital as he may deem requisite for the proper care of the inmates thereof. And the commissioners of emigration shall regulate and determine the rate of pay of the nurses and orderlies employed at the marine hospital. 6. All discharges of patients from the marine hospital shall be in writing and by the physician of marine hospital, who shall be responsible for the same, and who is hereby expressly prohibited from discharging any patient sent to the marine hospital. and affected with a contagious or infectious disease, until such patient be cured of such disease; and the said physician of marine hospital shall receive into the marine bospital all cases of contagious, infectious and pestilential disease which may be sent thither by the health officer or under the authority of the board of health of the city of New York, except itch and syphilis, which shall not be construed as diseases entitling those suffering from them to be admitted as patients into the marine hospital. 7. All officers and employees of the marine hospital except chaplains shall be required to reside within the quarantine inclosure, and the commissioners of emigration are hereby required to provide suitable accommodations for the same. 8. The power granted to the health officer by an act entitled "An act relative to the public health, in the city of New York," passed April tenth, eighteen hundred and fifty, in so far as relates to the arrest and detention of persons eloping from the marine hospital, or persons invading the quarantine grounds, is hereby granted to the physician of marine hospital for the purpose of enabling him to maintain a marine hospital as a quarantine establishment; and the said physician of marine hospital is authorized and required to prescribe rules for regulating intercourse with the hospital and its inmates, and he is expressly prohibited from admitting visitors at all, when in his judgment there may be danger of their communicating disease without the precincts of the quarantine grounds. 9. The physician of marine shall present to the legislature annually, on or before the first of March, a report of the general condition of the hospital under his charge, with the statistics of the institution in detail, and such other information and suggestions in regard to the same as he may deem advisable, and testify the same by his affidavit; he shall also furnish to the board of health of the city of New York and to the commissioners of emigration, whenever required by them so to do, an official return of the numbers and diseases of the patients in the marine hospital. 10. The health officer shall have no authority or control over the marine hospital, nor any charge or care of the sick inmates or employees of the institutions; he shall at all times, however, have free access to the several wards, with the privilege of examining the condition of the sick sent to the hospital under his authority, for the purpose of enabling him to judge as to the necessity for detaining the vessels from which said sick may have been landed; but nothing in this act shall be construed so as to interfere with the rights, duties and power of the health officer in regard to existing provisions of law, in so far as his control and authority over vessels and quarantine regulations upon the water may be concerned. 11. The commissioners of emigration shall remove from the marine hospital, and take charge of all emigrants whose quarantine has expired, and who shall have sufficiently recovered from the diseases with which they were admitted, on the notification in writing of the physician of marine hospital that such removal will not, with ordinary care endanger the safety of the individual or the health of the community. 12. The physician of marine hospital shall discharge the duties of superintendent of marine hospital, under the commissioners of emigration, and without further pecuniary compensation than that allowed him as physician. 13. The amount for which the master, owner or owners, consignee or consignees of any such ship or vessel may commute for any bond or bonds authorized or required by or pursuant to the seventh section of chapter five hundred and twenty-three of the laws of eighteen hundred and fifty one, shall from and after the passage of this act be two dollars for each and every such passenger instead of one dollar and fifty cents as now provided by law, and fifty cents of the amount commuted for any passenger or passengers shall be set aside as a separate fund for the benefit of each and every county in this State, except the county of New York. The commissioners of emigration shall deposit the moneys of said fund so set apart in any bank that the said commissioners may select, and the same, or as much of it as may be necessary, shall be distributed to the several counties, except the county of New York, once in every three months, and the balance that may be left after such three months' payment, shall be paid over to the commissioners of emigration for general purposes. 14. All acts and parts of acts inconsistent with or repugnant to the provisions of this act are hereby repealed. 15. This act shall take effect immediately. ACT RELATING TO AUCTIONEERS IN MINNESOTA. The Legislative Assembly of the Territory of Minnesota has passed the following act, which was approved March 4, 1854: Be it enacted by the Legislative Assembly of the Territory of Minnesota; The Governor of this Territory shall appoint for the term of one year, one or more persons, who shall be legal voters, in each county in the Territory, to be auctioneers, and the person or persons receiving such appointment, shall pay to the clerk of the Board of County Commissioners, for the use of said county where such persons reside, the sum of one hundred dollars annually. SEC. 2. No appointment under this act shall take effect until the payment of the one hundred dollars mentioned in the first section of this act to the clerk of the Board of County Commissioners of the county in which said appointee shall reside, and it is hereby made the duty of the said clerk to record every appointment made, and forthwith pay over to the treasurer of the county the amount so paid, taking the treasurer's receipt therefor. SEC. 3. Each auctioneer, before making any sales as auctions, shall give a bond to the treasurer of the county in which he or they reside, with two or more sufficient sureties, to be approved by the said treasurer, in such penal sum as the said treasurer shall require, not less than $1,000 nor more than $3,000, with condition to pay all auction duties required by law to the treasurer of the said county; and also, that he shall in all things well and truly conform to the laws relating to auctioneers; which bond shall be filed in the office of said treasurer, with the indorsement of his approval thereon. SEC. 4. If any person licensed as aforesaid shall receive for sale at auction any goods, wares, merchandise, or personal property, from any minor or servant, knowing him or her to be such servant or minor, or shall sell by auction any of his own goods before sunrise, or after sunset, shall forfeit a sum not exceeding $200 for each and every offense. SEC. 5. Every licensed auctioneer shall keep a particular account of all goods, chattels, and property sold by him, the names of the persons from whom the same were received, and the names of the persons to whom the same shall have been sold. SEC. 6. If any person, not licensed and qualified as an auctioneer as prescribed in the preceding sections of this act, shall sell, or attempt to sell, any real or personal estate, goods, wares, merchandise, or chattels whatsoever, by way of public auction, he shall be guilty of a misdemeanor, and on conviction thereof, shall be punished by a fiue not exceeding $100, for each and every offense. SEC. 7. The tenant or occupant of any house or store, having the actual possession and control of the same, who shall knowingly permit any person to sell any real or personal estate by public auction in his house or store, or in any apartment or yard, appurtenant to the same, contrary to the provisions of this chapter, shall forfeit a sum not exceeding $300. SEC. 8. Nothing in this chapter shall extend to sales made by sheriffs, deputy sheriffs, coroners, constables, or collectors of taxes. SEC. 9. No appointment granted as aforesaid shall remain in force more than one year from the date thereof. SEC. 10. All appointments of auctioneers heretofore made, and all privileges and rights in virtue thereof, shall cease and determine at the time the provisions of this chapter shall take effect. SEC. 11. No person, in virtue of any appointment heretofore made, shall be deemed a licensed auctioneer; but every person holding snch appointment shall be subject to all the provisions of this chapter, in the same manner as all other persons not being appointed as above provided. SEC. 12. This act shall take effect from and after its passage, and all laws and parts of laws inconsistent with the provisions of this act are hereby repealed. SEC. 13. No person, or association of persons, or body corporate, except such bodies corporate as are expressly authorized by law, shall issue any bills or promissory notes, or checks, certificates of deposit, or other evidences of debt, for the purpose of loaning them, or putting them in circulation as money, unless thereto especially authorized by law; and every person and every member of a corporation who shall violate either of the provisions of this section shall forfeit for each and every such violation the sum of $100. SEC. 14. No person shall pay, give, or receive in payment, or in any way circulate, or attempt to circulate as money, any bank bill or promissory note, check, draft, or other evidence of debt, which shall purport to be for payment of a less sum than one dollar, or payable otherwise than in lawful money of the United States; and any person who shall wilfully violate any of the provisions of this section shall forfeit twenty-five dollars. SEC. 15. The penalties prescribed in this chapter shall be recovered by suit in the name of the Board of County Commissioners of the county in which the offense is committed, to be presecuted by the district attorneys of said counties respectively; and the same shall be paid into the county treasury. SEO. 16. If the District Attorney or Board of County Commissioners, whose duty it is to comply with any of the requisitions of this chapter, shall neglect or refuse so to do, he or they shall forfeit and pay a sum of not less than ten, or more than one hundred dollars, for each and every day he or they shall delay a compliance. |