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188

Foreign Intelligence.

Comparing the losses in different branches for the two years 1849 and
1850, with the premiums received for those years, it appears that on the
marine risks the average losses were 55*7 per cent, of the premiums; on
the inland navigation and transportation risks the losses were 57*22 per
cent, of the premiums; and on the fire risks 54*76 per cent, of the pre-
miums received. For the year ending 4th October, 1848, a dividend of
40 per cent, on the earned premiums of the year was declared, for which
scrip was issued, and also a dividend of 6 per cent, in cash, payable on and
after the 1st November, on the scrip heretofore issued.

In that year, also, the whole amount of certificates of profits autho-
rized to be issued in 1842-3-4, and reduced in 1845 (amounting to
£25,772.), was paid off; and the holders also received a certificate that
they would be entitled to a share of whatever sum may hereafter be re-
funded to the Company by the Government for duties levied upon goods
consumed by the fire in Broad Street in July 1845.

In 1849 the dividend was 36 per cent, on the earned premiums of the
year ending 4th October, 1849, and 6 per cent, in cash on the scrip here-
tofore issued; and the certificates of profit for 1846 were paid off.

In 1850 a dividend of 27 per cent, on the earned premiums of the
year ending October 4th was declared, and 6 per cent, in cash for interest
on the scrip heretofore issued. After reserving £200,000, the trustees
also resolved to redeem the certificates of profit issued for the year 1847,
and 50 per cent, of those for 1848.

New York.-

-Statement of the Accounts of the Atlantic Mutual Insurance
Company for 3 Years, 1848, 1849, and 1850.

Premiums received on Marine

Risks in the year

Premiums onPolicies not marked

Total amount of Marine Premiums

Premiums marked off from 1st )
January to 31st December . . J
Losses paid during the same period
Returns of Premiums & Expenses

1848.

1849.

1850.

£

£
282,540

83,728

£

£

396,462

95,552

£

£
551,096

141,472

492,014

692,568

366,268

144,877
37,830

270,718

192,049
44,677

350,552

260,878
62,571

460,008

182,707

236,726

323,449

Assets.
United States Stocks, State Stocks, New 1 )
York City Bank Stock, Loans on State V
and other Stocks J

142,383
48,120

12,283

158,342

3,400

13,367

189,729
53,980

12,527

229,232
8,920

213,777
55,880

22,999

352,980
13,880

Bonds and Mortgages

Dividends on Stocks, Interest on Bonds,]
and Mortgages and other Loans, Sundry f
Notes, Reinsurance, and other Claims {
due to the Company, estimated )

Premium Notes

377,895

494,388

659,516

Foreign Intelligence. 189

On the average of the three years, the losses paid during each year
amounted to about 48 '6 per cent, on the premiums received in the year,
and the expenses and returns to about 11 '8 per cent, on the premiums.

In 1849 the Trustees resolved to pay an interest of 6 per cent, on the
outstanding certificates of profits; and that the remaining 25 per cent, of
the certificates of profits issued in 1845, and the whole of those issued in
1846, be redeemed, and paid to the holders thereof, or their representatives,
on the 6th February in that year.

The Board declared a dividend of 36 per cent, on the net earned pre-
miums of the Company for the year 1848.

In 1850 the same rate of interest was paid on the outstanding certi-
ficates of profits; and the Trustees, after reserving 1,000,000 dollars of
profits (£200,000), resolved that the whole of the certificates of profits
issued in 1847, and 85 per cent, of those issued in 1848, should be
redeemed.

The Board also declared a dividend of 34 per cent, on the net earned
premiums of the Company for the year 1849.

In 1851 interest at the rate of 6 per cent, was again paid on the out-
standing certificates of profit; and the Trustees resolved that, after reserv-
ing £200,000, the outstanding certificates issued in 1848 and 1849, and
60 per cent, of those issued in 1850, should be redeemed.

The Board also declared a dividend of 40 per cent, of the net earned
premiums of the Company for the year 1850.

The profits of the Company, ascertained from 1st July, 1842, to 1st
January, 1848, for which certificates were issued —

£

Amounted to 245,186

Additional for 1848 86,364

„ for 1849 104,773

„ for 1850 162,131

£598,454

Total certificates of 1844-5-6-7, and 85 per ) „„► 101

cent, of 1848, paid off \ Jda > lyl

£363,263

Germany. — Present position of 16 Proprietary and 23 Mutual Assur-
ance German Companies.

The accounts in each case are brought down to the 1st January, 1851,
with two exceptions, — the Leipsic Company is to the 1st June, 1851,
and the Hamburg Patriotic Company to the 1st March, 1851.

190

Foreign Intelligence.

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192

Foreign Intelligence.

Statement of the Dividends per cent, paid by the Mutual Fire Insurance

Companies.

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31

1831

80

33

1841

62

50

39

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64

1832

45

35

1842

45

1823

18

1833

21

40

52

1843

50

56

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1824

28

1834

50

36

52

1844

53

60

24

1825

35

1835

53

40

1845

62

70

20

1826

28

1836

48

6|

1846

65

60

14

1827

35

1837

64

52

40

1847

50

55

29

1828

60

53

1838

66

42

47

1848

48

45

21

1829

23

68

1839

50

60

40

1849

54

45

33J

1830

57

10

1840

63

35

35

1850

70

50

331

Total

1433

999

577J

Deduct 4 per cent, interest for payment in advance . .

57J

40

23

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1375|

959

554J

Deduct repayments, 1832 ....

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1842....

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959

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Remarks on the preceding Statements. — The total sums given as the
guarantee of the Proprietary Companies consist of the Company's capital,
the existing reserve, the receipts of annual premiums, and the interest.
Both the first are actually in hand, and the last two are reproduced every
year. These items are not in all the accounts. In the greater part of
Companies, for instance, only the totals of the premium receipts are given,
including the premiums prepaid for future years, and which are again
included in the reserve. Only the Companies 1, 4, and 16, are excepted
from this rule.

In the 16 Proprietary Companies, the total amount insured on sea,
river freight, and life risks was £7,084,414; and deducting this from the
total sums insured, will leave £233,585,910 for the amount of property
insured against fire. The total premium on £3,286,931 insured on river
risks was £4,363, or -133 (2s. 8rf.) per cent.; and on £3,661,981 sea
risks, £61,766, or an average of 1*687 (£1. 13s. 9rf.) per cent. Deduct-
ing these premiums from the total given above, we shall find the pre-
miums for fire insurance £517,749, being an average of *221 (4s. 5d.)
per cent. This summaiy presents a very striking contrast with the rate of
premium in France, as shown, in p. 300 of our first volume, to be on an
average only Is. 9c?. per cent. The reserve funds also in the German
Companies amount to £744,219, to cover the above amount of insurance;
whilst in the French, the total reserve fund was about £381,364 in 1850,
to cover nearly £969,000,000. It should be remembered, however, that
the average premium in France is little more than two-thirds of the above,
and would not allow of so large a reserve being accumulated. The total

Foreign Intelligence.

193

amount insured against fire in 23 of the principal Mutual German Com-
panies was £96,741,833 about the beginning of 1851; and the total of
this branch of business therefore considerably exceeded £330,000,000
sterling — a very gratifying proof of the value of these useful institutions,
and of the progress they have made.

Some of the Companies have their capital not yet fully paid up. As,
for instance, —

The Madgeburger only
„ Schlesische „
„ Stettiner ,,

£ £

136,000 of 142,857
272,429 „ 285,714
300,000 „ 428,571

Other Companies have had their share capital diminished by losses, thus
the

£ £

Borussia was only 249,937 of 285,714

Hamburg See und Feuer V. Ges. . . 52,500 „ 60,000
Hamburger Patriotischen F. V. G. . 97,500 „ 120,000

Several Companies carry on different kinds of assurance with one and the
same capital, as may be seen by reference to the preceding accounts.

Amongst the younger Companies, as well as amongst some of the
older, it would be no more than prudence would require if endeavours were
made to augment the capital. One of the strongest reasons for this conclu-
sion is the acceptance of such heavy risks, that they exceed three or four
times the proper average which they could afford. The consequence is
that reassurance, which affords the best means of covering such chances,
has come into general use. Some of the younger Companies protect them-
selves by it to a very great extent. The reassurance premiums of the
Madgeburger exceed a fifth part, and of the Schlesische more than a third
part, of all their premiums.

The value of the shares in the different Companies, about the latter part
of last October, will be seen by the following statement: —

Nominal
Amount.

Paid up.

£ s.

£ s.

143

29

143

29

143

29

143

29

143

29

143

29

143

29

143

29

37 10

37 10

57

14

225

45

300

60

600

195

42

42

83

17

Value.

Remarks.

Aachener und Munchener Ges,

Berlinische

Borussia

Colonia

Elberfelder Ges

Magdeburger

Schlesische

Leipziger

Hamburger Ges. von 1843 .. .

Stettiner Ges

Hamburger Neue 5 16 Ges. . . .
Hamburger See und Feuer V. G.
Hamburger Patriotische Ges. .

Bayrische Bank

Deutscher Phb'nix

£
140
54
13
114
40
61

29
50
37 17
19
35 12 6
9 15
112 10
57
24

Berlin Exchange.
Cologne do., Bills.

„ Cash.

„ Bills.

„ Cash.

Auction in Hamburg.
Berlin Exch. Bills.
Auction in Hamburg.

Frankfort Exch. Bills.
,, Cash.