INSURANCE: MISCELLANEOUS BRANCHES.

policy, wherein the place of accident is not limited to a public thoroughfare. It also issues unique motor insurances-one protecting the motorist against police fines-and a useful one-guinea accident and disease policy. The United London and Scottish issues a roller-skater's policy, which for 10s. 6d. a year provides £250 in the case of accidental death and corresponding benefits for loss of limbs and disablement, The same company also issues the "Territorial Army Accident policy," covering accidents to Territorials at annual premiums of 2s. 6d. for infantry to 5s. 6d. for cavalry; and a good private motor-car prospectus called the "Inclusive "-covering, as its name indicates, practically all motor risks, including larceny and accidents to owner.

The Ocean issues a life premium guarantee policy, guaranteeing the payment of life premiums during sickness, accident, or mental disorders; and the profits and income one guaranteeing the payment of all premiums in these circumstances. And as an offshoot to a scheme to insure against unemployment, the Car and General issues a policy covering the inability to maintain life premiums through loss of employment.

The Car and General amongst other things covers the infringement of patents and trade marks, horse-driving accidents, and personal accidents for women.

Special Accident Policies. The Car and General Insurance Corporation issues Sickness Insurance Policies without medical examination covering all illness and cost of medical attendance.

The Return Plans of the Century Insurance are useful, securing insurance against sickness or accident, with return of all premiums, on attaining 65, irrespective of claims. These policies can be combined with life assurance. Sickness alone may be insured against on the same conditions at lower premiums.

a

The London Assurance Corporation issue an Accident and Diseases Policy of which special feature is the provision for payment of the Assured's Doctor's fees.

The General Accident Fire and Life Assurance Corporation have a valuable Family Accident Insurance and Sickness Policy, covering a man and members of his family.

Exchange Assurance provides annuities up The Perfect Annuity Policy of the Royal total disablement, and permanent partial disto 15 years in the event of death, permanent ablement by accident, or in the event of blind. ness or paralysis by disease.

The Sun Life and several other offices issue medical examination, insuring from £1 to £6 a combined Sickness and Accident Policy without a week against any sickness.

those who hunt, and policies are granted cover-
The Imperial Accident appeals specially to
Special policies are also issued to farmers.
ing all hunting risks at ordinary premiums.

The Yorkshire Life Office caters for the Army suring against accidents and charging no extra and Navy, including the Indian Civil Service, inin cases of mishaps during Sports. Diseases are covered whilst resident in Europe.

(For note as to Monthly All Sickness and Accident Policies see under Industrial Section.) FIDELITY GUARANTEE.

The rates of premium vary from 5s. to different employments. Length of service, 40s. per cent., and are classified under the position and means are all matters taken into consideration when fixing the premium to be paid. Any number of officials of an employer may be guaranteed under one policy. Additions and alterations are made by endorsement from time to time. This is a great convenience when there is a large staff. This class of business is transacted by most Accident InSurance offices. The National Guarantee and Suretyship Association will act as sureties or relieve private sureties of their risk.

MISCELLANEOUS BRANCHES.

1. Bad Debt Insurance. Policies are issued by the Ocean Accident and Guarantee Corporation and the Commercial Union Assurance bad debts of short duration. Certain "other Co. for covering merchants and others against companies also insure Solvency and the taking up of Bills of Exchange.

The Commercial Union provides for the cost of surgical operations following accidents. 2. Burglary and Housebreaking. Most AcciThe "Business Man's" policy of the Em- dent insurance companies transact insurance ployers' Liability Corporation extends double against these felonies. The National General benefits to all public vehicle accidents. In Insurance Corporation, the pioneer of this class addition to a bonus a reduction is made on the of business, issues special policies for Licensed second and all further premiums irrespective Victuallers, Cyclists, and the Army, combined of claims. The Empire Guarantee issues a with insurance against larceny, and in some Whole-Life Railway Accident Policy for £500 cases including Fire Insurance and Domestic Servants Insurance under the new Act. It is insurance is underwritten at Lloyd's. understood that a large amount of burglary scheme of Burglary Insurance. Yorkshire Insurance Co. has a special Army

for ios.

In its "Paragon" policy the London Guarantee now offers benefits for sixty diseases. Under the "Red Shield" Policy of the London and Lancashire Fire Office special bonuses are allowed and premium reductions are offered

to Total Abstainers.

The "Ocean's" Leader Policy carries an automatic 5-per-cent. annual addition to the sum insured, as well as a quinquennial reduction of premium in cases of no claim.

The Profits and Income Insurance Co. effects Health assurance, with or without return of premiums at a fixed age, irrespective of claims paid. With these benefits may be combined life assurance, endowments, and deferred annuities.

The

breakers is now covered by the Guardian The risk of murder by burglars or houseGuarantee and Accident Insurance Association Fire and Life Insurance Co. and the London by payment of a small additional premium to that of the burglary and housebreaking risk.

3. Chemists' and Druggists' Indemnity Insurance is undertaken by the Ocean Accident Insurance Co., the Royal Exchange Assurance Co., the Vulcan Boiler and General Insurance Co., the Car and General Insurance Co., the Yorkshire Fire and Life Office, and many other companies

for risks connected with the dispensing and sale of drugs by chemists and druggists in their business.

4. Special Indemnities or Contingency Policies are issued in almost any cases, when they are required, by several life offices, as well as by the Ocean Accident and Guarantee Corporation, the Fine Art and General Insurance Co., the General Accident Fire and Life Assurance Corporation, the Royal Exchange Assurance, and the Car and General. Most ordinary life assurance companies insure against issue of marriages, and against a person dying with or without issue, when those events are improbable. Insurances are sometimes effected with life offices against such contingencies as a change of name, armorial bearings or religion, loss or recovery of reason, etc.

5. Performance of Contracts. Guarantee and Accident Co., the Fine Art The London and General Insurance Boiler and General Insurance Co., and the Co., the Vulcan General Accident Fire and Life Assurance Corporation, insure the performance of contracts; also the Fidelity and Deposit Co. of Maryland. The Car and General Insurance Corporation insures the continuance of salaries of employees in the event of bankruptcy of a firm.

6. The coupon system of insurance offered in specified newspapers, railway guides, etc., containing accident coupons, is familiar to all. By far the greater part of this insurance is transacted by the Ocean Accident and Guarantee Corporation and the General Accident Fire and Life Corporation. It is also transacted by some of the other Accident Companies.

7. Cycle Insurance of different kinds is undertaken by many accident insurance companies, including the Law Accident Insurance Society, the National General Insurance Corporation, the Fine Art and General Insurance Co., the General Accident Assurance Corporation, the Law Car and General Insurance Corporation, and the Motor Union Insurance Co.

8. Doctors' Indemnity policies are issued by the Legal and Commercial.

9. Engines and Boilers and Steam Pipes. Inspection and insurance of steam, gas, oil engines and boilers, and advice on all matters relating thereto, is undertaken by the Vulcan Boiler and General Insurance Co., by the National Boiler and General Insurance Co., and the Ocean.

10. School Epidemics can be insured against in the Car and General Insurance Corporation, and in the National General.

11. Forged Transfers. The Ocean Accident and Guarantee and other offices insure companies against loss consequent upon dealing in, or acting on, forged transfers.

12. Hailstorm Insurance is transacted by the Norwich Union Fire Insurance Society, Ltd., and the Nurserymen's and Market Gardeners' Insurance Co.; this company covers crops in glass houses. The Alliance Assurance Co. and the Royal Insurance Co. also insure against

hailstorms.

13. Horses and Cattle and Insurance against Death by Accident and Disease is undertaken by the Horse, Carriage, and General Insurance Co., the Imperial Accident Insurance Co., the National Live Stock Insurance Co., and the British General Insurance Co. Recently the

General Accident has issued a “Horse Endow-
ment" policy.

companies, comprising "Fire," "Burglary,"
14. "Household" Policies are issued by several
and "Domestic Servants" Insurance.

tem the small investor can subscribe to a bond
15. House Purchase Insurance. By this sys-
which in 5 years will entitle him to the full
value of approved leasehold or freehold pro-
perty he may wish to purchase. The loan for
the amount of the bond when the latter matures
this purpose can be liquidated at convenience
at the end of the selected term of years.
over a long period of years, or set off against
brought out by the Legal and Commercial at the
16. Insanity Insurance is a new scheme
end of 1908. This provides an annual payment
the assured is not able to attend to business.
for a limited or unlimited term during which

17. Landlords' and Factors' Indemnity Insur the Northern Equitable, Ocean Accident, the ance. Policies are issued for these risks by Royal Exchange Assurance, and the General Accident to indemnify such persons for compensation which they may be compelled to pay in respect of personal accidents.

18. Licence Insurance. The Licenses Insur-
other interested persons against loss or de-
ance Corporation insure licence-holders and
privation in the value of property incurred by
the forfeiture or non-renewal of licences.
leading accident companies assure the owners
or tenants of passenger and other lifts against
19. Lifts, Hoists, and Cranes. Several of the
liability for damages for personal injuries to
with such lifts. The Vulcan Boiler and General
individuals from accidents by or in connection
Insurance Co., the National Boiler and General
Insurance Co., and the General Accident As
surance Corporation insure lifts and boists
against breakdowns.

Luggage at Sea. The Marine and General
20. Loss or Damage of Passengers' and Mariners'
Accident Fire and Life Assurance Corporation,
Mutual Life Assurance Society, the General
undertake these risks.
and the Law Car and General Insurance Co.

lowing a fire are now covered by all the prin-
21. Loss of Profits and standing charges fol-
cipal Fire offices.

insured by the National Medical Aid Co., the
22. Medical Attendance during Sickness is
the Commercial Union, the Central and several
United Legal Indemnity Insurance Society,
industrial assurance companies.

ties.
23. Mortgages, Debentures, and other Securi-
valuables against loss of principal and interest,
The insurance of the holders of these
and other business of a kindred character, 15
Co., the Ocean Accident, and the General
effected by the Liverpool Mortgage Insurance
Accident Fire and Life.

24. Motor-Car Indemnity and Horseless Carriage dent Insurance Co., the Ocean Accident and Insurance is carried on by the Imperial Acci Guarantee Corporation, the Law Accident Life Insurance Co., the British Union and Insurance Society, the Yorkshire, Fire and National Insurance Co. and many others. The Car and General Insurance Corporation, the Law Car and General, and the Motor Union Insurance Cos, offer special terms and facilities in this line.

INSURANCE: MISCELLANEOUS.

25. Pictures and other Valuable Objects of Art. The owners of these are indemnified against loss from damage or destruction of such by the Fine Art and General Insurance Co.

26. Plate-glass Insurance was first commenced in 1852 by the Plate-glass Insurance Co. Many companies transact this business. 27. Property Owners' Indemnity. Probably the most successful new accident plan which has been developed is that known as the Property Owners' Insurance, which guarantees the insurer against third-party claims owing to defects in his property. This risk has been developed by the Northern Equitable Insurance Co. in particular, though several other offices have since taken up the business.

28. Registered Post Insurance is transacted by the Fine Art and General Insurance Co. and the Royal Exchange Assurance on bonds, jewellery, notes, and other valuable articles sent by registered post.

29. Indemnity against the payment of rent, mortgage interest, etc., if the house is rendered uninhabitable through fire, is granted by the Central Insurance Co., now controlled by the Liverpool, London, and Globe Insurance Co.

30. Sinking Funds or Capital Redemption in connection with Leasehold Property. Several life offices, the Ocean Accident and Guarantee Corporation, and the General Accident Fire and Life Assurance Corporation issue policies for this purpose.

31. Special Casual Labour. A policy insuring against liability or law costs, at a nominal premium, is issued by the British Crown.

The

35. Vehicular Risks are also taken by all Accident Insurance companies. The Ocean Accident and Guarantee issues a public liability policy for horse drivers. The Horse, Carriage, and General Insurance Co. also makes a speciality of this line. The Car and General Insurance Corporation has a special prospectus for motor cars, lorries, and vans, and most of the other offices issue such policies. Imperial Accident Co. insures private carriages of all kinds, also tradesmen's carts, vans, etc. 36. Wagon Owners' Liability is likely to prove another source of revenue to accident offices. Owners of wagons running on the lines of railway companies are to be held responsible for damage caused through defect in such wagons. The rate for insurance varies from 18. to 2s. 6d. per wagon. The British Crown issues such a policy.

STATE INVALIDITY INSURANCE.

is in many respects more urgent than old-age pensions. After all, when a man breaks down in the prime of life, with the responsibility of a family upon him, and, in addition to his own poverty, has the distressing anxiety of seeing the starvation and suffering of those dear to him, there is far more urgent cause to provide for such a case. I think it can be done and it ought to be done. We have our scheme prepared."

on

Both of the great political parties have in- | agree that the problem of invalidity insurance validity insurance upon their programmes. In his Budget statement on June 30th Mr. Lloyd George said: "If the taxes fulfil their promise (and, as a matter of fact, the new taxes, with three exceptions, have exceeded our expectations), and if we return to the normal naval expenditure, we can see our way to start next year on a great national scheme of insurance for unemployment and invalidity, a scheme on a contributory basis with State subsidy twice as liberal as that given by Germany for the same purpose, which will insure 2,500,000 workmen employed in precarious trades against the evils of unemployment and 13,000,000 working men and working women against the distress that comes from sickness and the premature breakdown of the bread winner, and will provide for the setting up of sanatoria for the cure of illness. Again, in the debate on July 8th, he said: "I think if we were to promise something to the poor and distressed and wretched in this country which not merely we did not intend to redeem, but which we did not actually see our way to redeem in the immediate future, we would be guilty of an act which would be reprobated by every humane person throughout the world. It is because we can see our way that we promise things. We can see our way to start a great scheme of invalidity insurance next year-started, I think, on fair and liberal terms; but I trust the Committee will not press us to go beyond that for the moment till we see how these resources develop. I

To a deputation from the Manchester Unity of Oddfellows which waited upon him Nov. 2nd to deprecate any enactment which would interfere with the development of the friendly societies, Mr. Lloyd George pointed out that both political parties were committed to a contributory scheme of insurance. "If," he continued, "we are turned out to-morrow, I think I may venture to say that you would get a Bill more or less on the same lines from the other side." He had framed a scheme, he said, very largely in conjunction with the representatives of the friendly societies, and submitted it to the ablest actuaries in the country. He was convinced that unless it became necessary to modify the scheme materially to meet the claims of other interests the friendly societies would have no reason to complain. The cardinal and fundamental proposition on which his scheme was based was not merely a recognition of the great work done by the friendly societies in the past, but the importance of continuing that work in the future.

THE BANK OF ENGLAND.

The Bank was established in 1694 with a capital of £1,200,000, which has been increased from time to time until it reached £14,553,000 in 1816, at which amount it now stands. It has also a rest, or reserve, of about £3,000,000. Under the Bank Charter Act of '44, the Bank is divided into the Issue and Banking Depart ments. From the former the Bank is permitted to issue £14,000,000 of notes of its own upon certain securities, of which the debt owing to it by the Government, amounting to 611,015,100, formed part. It is also provided that, if any of the note-issuing banks discontinue issuing their own notes, His Majesty in Council may authorise the Bank of England to increase its securities in the Issue Department by an amount not exceeding two-thirds of these lapsed issues. The fiduciary issue of the Bank has so risen at different periods from '44 that it now stands at £18,450,000. Every note issued in excess of this amount must be represented by gold coin or bullion. The annual sum payable by the Bank for its exclusive privileges has been increased from 120,000, as settled in '33, to £180,000, and all profit from the increase of the issue of their notes against securities beyond £14,000,000 is directed to go to the public. As regards what are called dead bank notes it is enacted that, when Bank of England notes issued more than forty years have not been presented for payment, the Bank may write off the amount, or any portion of the amount, of these notes from the amount of such issued from the Issue Department, and the Bank Charter Act of '44 is to apply as if the amount of notes thus written off had not been issued. The Bank will, however, be liable to pay any note so written off if it is presented for payment. The purchase and sale of foreign gold coin and gold bullion affords another source of profit to the Department. The Bank is required by the Act of 44 to buy at £3 175. 9d. per oz. (being 1d. per oz. under Mint price) all bar gold offered, subject to the fulfilment by the seller of certain conditions specified in the Act.

In the Banking Department the Bank of England, in addition to transacting business as other large English banks do, acts as the banker of the Government in the management and payment of dividends on the National Debt, the issue and withdrawal of Exchequer bills and bonds, the issue of Government loans, and the banking operations connected with the Government offices, the Indian Government, and much of the financial business of Colonial Governments. By the Bank Act of '92 the remuneration to be paid to the Bank of England for the management of the National Debt is to be a yearly sum at the rate of £325 per million pounds of such debt up to £500,000,000, and at the rate of £100 for every million above this amount up to and including the year ending March 31st, 1912, and thereafter from year to year until Parliament otherwise directs. During such period this annual sum is not to be less than £160,000. For the management of Exchequer bonds and Exchequer bills the Bank is to receive 100 per million, and for the management of Treasury bills £200 for every million pounds of the maximum amount of bills outstanding at any one time during the financial year.

offices in London, the Bank of England has branches at Liverpool, Manchester, Birmingham, Leeds, Hull, Bristol, Newcastle, Plymouth, and Portsmouth.

The management of the Bank is in the hands of a governor, deputy-governor, and 24 directors, elected by stockholders who have held £500 worth of stock for at least six months previous to the election. A director is required to hold £2000, a deputy-governor £3000, and a governor £4000 of the stock. The Court, or Board of Directors, meet every Thursday, when the weekly account is presented. The two governors have the chief administration of the institution, and attend daily at the Bank. Governor, R. E. Johnston. Deputy-Governor, A. C. Cole. Chief Accountant, H. B. Orchard. Chief Cashier, J. G. Nairne. Secretary, C. E. Edlmann.

The

THE LONDON STOCK EXCHANGE The London Stock Exchange was established in Capel Court in 1801, and has since been enlarged and extended until it reaches as far as Broad Street, and occupies nearly the whole of one side of Throgmorton Street. interior is not divided in any way, but the dealers in the different classes of stocks are found grouped in their own particular place on the floor of the House, "House" being the colloquial name for the Stock Exchange itself. The building belongs to proprietors, under a deed of settlement, and is managed by 9 elected trustees and managers. The capital is now £240,000 in 20,000 shares of £12 each, unlimited, but no call may exceed £2 in one year. Holders must be members of the Stock Exchange, and no person can hold more than 200 shares. The dividends for the past three years have averaged Lo 10s. per share. There is also an issue of 3-per-cent. debentures amounting to £416,700. And 4-per-cent. debentures amounting to £43,500 became repayable on Jan. 1st, 1910.

The members of the Stock Exchange are quite distinct from the proprietors, and are governed by the "Committee for General Purposes," consisting of a chairman, deputy-chairman and 28 members, who make rules guiding the conduct of business and of the members themselves, and decide what stocks and shares shall be recognised and officially quoted. To become a member the applicant must be of British birth, or, if a foreigner, he must have been naturalised for at least 2 years and have resided in this country for 7 years. He has to be recommended by three members of standing, who will become surety for him to the extent of £500 each for 4 years after his election, the entrance fee being 500 guineas. Gentlemen who have served as "clerks in the House" for 4 years are admitted on a reduced fee of 250 guineas, and require only two sureties for £300 each. Members elected since Nov. 23rd, 1904, have to become proprietors by acquiring one share if admitted with two sureties, or three shares if admitted with three sureties. A member employing a clerk in the House "authorised to deal has to pay for him an entrance fee of 50 guineas, and for an "unauthorised" clerk to guineas. The annual subscription for members (except those admitted before '99) is 40 guineas, for authorised clerks 30 guineas, and for unauthorised a

Besides the head office and two branch