AUSTRALIAN NEWS.

Evening Star, Volume VII, Issue 2036, 13 November 1869, Page 2

AUSTRALIAN NEWS.

An inquiry into the causes of the destruction by hre of the ship Lightning was held in Geelong, when an open verdict was returned to the effect that there was no evidence to indicate the result of the tire, that it was not the origin of spontaneous combustion, and that the officers of the vessel exerted themselves creditably on the occasion. We have Hobart Town papers to the Ist, and Launceston to the 2nd iust. A competent authority, speaking of the salmon smolt, is of opinion that they are 15 or 16 months old, and have migrated to the salt wa r er this spring. Satisfactory accounts continue to be received from the Waterhouse reefs, and from the newly-discovered alluvial deposits at Bream Creek, in the Sorell district. Forty four small nuegets were washed out with a common baking-dish at the latter place. Nothing can be more natural than the alarm created by the Lightning disaster, however viewed. It is had enough to have such a vast amount of property deat oyed, in or out of nort but what if the calamity hail occurred at sea, where her living freight would have looked in vain for human succor ; and beyond this, the catastrophe was of such a character as might have occurred to any other vessel like the Lightning. Two hypotheses have been set up—first, that the sailors regarded the ship as so dangerous from age and wear, that they deliberately set her on fire rather than risk their lives in her another voyage ; secondly, spontaneous combustion in the damp and greasy wool which formed a la v ge portion of her cargo. Unfortunately, the evidence at the inquest in no way helped to a satisfactory conclusion. Out of incongruous statements, we gather that (here was drunkt-nne-s and some quarrelling amo g the sailors, a d one witness osilively states that some of the wool sh pped was in a dangerous conditon. It is at least suspicious that the boatswain, prominently referr d to in connect! n with the burning, shipped in the Lanarkshire on Monday ; on the other hand, much importance is attachable to the evi teuce of an in • partial witness, who sweats that upon examining the wool he offered to bet that the vessel carrying it would never arrive safely at her destination. Undoubtedly the occurrence should impel the authorities to take further precautions for the safety of human life in wool freighted vessels, and a serious responsibility will rest upon them should a still more awful tragedy occur through their n gleet of the waning. 'Hie raft constructed by Mr E. F. Liardet for breaking heavy seas, is proving useful at the Nobby’s Newcastle, where a tremendous sea runs in heavy weather. A magnificent specimen of quartz has been found in a reef at Braidwood. It is stated to weigh 3501b, and one-third of the whole mass is pure gold. ihe last month’s yield of gold in New South Wales, shows a decrease amounting to nearly one-third as compared with former periods. In the Legislative Angara bly of Victoria, on the 2nd iu-t., Mr Higinbotluim moved: ‘ That the care of the political r ghts and inter, sts of a free people can be safely entrusted only to a body appointed by and respou ible to that people ; and that the Legislative Assembly declines to sanction or to recognise the proceedings (so far as the same may relate to Victoria) of the conference proposed to be held in London, at the instance < f a self-constituted and irresponsible body of absentee colonists. That the people of Victoria, possessing by law the right of self-government, desire that th s colony should remain an integral p irtion of the British Umpire, and this House acknowledges on behalf of its constituents the obligation to provide for the defence of the shores of Victoria aga nst foreign invasion by means furnished at the sole cost, and retained within the exclusive control of the people of Victoria. That this House pr tests against; any interference by legislation of the Imperial Parliaine t with the internal affairs of Victoria except at the instance or with the express consent of the people of the Colony. That the official communication of advice, suggestions, or instructions by the "ecretary of State for the Colonies to her Majesty’s representative in Victoria on any subject whatsoever connected with the administration of the local Government, except the g.ving or withholding of the Royal assent to or the reservation of bills parsed by the two Houses of the Victorian Parliament, is a practice not sanctioned by law, derogatory to the independence of the Queen’s representative, and a violation both of the principles of the system of responsible Gove'nment and of the constitutional rights of the people of this Colony; and that the Legislative Assembly will support her Majesty’s Ministers for Victoria in any measures that may be ne- essary for the pnrjiose of securing the recognition of the exclusive right of her Majesty and of the Legis ative Council and Legis ative Assembly ‘ to make laws in and for Victoria in all eases whatsoever,’ a>-d putting an early and final stop to the unlawful interference of the Imperial Government in the domestic affa ; rs of this Colony.” The collapse of the European Assurance Company has created a profound sensation in Melbour e far beyond the circle of shareholders and insurers in that unlucky company. Distrust iu the stability of each and all of the Life Insurance Companies prevails more or less, for it is felt that the prosperouslooking may be far from the safest. Mr Holroy l, a well-known b rrister of some standing, has given an opinion adverse to the action taken by the insurers, who wero led to believe that they might retire from the concern by throwing up their policies, and claiming their surrender price from the company. So far the opinion is, we think' sound, although wo should have be n ve y glad if some honorable mode of keeping the colonial funds to meet colonial liabilities bad been hit upon. It would certainly hiive heed a bit of sharp practice on the part of the colonists interested although agreeing with the the opinion as a whole, some of the points in it appear to us to be very strange, suggestions being thrown out extenuating the yillany of the company. The prospectus, as issued here, contained a statement that all Victorian pmniums would be invested in \’ctoria. Mr Holroyd says that the statements contained in the prospectus toi ru no part of the contract between the society and the local policy-holders. 'I his is no doubt law, but the law is very defective if it provides no means for the pu ishment of those who put forth delusive inducements in order to draw the money from customers. If such Conduct does not come within the definition of the crime of obtaining money under falsa pretences, there is great room for law reform. - Lrntfsr.

ROYAL INSURANCE COMPANY. (From the Liverpool Journal of Commerce, August 7, 18G9.) The annual general meeting of the shareholders of this company was held yesterday at the offices, North John street. Mr Charles Turner, M.P., presided ; and there was a large attendance of proprietors, including the Mayor (Mr Alderman Dover), Messrs R. Brocklcbank, T. Bouch, T. D. Hornby, W. Smith, R. Horsfall, W. Cliffe, J. G. Livingstone, Henry Hargreaves, Joseph Younghusband, Christopher Atkinson, Septimus Booker, J. E. Harvey, \V. J. Powell, R. C. Lowndes, W. 0. Carter, W. Whathani, Hyslop Maxwell, &c. The following is the report for the year 1868. Before entering upon a report of the results of the business for the year 1868, your directors have the melancholy duty of recording the death of Mr Percy M. Dove, who occupied the position of manager and actuary to the company from its establishment in 1845. Mr Dove performed the duties devolving upon him with distinguished ability; and much of the marked success which the company has achieved may be attributed to the energy and enterprise he displayed in its service. Mr John M'Lai en, formerly sub-manager of the company, has been appointed manager. Fire Department.— The fire premiums for the past year amount to the sum of L 475.572 12s 3d ; and the fire losses to L 299,901 17s 7d. This ratio of loss, it will be observed, is lower than it has been for several years, but is still considerably in excess of the experience of the company in its early history. The new elements of risk which have been referred to in previous reports, and the decreased rates of premium now prevailing, have both tended to diminish the profits of fire insurance business, and have necessitated a more minute scrutiny of the results of the various branches of this department. It is gratifying to report that, by the practical application of the results of these aird former investigations, the company has escaped during the yearlosses amounting to L 82,352 on risks which had been declined. It may, therefore, be reasonably anticipated that a continued watchful oversight of the business, and a judicious economy in expenditure, will secure on an average of year's a fair, though moderate, profit for the shareholders; and it is satisfactory to add that such a profit lias been realised on the transactions of the past twelve months. The total amount added to the credit of profit and loss on account of the British and general foreign business, including interest for the period, is L 30,940 7s, while the profit realised in the American branch is L 26,342 2s. The abolition of the fire insurance duty will have an important influence upon this department, and will, no doubt, prove of much benefit to the country.

Life Department. —The result of the operations for the year in this department are still more satisfactory. 1,569 new policies have been issued, assuring, after the deduction of guarantees, L 703,172 8s 6d, and the corresponding new premiums were L 21,528 14s 6d ; the renewal premiums amounted to L 187,207 6s lOd, and the interest from investments to L 36,195 18s 2d. The losses for the period have been very moderate, and, including payment of bonus additions, amount to L 78,323 17s 2d. For annuities and endowments the purchase-money and premiums received are L 14,847 18s Id, and the interest placed to the credit of these accounts is 1ff,351 19s 3d. An important measure has been introduced into Parliament, with the object of obtaining a more complete exposition of the affairs of life assurance offices. It is believed that the effect of entire publicity being given to the accounts of all life companies will be to increase the confidence of the jDiiblic in this mode of investment, by affording to assurers important data for selecting the really sound and wellmanaged institutions. Your directors have always very fully complied with ah the requirements of the Acts under which the operations of the company have been conducted ; and on the present occasion, anticipating the operation of the new Act, it will be found that the accounts which will be presented to you are in conformity with the models appended to the Bill. Directors. —The following directors now retire and are eligible for re-elec-tion :—James Holme, Esq., Thomas D. Hornby, Esq., Henry Boyds, Esq,, and John To it, Esq. Dividend and Bonus.— The direc tors bog now to recommend that a dividend of 3s per share q-nd a bonus of 4s per share (together 7s), free of income tax, be declared. These payments will absorb L 34358 19s Id of the fire profits. The total sums therefore (irrespective of the amount carried direct to the reserve fund) added to the funds

of the company, being the surplus of the year, after payment of dividend and bonus, annuities, and all losses and expenses, arc :—To the fire department, L 22.923 Os lid ; to the life department, L 144,945 12s 2d together L 167,869 2s Id. Charles Turner, Chairman. sth August, 1869.