ance includes assurance, and the term policy | policy is to be the difference between the present includes every writing whereby any contract of insurance is made, or agreed to be made, or is evidenced; and, except as hereinafter mentioned, this Act does not apply to policies of sea in surance. In consequence of the growing distrust of life insurance companies engendered in the public mind by the late failures or embarrassments of certain companies, the Legislature, by the Life Assurance Companies Act of 1870, has passed some stringent regulations for the protection of insurers and shareholders. Thus clause 3 provides that every company commencing life insurance business within the United Kingdom after the passing of this Act must deposit 20,000l. with the Accountant-General of the Court of Chancery till its life assurance fund accumulated out of premiums shall have amounted to 40,000l. Sec. 4 provides that any new company transacting business other than that of life assurance must keep a separate account and form a separate fund of all its receipts in respect of its life assurance and annuity contracts. Companies are to furnish certain annual accounts, printed and duly signed, to the Board of Trade in the forms appended to the Act, besides actuarial reports and abstracts every five years from new companies and every ten years from the old ones, and a copy of the printed statement, abstract, or other document is to be sent, by post or otherwise, by the company on application to every shareholder and policyholder. Amalgamations of companies or transfers of business by purchase from one company to another are to be conducted after due publication in the Gazette, with the approval of the Board of Trade, but not against the will of one-tenth of the policyholders, and must be confirmed by the Court of Chancery in England or Ireland or Court of Session in Scotland as the situation of the company may require. Penalties for non-compliance with the Act are also provided, and the companies may, in consequence of obstinate disobedience or insolvency, be wound up. The Board of Trade, by sec. 24, to lay annually before Parliament the statements and abstracts of reports deposited with them under the Act during the preceding year. The Life Assurance Companies Act of 1870, has been amended by that of 1871 (34 & 35 Vict. cap. 58), by the substitution of the Court of Chancery for the Accountant-General of that Court, as the recipient of the deposit required by sec. 3 of the former statute. And the Life Assurance Companies Amendment Act of 1872, 35 & 36 Vict. c. 41, enacts that the deposit shall be deemed on the incorporation of the company as part of its assets, and, till its return to the company, as part of its life assurance fund. Power is given to the Board of Trade to revoke, alter, and add to the rules, as to the payment and repayment of this deposit. The latter Act provides also for the winding up of any subsidiary company in conjunction with the principal company, to which its business has been transferred, and lays down the following rules for the valuation of annuities and policies in such cases, viz.:— 'Rule for Valuing an Annuity. An annuity shall be valued according to the tables used by the company which granted such annuity at the time of granting the same, and where such tables cannot be ascertained or adopted to the satisfaction of the court, then according to the table known as the Government Annuities Experience Table, interest being reckoned at the rate of four per centum per annum. 'Rule for Valuing a Policy. The value of the value of the reversion in the sum assured on the decease of life, including any bonus or addition thereto made before the commencement of the winding up and the present value of the future annual premiums. In calculating such present values the rate of interest is to be assumed as being four per centum per annum, and the rate of mortality as that of the tables known as the Seventeen Offices Experience Tables. The premium to be calculated is to be such premium as according to the said rate of interest and rate of mortality is sufficient to provide for the risk incurred by the office in issuing the policy, exclusive of any addition thereto for office expenses and other charges.' The following Table extracted from Consul Annesley's Report of October 19, 1874, exhibits the extent to which Marine Insurance is carried on in Hamburgh : as against 37,731,2397. in 1873; and 13,689,6487. in 1860. ITALY. Embodied in the Report of March, 1875, by Mr. Herries, late Secretary of Legation at Rome, the following table, showing the extent of the foreign trade of the Kingdom of Italy in 1873 and 1874. (See statement on p. 41.) The value of the imports exceeded that of the exports by 319,535,796 lire in 1874, and by 154,285,911 lire in 1873. [See articles CIVITA VECCHIA, GALLIPOLI, GENOA, LEGHORN, MESSINA, NAPLES, PALERMO, and VENICE, in this Dictionary, or in this Supplement.] Statement of the Value in Italian lire of the Articles Imported into and Exported from Italy in the several classes of the Tariff, in each of the two Years 1873 and 1874. The imports from Italy into the United Kingdom in 1874, were valued at 3,634,360., and our total exports to Italy in the same year are set down at 7,763,644l., of which 6,369,6091., was for British and Irish produce. JAPAN. The total value in 1874 of the imports into the United Kingdom from Japan was 573,136., as against 561,3907. in 1873, and the total value in 1874 of our exports to Japan was 1,364,1277. in 1874, as against 1,884,1451. in 1873. JOINT STOCK COMPANIES. [COMPANIES.] JUTE. The value of the jute imported into the United Kingdom (chiefly from Russia) in 1874 was 3,553,1791., as against 3,619,9897. in 1873, and 660,9137. in 1860. The value of the jute manufactures and jute yarn exported from the United Kingdom in 1874 was 1,679,7661. of the first, and 245,7844. of the second, as against 212,1577. for both in 1861. [See FLAX AND HEMP AND LINEN.] if made in coins which have been issued by the Mint in accordance with the provisions of this Act, and have not been called in by any proclamation made in pursuance of this Act, and have not become diminished in weight, by wear or otherwise, so as to be of less weight than the curany) specified as the least current weight in the rent weight; that is to say, than the weight (if first schedule to this Act, or less than such weight as may be declared by any proclamation made in pursuance of this Act, shall be a legal tender— In the case of gold coins for a payment of any amount: In the case of silver coins for a payment of an amount not exceeding forty shillings, but for no greater amount: In the case of bronze coins for a payment of an amount not exceeding one shilling, but for no greater amount. Nothing in this Act shall prevent any paper currency which under any Act or otherwise is a legal tender from being a legal tender. LEITH. For an account of this port see article Docks in the Dictionary, sub-head Leith. The value of the exports in 1874 of the produce of the United Kingdom from this port was 3,825,4007. In the same year her chief imports were corn, provisions, spirits, wines, and wool. In 1874 there entered this port from foreign countries and British possessions and coastwise 3,588 vessels of 777,995 tons. The customs duties collected at this port in 1874 amounted to 351,7507. The population of Leith in 1871 was 44,277. [IMPORTS AND EXPORTS.] LEMONS. See ORANGES AND LEMONS. LETTERS. In the Postmaster-General's 21st Report it is stated that in 1874 there were 967,000,000 letters delivered in the United Kingdom, while in 1839 there were less than 83,000,000. [POSTAGE.] LICENSES. The 32 & 33 Vict. c. 14 s. 17 (to operate from January 1, 1870) repealed The duties on licenses to keep, use, and let hackney carriages within the limits of the Metropolitan district and the City of London, and also the weekly duties payable in respect of such hackney carriages. The duties on licenses to keep, use, and employ stage carriages in Great Britain, and also the mileage duty payable in respect of such stage carriages. [CARRIAGES; HORSES.] The excise licenses for selling tea, coffee, cocoanuts, chocolate, or pepper. The duties on licenses to be taken out by persons who shall let horses for hire in Great Britain; and the duties on licenses to let to hire horses for the purpose of travelling post by the mile, or from stage to stage, in Ireland; and the same Act imposes a license duty of 10s. 6d. after that date for every horse or mule kept in Great Britain and used for draught or riding, as well as other license duties for male servants, carriages, and armorial bearings. The duties on the following licenses are pealed by 33 & 34 Vict. c. 32, viz. : Foot hawkers in Great Britain and Ireland. Soap makers. Still makers in Scotland and Ireland. LIGHTS, BUOYS, AND BEACONS once only for the whole voyage out and home, subject, however, to the abatement or discount hereinafter mentioned. 2. That on and after the said October 1, 1872, the abatement or discount to be allowed upon the amount of tolls payable by virtue of the three herein before-recited Orders in Council, and of this Order in Council, shall be fifty-five per centum, and no more.' LIGHTS, BUOYS, AND BEACONS. In the Times of August 2, 1875, the following translation is given of a new law of the Netherlands re- abolishing all dues for lights, buoys, and bea And the same Act declares a plate license to be unnecessary for the sale of watch-cases by the maker, and that an auctioneer's license is not necessary for the sale of fish on the seashore where the same shall have been first landed. It also provides that no person shall be required to take out a license under 32 & 33 Vict. c. 14 for any horse or mule kept by him solely for the purposes of husbandry, on account of such horse or mule being used or employed in drawing materials for the repair of roads and highways of the parish of which he is a rated occupier, and whether for hire or otherwise. cons: Law of the 3rd of June, 1875, abolishing Light, Buoy, and Beacon Dues, and further regulating the Measurement of Sea-going Vessels. We, William III., by the grace of God King of the Netherlands, Prince of Orange Nassau, Grand Duke of Luxemburg, &c. "To all who shall see these presents or hear them read, send greeting and make known: "That whereas we have considered it desirable to abolish the dues on lights, buoys, and beacons, and to make new regulations for the measurement of sea-going vessels. 'Considering the laws of the 13th August, 1849 (Official Gazette, No. 40), and the 14th July, 1855 (Official Gazette, No. 105): And having further heard the Council of State, and in common consent with the States General, we have concluded and decided, and do The 33 & 34 Vict. c. 57 imposes a yearly now conclude and decide by these presents.— license duty of 10s. to be paid by every person 'Article 1.-The levying of light, buoy, and who shall use or carry a gun in the United King-beacon dues according to the law of the 13th of dom, except those in the naval, military, or August, 1849 (Official Gazette, No. 40), is volunteer services, those having licenses to kill abolished. game, or persons carrying the guns of those having licenses, occupiers of land carrying guns to scare birds or kill vermin, or any gunsmith or his servant, or any carrier carrying a gun in the ordinary course of his business or trade. By the 24th section of Customs and Inland Revenue Act of 1871 horses used in the militia, yeomanry, and volunteer services are exempted from duty, and husbandry carts and horses used on Sundays and holidays to go to Divine worship are exempted by 35 & 36 Vict. c. 20. Duties on licenses for horses and horsedealers were repealed in 1874. Hotel-keepers are exempted from the license duty for servants by 36 Vict. c. 18. Pawnbrokers' licenses are fixed at the uniform rate of 7. 10s. per annum, by Act of 1872. Early-closing licenses are sanctioned by the Intoxicating Liquors Act of 1874. [See ALE and BEER.] And spirit-grocers' and beer-dealers' licenses, in Ireland, are to expire on October 10 instead of July 5. By Customs and Inland Revenue Act of 1875, brewers' licenses are fixed at 12s. 6d.; medicine licenses at 5s. Wine dealers' licenses are to extend to and include sweets. LIGHTHOUSES. Annexed is an account made up from the Admiralty List of Lights for 1875, to complete the account given on pp. 823-835 of the Commercial Dictionary. (See Tables annexed.) The Order in Council of August 9, 1872, relative to Light Dues-Deptford Strond,' contains the following provisions, viz. :— 1. That on and after October 1, 1872, the duties for all General Passing Lights, under the management of the three General Lighthouse Authorities, shall be payable by coasting vessels For the buoying, lighting, or beaconing of the channels to which the said law applies no payment is to be claimed, with the exception of a. Light dues in particular places levied for harbour lights, not lighted in the interest of general navigation, but solely for the navigation to those places. b. Beacon dues for the beaconing of creeks and small channels leading to particular places, and only of use for the navigation to the said places. 'Article 2.-Owners or masters of sea-going vessels, which are bound to be provided with an ordinary Netherlands register, according to the law of the 28th of May, 1869 (Official Gazette, No. 96), must cause the said vessels to be measured by the officers appointed for the purpose at the place where the vessel is lying whenever it may be required. 'Article 3.-The unit of ships' measurement is the cubic metre. 'The certificate of measurement to be delivered to the master states the contents of the vessel according to the above unit of measurement, and also in tons register of 2.83 cubic metres. A general administrative regulation further provides for the measurement of vessels according to the system of Moorsom and the transition to that system, and also determines the period at which the provisions of the present article come into operation. Article 4.-From the time determined, according to the last clause of the foregoing article, the consular dues at present levied on the ton of one and a half times the cube of the metre will be levied according to the scale of one cubic metre. The tariff of fees will accordingly be so modified by a general regulation as not to be increased by the change of unit or system of measurement. |