incurred, exceptfora few buckets and ladders (not to be found when yvanted) and a moderate remuneration to the yvater-carters on duty. There yvere six classes of risks, at premiums ranging from 5s. 6d. to 42s. per cent. Loose strayv, hay, or any kind of dry fodder knocking about the yards or street corners, was a constant source of terror to the manager for fear of afireaccident; and if he saw a haystack within a dozen yards of any premises insured, it assumed the proportions of a terrible bogie in his eyes. T o make it worse, the toyvnspeople yvere careless in this respect, and the innkeepers and others used to pile up hay and strayv in the enclosures near their houses. In March, 1840, Mr. Smith persuaded his Board to issue a notice " declaring the existence of one or more ricks of hay or strayv in the immediate vicinity of a building or other property yvhich has been previously insured by the Company, if not duly notified and additional premium paid, to be a violation of the policy, and no such risks yvould in future be accepted." The rates of premium on marine risks graduated from 1% per cent, to Launceston, to 3 per cent, to England. Toyvards the close of 1842 there yvere tyvo extensivefiresin Collins Street, which gave the Company such a twist as it never got over, and the next year it shut up. It yvas said to be the only one of the early companies that yvas able to return the capital invested. In 1840 there yvas established in Melbourne a branch of Lloyd's Agency, yvith Messrs. Arthur AAmlis and Co. as its representatives, and Mr. David Goodsir as Surveyor. In 1841 the Australian Trust Company, incorporated by Royal Charter, yvith £1,000,000 capital, and a Colonial Board of Directors at Sydney, appointed Messrs. Montgomery and M'Crae as its Melbourne Solicitors. In 1840 there yvas started in London the Australasian Colonial and General Life Assurance and Annuity Company, with a capital of £200,000 ; and in 1841 it opened an agency at Melbourne under the control of Mr. Alexander Andrew, yvith Dr. E. C. Hobson as its local Physician. Its leading features were described as participation in the profits, and lower rates of premium than those of most Societies yvhich do not give profits to the Assured. The Melbourne Fire and Marine Insurance Society yvas started in April, 1847, yvith the folloyving Provisional Committee :—Messrs. James Simpson, E d m u n d AVestby, Joseph Raleigh, AV. F. Splatt, George Annand, Henry Moor, Charles Williamson, James Jackson, F. G. Dalgety, Isaac Buchanan, F. I). AVickham, and Dr. Thomas Black. It issued a preliminary address, in yvhich it was declared as a reason for its establishment that there are at present about 2536 houses in the T o w n of Melbourne; and it appears by the late Census, taken in February, 1846, with the increase since that period, that the population of Melbourne exceeds 12,000 souls, with every prospect of a rapid extension of the T o w n and suburbs. For some years the only means of effecting Insurances yvas in the Cornwall Fire and Marine Insurance Company, established in Van Diemen's Land, which derived annually a large profit from its operations in Port Phillip. The capital of the Company was to be £50,000—namely, 1000 shares of £ 5 0 each, on which £ 1 0 per share was to be paid on allotment. Though this undertaking was inaugurated under the auspices of some of the best business names in Melbourne, it collapsed in a few days, as only 15 persons applied for shares—in all 405—and the Preliminary Committee determined not to go on unless the whole thousand were taken up. THE VICTORIA FIRE AND MARINE INSURANCE COMPANY.
In October, 1848, another, but successful, effort was made to float a local Company under the above designation, and on the 'nth a preliminary meeting yvas held at the Royal Hotel. The capital was to be £100,000 in 4000 £ 2 5 shares, and the chief projectors were Messrs. C. H . Ebden, Henry Moor, F. D. AVickham, Henry Condell, AV. Meek, and W . Mortimer. A further meeting followed on the 12th January 1849 'when it was announced that 3000 shares had been subscribed, but dissatisfaction was expressed that' the name of the Chairman (Mr. Ebden) was not down for any. The following Provisional Committee was appointed to promote the object contemplated, viz. :-Messrs. J. R. Murphy, Henry Moor, William Highett, A. M'Lachlan, George Annand, J. W. Howey, Henry Miller, George James, Hugh Glass, Matthew Gibson, George AVhite, and AV. B. Burnley.
