July I, ISOS. 



The Review of Reviews. 



D. FINEaYSON i 



AXDREW CUNNINGHAM Directors. 



D. Q. HENRIQUES ) 



F. J. CURTIS. Secretary. 



In accordance with tlie provisions of the Companies Act 1900. we certify that all our requirements as Auditors 

 nave been complied with, and we have to report to the shareholders that, having examiiiei the above balance-sheet, 

 with the boobs at ihe Head Office and the returns from tlie branches, we are of opinion that the above balance- 

 sheet, is a full and fair balance-sheet, properly drawn up so aa to exhibit a true and correct view of the state of 

 the bank's aifairs as shown bv such books and returns. 



PETCE, WATERHOUSE. and Co., Auditors. 



INSURANCE NOTES. 



It is estimated tliat tlie total loss to insurance 

 companies by the San Francisco conflagration will 

 amount to £20,000,000, of which the British com- 

 panies are expected to bear about £6,000,000. The 

 settlement of the losses will be a complicated under- 

 taking, and probably the.v will be adjusted bv a com- 

 mittee of insurance experts appointed by the various 

 companies interested. For earthquake damage, pure 

 and simple, no company will be liable, nor for build- 

 ings which were thrown down by the earthquake and 

 then damaged by fire. Where these two causes were 

 simultaneous, the liability of the company will be 

 difficult to determine. It is doubtful also if companies 

 are liable for the Ios.s to buildings destroyed by artil- 

 lery and dynamite to arrest the progress of the fire. 

 It is understood that at least two insurance companies 

 specifically exempt by their conditions ail losses caused 

 directly or indirectly by earthquake, so that very 

 difficult questions will arise for solution, which will 

 probably take considerable time. The companies will 

 be actuated by a desire to deal fairly to the insured, 

 but at the same time their responsibility to policy- 

 holders in other parts of the world and to their 

 shareholders mu.st be respected. 



The North British and Mercantile Insurance Co.. 

 the head office of which is at Edinburgh, has offered 

 to take over the British policies of the Mutual Life 

 Insurance Co. of Xew York, amounting to nine mil- 

 lions sterling. They would, of course, require suffi- 

 cient as.sets to be also transferred to provide for the 

 reserve against such policies and accruing bonuses. 

 The offer is being considered bv the Mutual Insurance 

 Co. of Xew York head office Board, and the outcome 

 of the proposal will be awaited with interest. A 

 similar offer regarding the Australian business was 

 reported to have been made by the National Mutual 

 Life Association of Australia, but cable advice from 

 the head office of the Mutual of Nevv York was pub- 

 lished in tlie Melbourne press .stating that that com- 

 pany had no intention of parting with any of its busi- 

 ness. 



A serious fire occurred in Paris during the month, 

 when the buildings comprising the leather markets 

 were destroved. The damage was estimated at 

 £400.000. 



The Traders' Insurance Co.. a Chicago company, 

 founded in 1865, has collapsed owing to the claims 

 made upon it for the San Francisco conflagration, 

 wliich amount to £750,000. It had a paid-up capital 

 of £100.000, and its net premium income for 1904 was 

 about £300.000. 



An unpleasant surprise was caused in insurance 

 circles in Melbourne last month when it was made 

 known that Mr. J. J. Madden. Victorian agent of 

 the National Union Insurance Society and the Switzer- 

 land Marine Insurance Co.. was missing from his 

 office. An investigation of his companies' accounts 

 showed that a large sum was missing, and a warrant 

 has been issued for liis anest. 



THE EQUITY TRUSTEES, EXECUTORS, AND 

 ACEKCY COMPANY LIMITED. 



RESERVE LUBILIIY, £100,000; GLARANTEE FUND, £10,000. 



HO.-\RI> OF lURECTOUS Edur.rrl Kaniiiiij; Esq , Chairman ; W. 

 Campbell Guest. Esq; H B. Hit'^'ins. Esq. K C. M.P.: Donald 

 Mackinnon. Esq M L A : R. O .M Cutcheon Esq .\l L. A 



REGISTERED OFFICE. No, 85 QUEEN ST,, MELBOURNE. 



This Company is empowered by special Act of Parliament to per 

 trora all cla-ses 'f trustee business. JOEL F(t.\, .Manairer 



THE 



CREDIT FONCIER 



Lends to Farmers in Victoria 

 £.50 TO £,2000 



At 4^4 per cent, for 30 Years, with right 

 to pay off any half-year. 



Apply, 



INSPECTOR-GENERAL OF SAVINGS BAKKS, 



MELBOURNE. 



"not 



COLONIAL MUTUAL 

 . . FIRE . . 



INSURANCE COMPANY LIMITED, 



FIRE 



ACCIDENT • 



EMPLOYER'S 

 LIABILITY 



FIDELITY 



GUARANTEE 



PLATE CLASS 

 BREAKAGE 



MARINE 



BURGLARY • 



> Insurance. 



OFFICES. 



MELBOURNE— 60 Market Street. 



SYDNEY— 78 Pitt Street. 



ADELAIDE— 71 King William Street 



BRISBANE-Creet Street. 



PERTH— Barrack Street. 



HOBART— Collins Street. 



LONDON— St. Michael's Alley, Cornhill, B.C. 



WM. L. JACK, 



Managkk. 



