MANAGEMENT OF AN INSURANCE OFFICE. 267 



proportion to the whole which might give some colour 

 to the preceding assertion, yet the value of these policies 

 is generally small. It is seldom that a policy is aban- 

 doned which involves a large sum, or on which many 

 premiums have been paid. If, instead of comparing 

 the number abandoned with the whole number of poli- 

 cies, we were to calculate the value of those policies, 

 and compare them with the value of all the liabilities 

 of the office, the former would be found a very small 

 portion of the latter. It is well that it has been so, for 

 this source of profit is diminishing as the subject 

 becomes better understood. It is known that a policy 

 of a very few years' standing is worth something, and had 

 better be sold at any price than abandoned. 



All that precedes has reference to the relation in which 

 the office stands to the public, and to the collective body 

 of the insured. All dangers, and all remedies, have been 

 considered merely with reference to the general security 

 of the establishment, and without inquiring into the 

 effect produced on the relative interests of the insured. 

 Since it is the first principle that no interest of one or 

 the other class of -insurers must be consulted to the de- 

 triment of the whole, the order of discussion which I 

 have followed is necessary to the subject. It now re- 

 mains to treat of the internal management of an office, 

 and to this subject I proceed in the next chapter. 



CHAPTER XII. 



ON THE ADJUSTMENT OF THE INTERESTS OF THE 

 DIFFERENT MEMBERS IN AN INSURANCE OFFICE. 



THERE is~not a circumstance against which it is necessary 

 to guard in the general management of an office, but what 



