EUROPEAN ASSURANCE SOCIETY.

Grey River Argus, Volume XII, Issue 1143, 3 April 1872, Page 4

EUROPEAN ASSURANCE SOCIETY.

Vic-Chancellor Malms, on 12th Jan., lu.i-. n order for a compulsory windingu• of this society. This order, his Honor uuJ, would not prevent the transfer of the business to any other company, nor the making of any arrangement for the benefit of policy-holders. It appears that the original arrangements for transferring the business to a New York company, spoke a of last November, could not be carried into effect, and a variety of propositions and counter-propositions have since been made. The mortality was found to be higher than had been assumed — a fact which may be accounted for by the withdrawal of the best lives within the last two or three years, and the eagerness of the management to issue new policies for tho sake of income. The last offer received from an American office was one for taking the lives of insurers in the European upon examination, the acceptance .of which was out of the question. The directors opposed the issue of an order for winding-up the company; and if those gentlemen had any scheme to submit which offered a reasonable prospect of relief, the policy-holders would be only too glad to hear of it. It is a sad case for the 1300 shareholders, and worse for the 23,000 policy-holders of the company .; and, with nothing better than a liquidation in prospect, it will be a long while before we hear the last of their misfortunes.