When this company was first started, in 1840, for the insurance of loss against the dishonesty of clerks, there was a great objection raised. It was thought one of those vague and speculative undertakings of which England has seen so many, and one which would necessarily fail, because the master would hesitate to take an assistant who could only give the security of a commercial company. “The moral security is wanting!” was the exclamation of all. It was vain to answer, that this objection pointed both ways, as the relative would often give the desired bond, which a mercantile institution would refuse. Still the parrot reply was heard, and the solemn shake of the head was followed by “The moral security--where’s the moral security?” and was deemed sufficient to crush all argument derived from mere statistics. Time passed, and it was discovered that because a banker’s clerk gave the security of a company, he did not become a rogue, but he did become independent. It was found, too, that the master could make his claim good on the company with far more promptitude than he could on a relative. It was nothing to say to a board of directors, “I will have justice and my bond;” but it was something to say to a broken-hearted parent, “Your son has ruined you as well as himself--discharge your obligation!” It is well known that bankers and merchants have often foregone their due rather than thus reimburse their losses: and it has been found that, notwithstanding the fact of the “moral security” being wanting, the societies which guarantee the master from loss by the servant have been very successful, are very serviceable, and are on the increase. THE MEDICAL, INVALID, AND GENERAL. Almost the only objection which could be brought with justice against the offices prior to 1841, was the habitual practice of refusing delicate and doubtful lives. Having, in the early part of their career, taken all who came without inquiry, they rushed into the opposite extreme, and refused all who were not undeniably strong. There were indeed a few offices which professed to insure invalids; but they had no statistical information; and they rarely, if ever, accepted a life unless it was obviously a good one. In 1833, Mr. Gilbart wrote, “We may hereafter have tables that shall show the expectation of life, not only in regard to people in health, but also to those afflicted with every kind of disease;” and in 1841 Mr. Neison established the above office, the success of which has confirmed the opinion entertained of his great ability. AGRICULTURAL INSURANCE COMPANY.