It will be within your recollection that in the course of the discussion which followed the reading of Mr. Sunderland's paper in December last (see p. 257 ante), I stated that while endeavouring to obtain information with regard to American insurance business, in connection with, the subject of that paper, I found to my astonishment that a large amount of business was apparently being carried on in that country upon lines more or less resembling a fallacious principle which had long ago been exploded in this country.