collapse in Argentine, some years since, very
seriously affected most of these concerns, and it
is doubtful, in view of the risky nature of the
business, whether they will ever come into
favour again.


INSURANCE COMPANIES.

Under the head of Life, Fire, and Marine
Insurance, these companies, as a class, have
been more steadily successful than others. Most
of these concerns are making large profits, and
their shares command a high premium; so high,
indeed, that an investment at current prices
yields but a moderate rate of interest. The
risks undertaken by insurance offices are enor-
mous in extent, but the law of average by which
they are conducted is so accurate that, taken in
the long run, and with sufficient business main-
tained, misfortune is almost impossible. In all
cases, however, so little is called up of the
nominal amount of their shares, that a very
large liability attaches to them.


STEAMSHIP COMPANIES.

Judging from the prices of the shares in these
companies, they have not been very successful