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Life, as well as marine and fire companies, have sprung rapidly into existence within the last few years. Of life companies organized in this State, there were on the 8th of April last, 48. Of those organized in other states or foreign governments, but having agencies and doing business in this State, there were 47. See Statement marked L.

The act of 8th of April last, required these companies to deposite with the Comptroller $50,000 by the 1st day of August then next, and a further sum of $50,000 by the 1st of February, 1852.

Eight of the companies last above referred to, have complied with the requirements of this act, as follows:

The New-York Life Insurance and Trust Company has deposited $100,000 in U. S. 6 per cent stocks.

The New-York Life Insurance Company, N. Y., has deposited $50,000 in U. S. 5 per cent stocks.

The United States Life Insurance Company, N. Y., has deposited $56,500 in bonds and mortgages.

The Mutual Life Insurance Company, N. Y., has deposited $100,000 in a bond and mortgage.

The Manhattan Life Insurance Company, N. Y., has deposited $49,500 in bonds and mortgages, and $500 in U. S. 6 per cent stocks.

The Mutual Life Insurance Company, N. J., $50,000 in Brooklyn city bonds.

The Albion Life Insurance Company, London, $100,000 in United States 6 per cent stocks.

The New England Life Insurance Company, Boston, $50,000 in Albany city stocks; afterwards withdrawn and exchanged for $60,000 in bonds and mortgages substituted for the Albany city stocks.

The property covered by the mortgages, has, in all cases, been examined by James Horner, Andrew Carrigan and J. W. Allen, Esquires, of New-York, or a majority of them, who have certified that it is worth, in their judgment, at least fifty per cent more than the sum for which it is mortgaged; and the certificate of [Assembly, No. 10.]

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Jonathan Miller, Esq., of New-York, is filed with the papers in each case, setting forth, that upon diligent search and investigation, he is satisfied of the soundness of title, and that there are no prior conflicting incumbrances.

A few companies in other states are hesitating whether they will make their deposites. If the true construction of the act of 8th April last, is given in the circular of the Comptroller, (see copy marked Y.) viz: that these deposites would be held "only for the benefit of those holding policies in this State," they deem the law severe on foreign companies. This may or may not be the true legal construction of the act, so far as regards companies organized in this State. These companies may be discontinued, and their affairs closed, by order of court, under the 6th section of the act, in such manner as to extend the benefits of this fund to persons in other States, holding policies from such company; but in regard to foreign or domestic companies, "desiring to relinquish business," the Comptroller is satisfied his first impression of the meaning of the act, was correct. Such companies cannot receive back their deposites, till all the claims of persons in this State against them are fully settled and paid.

No insurance has come to the knowledge of the Comptroller, where new policies for life, or for a time shorter than life, have been issued since the 8th day of August last, by companies either foreign or domestic, other than those who have made the required deposite: that all companies should continue to receive premiums and pay losses on policies made prior to that time, admits of no doubt.

Edmund Blunt, Esquire,' a gentleman of high mathematical attainments, and familiar with the subject of life insurance, has eonsented to undertake the examination, when required to do so, of the companies doing business in this State. The Comptroller deems it fortunate for all concerned, that Mr. Blunt's services are secured for that purpose.

Provision is made in the 6th section of the act of July 10th, 1851, for the enlargement of the Erie canal, &c., allowing foreign companies to avail themselves of canal revenue certificates, for making their life insurance deposites: that the same privilege

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was not extended to domestic companies, is presumed to have been an oversight.

This is a subject upon which our citizens feel an increasing interest. The law of last spring was as well considered as was practicable, under the pressure of other legislative duties. Its execution, thus far, has unfolded no objections that appear serious. The companies which have complied with the provisions of that law, do not perceive any unexpected difficulties attending it; and if the Comptroller may be permitted, in view of his short experience of its operation, and his imperfect knowledge of the subject, to advance an opinion, it is that the measure is a wise and just one, which should not, certainly at present, be departed from or essentially changed.

PURCHASERS OF LANDS IN ONEIDA RES

ERVATION.

The precise amount of the deductions to be made, upon the original obligations given for these lands, under the act of 6th April, 1850, was not ascertained on the 30th September last. The calculations have since been completed, and the sum to be thus deducted is found to be $48,155.56, an amount somewhat beyond what was anticipated. This subject was adverted to and explained in the last report from this department, at page 57.

The bonds from which these deductions have been made under the act aforesaid, belonged to the School Fund: the amount must, therefore, be restored to that fund from the General Fund.

IMPROVEMENT OF THE CHANNEL OF THE OUTLET OF PISECO LAKE, IN HAMILTON COUNTY.

Chapter 492 of the Laws of 1851, appropriates one thousand dollars to this object, to be paid to, and expended by, William B. Peck, of said county of Hamilton, and Hezekiah Sage of the county of Madison.

These gentlemen have drawn the amount appropriated, and, as appears by their report, hereto subjoined, marked Q., they have

expended eight hundred and eighty-two dollars and seventyseven cents, leaving in their hands, a balance of $117.23.

From the verbal representations of the Commissioners above. named, the Comptroller is led to believe that the expenditure, tho moderate in amount, has been judiciously applied, and will lead to valuable results.

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IMPROVEMENT OF RACKET RIVER AND ITS TRIBUTARIES.

These improvements have been extended very considerably during the year past, as will be perceived by an examination of the report of the Commissioners in the appendix, marked W. Very much of convenience and benefit is expected from the expenditure upon these waters, and if the judgment of the Commissioners should prove well founded and correct, not only will the residents in that region of the State derive valuable advantages, but the trade of the country and the revenues of the canals will be proportionably increased. A collateral but important object, in all these improvements of the northern waters, is the gradual fitting of the country bordering upon them, for the reception of settlers. The improvement of such streams as can be made navigable, and the establishment of comfortable roads, are among the strongest, and indeed are almost the only inducements to the settlement of the northern part of Hamilton and some of the adjoining timbered territory.

IMPROVEMENT OF SARANAC RIVER AND LAKES.

George Parsons of Saranac, and Moss K. Platt, of Plattsburgh, in Clinton county, and Robert Gilchrist of Johnsburgh in the county of Warren, were appointed by chapter 362, Laws of 1851, to superintend the expenditure of $5,000 for each of the years 1852 and 1853, in clearing and improving the channel of the Saranac, and the channel connecting the upper and lower Saranac lakes and their tributaries.

These gentlemen have filed the bond required by the statute, but have not drawn any part of the sums appropriated, the appropriations having been made for the years 1852 and 1853. Whether the work has been commenced, the department is not advised.

SAVINGS BANKS.

The Comptroller was required, by a joint resolution passed by the Assembly on the 12th, and concurred in by the Senate on the 16th of April last, to appoint an agent or agents not exceeding three, "to enquire and ascertain the amount of unclaimed dividends and deposites made prior to the 1st day of January 1849, in the savings banks of this State, and of banks of issue and deposite, empowering such agents to administer oaths, examine the books and affairs of such banks, enquire into the securities held for the payment of the deposites held in trust by the banks, and to report the result of such examination" to the next Legislature within ten days after its session commences."

In obedience to the requirement of the resolution, the Comptroller, on the 23rd of April last, appointed George Underwood of Auburn, Abram Wakeman of New-York, and George A. S. Crooker of Cattaragus county, as such agents. These gentlemen have been some time engaged in the performance of the duties prescribed; and the amount of labor which is understood to be involved in some cases, indicates the importance and the necessity of the investigation.

HALF MILL TAX.

The proceeds of the half mill tax upon the corrected valuation of the real and personal estate of the State of New-York for the year 1850, amounted, as will be seen by statement marked D, to the gross sum of $364,003.75; of this sum $274,074.65 has been actually paid into the Treasury, and the sum of $23,064.25 remained unpaid by several county treasurers at the close of the present year.

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