Matters

of great importance are not disposed of by either the London, or Liverpool Cla ification Committees, but are submitted to the General Committee for consideration and decision. It should be clearly understood that Lloyd’s Register is not a financial undertaking in the sense of accumulation of profits to share out in dividends none being paid; but is a Society combining the mutual interest of Underwriters, Ship-owners, and Merchants; the great expense incurred by the Institution is covered by monies received upon surveys on ships, the subscriptions, for the publication of the Register Books, etc. Usually the income exceeds the outlay; but on occasions the sides are reversed, in such case the Secretary has to attack the reserve fund; the- Society is however ih a flourishing state, and is -for its extent and utility entitled to rank among the principal Institutions of the Commercial World.