Editorial note — Chapter III

In the same companies the amount of damage and of expense for the last preceding year were, on every 100 thalers, of insurance, 46 pfennigs (1/300 thalers), 44, 29, 48, 67, 55, 35, 42; an average of 45, that is 1½ per 1,000. Besides, much depends on the degree to which the joint-stock capital can be applied. Thus, for instance, in Berlin, on every 1,000 thalers 200 are paid in cash, and a note (Solawechsel) given for the rest, payable in two months after notice. Where the unpaid remaining stock is but a mere book-debt, and may even be evaded by disclaiming the stock itself, it of course affords very little security.