Company News and Views

State are permitted to do business in other States
As a general rule private corporations organised under the laws of one
State are permitted to do business in other States. It is quite often
to the advantage of a company to organise under the laws of one State
for the purpose of doing business in another. For instance, there are
many companies chartered under the laws of Maine with headquarters in
Boston. The Massachusetts laws require that a large proportion of the
capital be actually paid in at the time of organising, while the Maine
law has no such provision. For similar reasons many large companies
doing business in New York or Philadelphia are organised under the
laws of New Jersey.

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company use in carrying the passenger? It may seem strange to say that
the company is not obliged to use as much care as in carrying a barrel
of apples or an animal
Having taken him on board and seated him, what degree of care must the
company use in carrying the passenger? It may seem strange to say that
the company is not obliged to use as much care as in carrying a barrel
of apples or an animal. Goods must be moved, kept dry, perhaps, and
cared for in other ways. An animal must be fed. In carrying cattle
stops must be made for rest. But the passenger takes care of himself.
He gets in and out and provides his own rations. Therefore the law
puts on the carrier the duty of using only a reasonable degree of care
in taking him from place to place. In other words, the railway is not
an insurer of life, as it is of goods or other merchandise. As
passengers are of themselves able to get around and use some care
with respect to their own movements, the law lessens the
responsibility.

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WebMD Announces New Search CME(SM) on Medscape
WebMD Announces New Search CME(SM) on Medscape

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One other class may be briefly mentioned–the INSANE. They are
regarded in the law quite the same as minors. For their own protection
the law does not hold them liable on any contracts except those for
necessaries. These are binding for the same reasons as the contracts
of minors, in order that they may be able to get such things as they
need for their health and comfort. For if the law were otherwise,
then, of course, merchants would be afraid to sell to them. But as
merchants can now safely sell to them whatever they truly need in the
way of clothing, food, etc., to make themselves comfortable, so, on
the other hand, the insane, like minors, must pay for these things,
and it is right that they should.

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of the note; and whether this has been done is a question of fact
To hold an indorser, he must be properly notified of the non-payment
of the note; and whether this has been done is a question of fact. If
he was not properly notified this defence will avail whenever it is
clearly proved. A great variety of defences may be successfully made
by an indorser. A few of these defences are here briefly noticed: One
is usury; another is the maker”s discharge by the holder; nor can he
be held when he has paid the note; nor when its issue was unlawful,
nor when the note was non-negotiable, nor when his indorsement was
procured by fraud. Finally, an indorser may avail himself of any
defence existing between the holder and the maker or principal debtor.
This is evidently a just principle, for the holder should have no more
rights against an indorser than he has against the maker. If,
therefore, the maker can interpose some just claim as a partial or
complete defence the indorser should be permitted to avail himself of
this claim.

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among other things, was told by the president or board of directors of
the company not to insure property in a given place below a stated
rate
Suppose A was acting as a general agent of an insurance company and,
among other things, was told by the president or board of directors of
the company not to insure property in a given place below a stated
rate. Suppose a person should go to this agent, desiring to have his
property insured, but at a lower rate, and suppose that the agent
should finally yield and make a lower rate as requested. Could his
company repudiate the contract? Clearly not, for it was A”s duty to
make contracts for insuring properties. If the insured knew that the
agent had been expressly limited in the rates for insuring and that he
was going contrary to his instructions in making the lower rate, then,
indeed, the company would not be bound by the contract. Otherwise it
could not repudiate the act, for it would fall within the general
principle that a principal is bound by the acts of his agent done
within the general scope of his business or employment; and such a
contract clearly would be within the limit. For, indeed, this is the
very business of the agent–to effect insurance.

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in South America but in the whole southern hemisphere
BUENOS AYRES, the capital of Argentina, is the largest city not only
in South America but in the whole southern hemisphere. The La Plata,
at whose mouth it stands, affords navigation into all the northern
parts of the republic, as well as into the neighbouring states of
Uruguay, Paraguay, Brazil, and Bolivia. The riverside at Buenos Ayres
is at all times of the year a perfect forest of masts and smoke-stacks
belonging to the shipping that supplies this navigation. Recently, at
a cost of $25,000,000, the river, which here is shallow, has been
deepened and new wharves and docks have been built, and ocean-going
vessels of the deepest draught (which formerly used to be lightened
fourteen miles away) can now unload or be loaded right in the very
heart of the city. The total commerce of the republic amounts to
$200,000,000 or $225,000,000 a year, and of this trade Buenos Ayres
transacts seven eighths in imports and three fifths in exports. The
amount of this trade secured by the United States is about a tenth,
running from $12,000,000 to $24,000,000. In 1896 it was only
$12,500,000. The principal export trade is with France ($24,000,000),
Great Britain ($14,000,000), Germany ($13,000,000), and Belgium. Great
Britain does not buy Argentina wool. The principal import trade is
with Great Britain ($45,000,000), Germany ($14,000,000), France
($12,000,000), and Italy. The Buenos Ayreans are fond of display and
of dress and of ornamentation, and the importations from France and
Italy are principally of goods to gratify this fondness. There is a
considerable exportation of wheat, flour, tobacco, and mate (Paraguay
tea) to Brazil and other South American states. Buenos Ayres is the
centre of the Argentina railway system, which consists of about 9000
miles of road. There are 25,500 miles of telegraph routes. The
national debt amounts to $430,000,000. The provincial debts amount to
about $140,000,000. The taxation amounts to nearly ten per cent. of
the earnings of the people, as against four and one half per cent. in
Canada and five per cent. in Australia.

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EBRD Agrees to Increase Its Financial Commitment to the Caspian Services, Inc. Marine Base Development Project
EBRD Agrees to Increase Its Financial Commitment to the Caspian Services, Inc. Marine Base Development Project

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carried on only at certain ports, called ‘treaty ports,’ of which
there are nineteen, the principal being Yokohama, Osaka, Nagasaki,
Hakodate, Niigata, and Kobe
The foreign commerce of Japan, like that of China, is allowed to be
carried on only at certain ports, called ‘treaty ports,’ of which
there are nineteen, the principal being Yokohama, Osaka, Nagasaki,
Hakodate, Niigata, and Kobe. The two principal cities, not treaty
ports, are Tokio and Kioto. TOKIO (1,300,000) is the capital and chief
centre of the political, commercial, and literary activity of the
empire. In many respects Tokio is a ‘modern’ city. Its educational
features are excellent. Its sanitation also is good. KIOTO (340,000)
was formerly the capital, but after the revolution of 1868 it was
superseded in this respect by Tokio. YOKOHAMA (170,000), distant from
Tokio eighteen miles, is the chief place of the empire for foreign
trade. Its foreign trade, indeed, is more than half that of the whole
empire, being about $75,000,000 annually. OSAKA (487,000) is in
respect to population the second city of the empire, but its foreign
trade is not large and is carried on principally at HIOGO, a port near
it. NIIGATA (50,000) is the only treaty port on the west side of
Japan, the surf caused by the winter monsoon making the flat west
coast of the country very dangerous for shipping for half the year.
Other important ports are KOBE (161,000) and NAGASAKI (72,000). NAGOYA
(215,000) is an important inland town.

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