No- do not overrate the neutral side of things, try to keep them in line. The reason that the neutral is fused is for the early stages of earth leakage. This is usually caused by faulty appliances, damp, reverse shorts or any other problem that may cause electricity to travel down the neutral line.
Today the neutral is controlled in the distribution boxes found in the street. They have some more complex breakers in there; that's why in new distribution boxes you don't need anything really.
In modern wiring you would use an earth leakage circuit breaker that is more advanced than a simple fuse and can be coupled to a lightning breaker if your area is known for lightning storms.
-Edit for comment
NEC 240.22 Over current devices
This is typically for 2+ phase wiring and not sure how this relates to home wiring.
If its like a air-conditioner on a single phase, you would have a main switch that breaks live and ground but the breaker is in the distribution box.
I am unaware about the requirements for a fuse on the neutral. Like I said, the DB will have a surge protector, if any thing weird happens, like GND-GND leak, Live Short the entire Neutral will break too. Otherwise only the Live supply will trip on current overload. It is still required to have an isolation switch near every device any way.
*Obviously this is all scratching the surface here and should not be done with out approval of electrical engineers. US and EU standards vary allot so I have since stopped answering these questions. And any way the op is talking about 1860 house where there were no standards. *